09.16.13
Market researcher IHS, based in Englewood, Colo., has forecasted the total worldwide market for consumer medical devices to grow by 4 percent to reach $8.2 billion by the end of 2013, compared to revenue of $7.9 billion in 2012. According to the report, the top three products are hearing aids, blood glucose meter and blood pressure monitors.
“One important reason for the consistent rise in revenue over the years of consumer medical devices is that the worldwide population of those aged 65 and above will continue to grow over time, making up an increasingly larger percentage,” said Roeen Roashan, IHS analyst for consumer medical devices and digital health. “As a result, health monitoring will increase. And while evident in all regions, the phenomenon will be particularly apparent in Europe and Asia.”
Activity monitors, body composition analyzers and heart-rate monitors are some of the fastest growing devices. The report also found blood pressure monitor devices to be an important contributor to the market with revenue this year of some $838 million, 10 percent of the overall takings projected in 2013 for consumer medical devices. Blood pressure monitors are predicted to reach revenue of more than $963 million in 2017.
Adding to the growth of the market for blood pressure monitors is a rise in hypertension in emerging markets such as India due to dietary changes influenced by rise in income.
In terms of region, the Asia-Pacific is the fastest growing, while the Americas and Europe, Middle East, and Africa (EMEA) regions are still the largest centers of market activity. Denmark and the United Kingdom have been especially successful in implementing telehealth, or the remote monitoring of health conditions via monitors and compatible devices.
“Given the changes brought by the Affordable Care Act and the intent of moving away from a fee-for-service model, healthcare in the United States is shifting towards the idea of ‘value over volume’ and where reimbursement is based on quality,” said Roashan of the U.S. consumer medical device market. “Preventive care and home monitoring will play an important role in increasing the quality of healthcare and decreasing the costs. The Affordable Care Act brings free preventive care to the table and this is a driver of growth for consumer medical devices.”
“One important reason for the consistent rise in revenue over the years of consumer medical devices is that the worldwide population of those aged 65 and above will continue to grow over time, making up an increasingly larger percentage,” said Roeen Roashan, IHS analyst for consumer medical devices and digital health. “As a result, health monitoring will increase. And while evident in all regions, the phenomenon will be particularly apparent in Europe and Asia.”
Activity monitors, body composition analyzers and heart-rate monitors are some of the fastest growing devices. The report also found blood pressure monitor devices to be an important contributor to the market with revenue this year of some $838 million, 10 percent of the overall takings projected in 2013 for consumer medical devices. Blood pressure monitors are predicted to reach revenue of more than $963 million in 2017.
Adding to the growth of the market for blood pressure monitors is a rise in hypertension in emerging markets such as India due to dietary changes influenced by rise in income.
In terms of region, the Asia-Pacific is the fastest growing, while the Americas and Europe, Middle East, and Africa (EMEA) regions are still the largest centers of market activity. Denmark and the United Kingdom have been especially successful in implementing telehealth, or the remote monitoring of health conditions via monitors and compatible devices.
“Given the changes brought by the Affordable Care Act and the intent of moving away from a fee-for-service model, healthcare in the United States is shifting towards the idea of ‘value over volume’ and where reimbursement is based on quality,” said Roashan of the U.S. consumer medical device market. “Preventive care and home monitoring will play an important role in increasing the quality of healthcare and decreasing the costs. The Affordable Care Act brings free preventive care to the table and this is a driver of growth for consumer medical devices.”
