Home Care Monitoring And Diagnostics Market: Current Analysis and Forecast (2021-2027)

Home Care Monitoring And Diagnostics Market: Current Analysis and Forecast (2021-2027)

Global Home Care Monitoring And Diagnostics Market is anticipated to grow with an elevated CAGR of around 9% over the forecast period (2021-2027). Home care monitoring and diagnostics devices include a wide variety of various healthcare products like heart rate monitors, blood glucose monitors, and others. these devices are portable, user-friendly, and allow patients to keep regular track of their health at the comfort of their homes.

With the rapid advancement in technology and rising awareness among the target population regarding the at-home monitoring solutions, many industry players are focusing on expanding their portfolio by launching new services and products in the market due to which the home care monitoring and diagnostics market is witnessing an uptick all over the globe. For example, in June 2021, Max Healthcare, one of the largest healthcare providers in India launched an artificial intelligence (AI) powered device integrated patient monitoring framework in collaboration with digital health solutions provider MyHealthcare. Patients can use the platform Max MyHealth to monitor their vitals with clinical devices integrated to the app, allowing clinical readings to flow seamlessly from the device into the app and into the electronic medical records (EMR), for the doctor's review. Furthermore, the demand for home care monitoring and diagnostics is increasing on account of the growth in the aging population coupled with the rising prevalence of numerous chronic diseases across the globe.Abbott Laboratories, Bioptik Technology Inc., F. Hoffmann-La Roche Ltd., Medtronic Plc, Johnson & Johnson, Philips Healthcare, Omron Healthcare, Fitbit, Chongqing Haray International Business, VectraCor Inc., are some of the prominent players operating in the home care monitoring and diagnostics market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of home care monitoring and diagnostics devices.

Insights Presented in the Report
"Amongst Product Type, SMBG devices segment holds the major share”

Based on product type, the home care monitoring and diagnostics market is segmented into SMBG devices, sleep apnea devices, blood pressure & heart rate monitors, temperature monitors, pregnancy test kits, and others. The SMBG devices segment accounted for a significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period. The growth of this segment is mainly due to the increasing number of diabetic patients globally. Furthermore, the demand for self-monitoring blood glucose devices is on the rise owing to the growing awareness regarding home monitoring of their blood sugar levels and the focus on regular diabetes management among patients to reduce the risk of hyperglycemic conditions.
"Amongst Application, senior citizen segment holds the major share”

Based on application, the home care monitoring and diagnostics market is divided into children, adults, and senior citizens. The old segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the rapidly increasing geriatric population and rising prevalence of various chronic diseases among them. For instance, as per the WHO, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Also, 1 in 6 people in the world will be aged 60 years or over by 2030.
"North America represents one of the largest markets of home care monitoring and diagnostics market”

For a better understanding of the market dynamics of the home care monitoring and diagnostics market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America dominated the home care monitoring and diagnostics industry. This can be mainly due to the presence of well-established market players and frequent product launches in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry