Homecare Self-monitoring Device Market Anticipated to Reach $8.49 Billion, Globally, by 2030 at 4.9% CAGR - Exclusive Report by Coherent Market Insights

Burlingame, July 25, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled,  “Homecare Self-Monitoring Device Market, by Type (Blood Pressure Monitors, Blood Glucose Monitors, SPO2 Monitoring Kit, ECG Machines, Sleep Testing Device, Others (Thermometers, Weight Scale, Among Others)), by application (Metabolic Disorders, Circulatory Disorders, Respiratory Track Disorder, Others (Weight Management And Others)), by device type (Wearable, Hand Held, Others (Patches And Others)) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030” According to the reports Global Homecare Self-monitoring Device market is estimated to be valued at US$ 6.06 billion in 2023 and is expected to exhibit a CAGR of 4.9% during the forecast period (2023-2030).

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Analyst’s Views on Global Homecare Self-monitoring Device Market:

The global homecare self-monitoring device market's growth is expected to increase over the forecast period. This is due to the increasing product launch by market players who started conducting research and development activities for the production of homecare self-monitoring devices. For instance, on November 1, 2022, BioIntelliSense, Inc. (a continuous health monitoring and clinical intelligence company) announced the launch of its patented, FDA-cleared, pulse oximeter (SpO2), a sensor chipset and integrated processing technology that accurately measures blood oxygen levels.

Key Trends and Analysis of the Global Homecare Self-monitoring Device Market:

Increasing CE (Conformite Europeenne) approval for the european market development and commercialization of the new home sleep apnea test device is expected to increase the growth of the global homecare self-monitoring device market over the forecast period. For instance, on December 14, 2022, Bittium Respiro home sleep apnea test and analysis solution receives ce approval for the european market. Bittium Respiro is an end-to-end solution consisting of a measurement device, analysis software, tailored accessories, and a service platform. Bittium Respiro mainly focuses on night-time polygraphy (PG level) measurements performed at the home and focuses on night-time polygraphy (PG level) measurements performed at home.

Driver -:

Increasing inorganic activities such as acquisition for the development of Self-monitoring Devices

Market players are indulged in conducting inorganic activities such as acquisition, which is expected to drive the growth of the global homecare self-monitoring device market over the forecast period. For instance, on May 12, 2022, Bioton a Europe based medical equipment company present innovative GENSUCARE-V blood glucose meter with various functions such as voice instructions to make glucose tests easier, accurate results in 5 seconds, 5,000 test memory with time and date of blood glucose results, alarm signals to remind you to test.

Global Homecare Self-monitoring Device Market - Restraint

Decrease sensitivity of product to hinder the market pace

Decrease sensitivity of the product is expected to hinder the market growth. For instance, according to an article published in Diabetes Research and Clinical Practice on May 11, 2021, Real-world data from Europe and Africa suggest that the accuracy of systems for self-monitoring of blood glucose is frequently impaired by low hematocrit (low red blood cell). Real-world data indicate that SMBG (Self-monitoring Blood Glucose) systems specified to perform only within the frequently used 30–55% HCT (Hematocrit) range would leave 3% of outpatients in Europe. 18% in South Africa are at risk of false SMBG results, with individual age strata being substantially higher. This could affect their diabetes management. The Restraints can be overcome by market players by strictly following guidelines on quality check for devices.

Homecare Self-Monitoring Device Market Report Coverage

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Market Trends -:

Increase in product launch by market players

Increasing research and development activity by the market players is expected to increase the Homecare Self-monitoring Device market. For instance, in the year November 7, 2022, Lilly a U.S. based pharmaceutical company began the rollout of the Tempo Personalized Diabetes Management Platform. The goal is to help adults with type 1 or type 2 diabetes and doctors stay informed with advanced features like medication reminders, personalized learning materials, and suggestions for blood glucose readings.

Recent Developments:

On May 23, 2022, Level 42 AI, Inc. and University of California Davis, started safety and scientific validity study of the ImPulse Tor System. It is Self-measured, non-invasive accurate blood pressure monitoring continues to be a major challenge for automated vital sign measurement systems. The general notion is that with reliable, self-administered BP monitoring in the clinic and at home. The actual study started on May 16, 2022, and was completed on August 30, 2022. The imPulse Tor System is Self-Directed Systolic & Diastolic Blood Pressure Monitor.

Moreover, ENRIQUE REYES-Munoz MD started the study efficacy of self-monitoring capillary glucose (SMCG) two schemes of self-monitoring capillary glucose to monitor glycemic control with GDM(Gestational diabetes mellitus). The study started on December 7, 2018, and was completed on July 30, 2022.

Key Market Takeaways:

The global homecare self-monitoring device market is expected to exhibit a CAGR of 4.9% during the forecast period. For market players in global homecare self-monitoring devices, an increase in inorganic activities, such as partnerships, is anticipated to provide attractive growth prospects. For instance, on November 7, 2022, Lilly developed a compatible app partnership with Welldoc, a diabetes management app, customized to receive insulin dose-related data from the Tempo Smart Button.

Increasing U.S. Food and Drug Administration approvals for SPO2 monitoring kit, on April 9, 2021, Telehealth company Tyto Care launched its US Food and Drug Administration (FDA)-cleared fingertip Pulse Oximeter (SpO2) medical device for checking blood oxygen saturation levels and heart rate remotely. The pulse oximeter connects to the TytoCare device by a cable. Users can carry out blood oxygen exams by placing their finger in the SpO2 device for 15 seconds results will soon appear on the handheld device and the pulse oximeter adaptor.

Competitive Landscape:

Key players operating in the Global Homecare Self-monitoring Device market include Abbott- diabetes, Roche Diabetes Care, HELYXON HealthCare Solutions Private Ltd, GE HealthCare, ResMed, Inc., and MIR Medical International Research USA. Inc, F. Hoffmann-La Roche Ltd, BAYER HEALTHCARE, OMRON Healthcare India, Guardian Connect system, InBody Asia., Medtronic plc, KARABINIS MEDICAL SA, Pulsatom Healthcare, Cofoe Medical Technology Co., Ltd, Pylo Health.

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Market Segmentation:

• Global Homecare Self-Monitoring Device Market, By Type:
  • Blood Pressure Monitors
  • Blood Glucose Monitors
  • SPO2 Monitoring Kit
  • ECG Machines
  • Sleep Testing Device
  • Others (Thermometers, Weight Scale, Among Others)
• Global Homecare Self-Monitoring Device Market, By Application:
  • Metabolic Disorders
  • Circulatory Disorders
  • Respiratory Track Disorder
  • Others (Weight Management And Others)
• Global Homecare Self-Monitoring Device Market, By device type:
  • Wearable
  • Hand Held
  • Others (Patches And Others)
• Global Homecare Self-Monitoring Device Market, By Region:
  • North America
    
    • U.S.
    • Canada
  • Latin America
    
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    
    • South Africa
    • Central Africa
    • North Africa
      
      

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