Global Personal Health Devices Market, By Product Type (Diagnostic and Monitoring Devices, Therapeutic Devices), End Use (Hospitals, Homecare Settings, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
The market for personal health devices is displaying strong potential in the developed and developing markets. Homecare settings is the biggest driver for the personal health devices market. Personal health devices involve the application of both portable healthcare devices and fixed and installed devices.
- Data Bridge Market Research analyses that the personal health devices market is expected to undergo a CAGR of 8.60% during the forecast period. “Diagnostic and Monitoring Devices” dominates the product type segment of the personal health devices market owing to the rising adoption of homecare settings in the developing economies.
Market Definition
From the name itself, it is clear that personal health devices are the medical devices that are used by the patients to monitor their health and diagnose any health issues. Personal health devices include thermometers, pedometers, weight scales, fitness equipment, medication tracking and much more. However, personal health devices must be accessed of high grade and high quality.
Personal Health Devices Market Dynamics
Drivers
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The rise in the prevalence of disorders
Surging prevalence of chronic and acute diseases and disorders all around the globe owing to various internal and external factors is one of the major factors responsible for fostering growth in the demand for personal health devices. In other words, growing incidence rate of osteoarthritis, diabetes, heart strokes, high blood pressure and others is creating lucrative growth opportunities for the personal health devices market.
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Research and development proficiencies
Rising expenditure for research and development proficiencies especially in the developed and developing economies will further create lucrative market growth opportunities. Increasing number of researches being conducted pertaining to the integration of advanced technologies such as Bluetooth, artificial intelligence and others will further widen the scope of growth.
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Government investments on healthcare infrastructure
The increase in the funding by the federal government is set to drive the demand for personal health devices. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative personal health devices market growth opportunities.
Additionally, surge in the personal disposable income level, rising awareness about the several advantages of personal health devices such as reliability, durability, portability, and additional features, rise in the prevalence of diabetes, asthma and other diseases and increasing investment for the development of advanced and innovative technology, positively affect the market growth rate.
Opportunities
Furthermore, upsurge in the public-private funding for target research activities and rising product innovations and development owing to technological advancements all around the world will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, surging number of strategic collaborations, rising internet penetration rate, growing adoption of big data analytics, growing importance of real time data driven approach for diagnostics and treatment, rising geriatric population base and increasing per capita expenditure on health care will further expand the market's growth rate in the future.
Restraints/Challenges
On the other hand, high cost associated with the research and development proficiencies, limited infrastructural facilities and rising security and privacy concerns are expected to obstruct market growth. Also, lack of favourable reimbursement scenario and technology penetration in the developing economies, patent protection of wearable healthcare devices and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2022-2029.
- This personal health devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the personal health devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Personal Health Devices Market
COVID-19 had a positive effect on the personal health devices market. This pandemic infused growth in the demand for personal health devices such as oxygen monitors, oxygen concentrators, oxygen cylinders, thermometers and much more. Rise in the COVID cases and no-availability of beds in the healthcare facilities led to the installation of homecare settings. This in turn further widened the scope of growth for the personal health devices market.
Recent Development
- In April 2020, Dexcom its Dexcom G6 CGM System is temporarily available for remote patient monitoring in the hospital setting.
- In March 2020, Fitbit and FibriCheck announced that they are expanding their partnership to enable users in France, Germany, Italy and Spain to monitor their heart rhythm for irregularities such as Atrial Fibrillation (AFib) directly from their Fitbit smartwatch.
Global Personal Health Devices Market Scope
The personal health devices market is segmented on the basis of product type and end use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Diagnostic and Monitoring Devices
- Therapeutic Devices
On the basis of product type, the personal health devices market is segmented into diagnostic and monitoring devices and therapeutic devices. Diagnostic and monitoring segment is sub-segmented into blood glucose monitors, heart rate monitors, pulse oximeters, blood pressure monitors. Therapeutic devices segment is sub-segmented into portable oxygen concentrators and ventilators, insulin pumps, hearing aid.
End use
- Hospitals
- Homecare Settings
- Others
On the basis of end use, the personal health devices market is segmented into hospitals, homecare settings and others.
Personal Health Devices Market Regional Analysis/Insights
The personal health devices market is analysed and market size insights and trends are provided by country, product type and end use as referenced above.
The countries covered in the personal health devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the weight scales market because of the strong base of healthcare facilities and considerable prevalence rates of diabetes as well as cardiovascular illnesses among others.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, growing overweight population base, adoption of health care solutions for better standards of life and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The personal health devices market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for personal health devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the personal health devices market. The data is available for historic period 2010-2020.
Competitive Landscape and Personal Health Devices Market Share Analysis
The personal health devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to personal health devices market.
Some of the major players operating in the personal health devices market are Omron Healthcare Europe B.V.; McKesson Corporation; Koninklijke Philips N.V.; GENERAL ELECTRIC COMPANY; Drägerwerk AG & Co. KGaA; Fitbit Inc.; Abbott.; Medtronic; Aerotel Medical Systems Ltd.; Boston Scientific Corporation; Garmin Ltd.; Microlife Corporation.; Masimo.; AgaMatrix; Apple, Inc; Qualcomm Technologies, Inc.; Honeywell International Inc.; STANLEY Healthcare; NXP Semiconductors and Bodymedia among others.
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