Global Home Care Monitoring And Diagnostics Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth

Global Home Care Monitoring And Diagnostics Market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 9% during the forecast period (2021-2027F). 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 from the comfort of their homes.

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The growth of the home care monitoring and diagnostics market across the globe is witnessing growth on account of rising disposable income globally, rapid urbanization, a surge in the aging population, and growing awareness among them regarding home care services and devices. Furthermore, the government in several countries is making efforts to establish telemedicine & telehealth-defined reimbursement policies, and a legal framework for telehealth practices which in turn is intensifying the market growth. For example, in April 2019, the Centers for Medicare & Medicaid Services (CMS) announced and finalized changes in Medicare’s telehealth policy to enable remote patient monitoring for patients to access the latest technology and improve the coordination of healthcare processes. Moreover, rising incidences of target diseases that require long-term care and growing preference among patients to receive high-quality healthcare services in the comfort of their home are other factors adding pace to the growth of the home care monitoring & diagnostics market.

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Based on product type, the 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 grabbed a significant share in the global home care monitoring and diagnostics market. The growth of this segment is mainly due to the increasing number of diabetic patients globally and growing awareness regarding home monitoring of their blood sugar levels regularly.

Based on the application, the global home care monitoring and diagnostics market is segmented into children, adults, and senior citizens. In 2020, the senior citizens segment occupied a substantial share owing to the rapidly increasing geriatric population and rising prevalence of various chronic diseases among them.

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Additionally, the report provides detailed report also provides insights into the global home care monitoring and diagnostics market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America dominated the market owing to the well-established market players and frequent product launches. Furthermore, the rising geriatric and diabetic population in the region is also expected to drive the market for home care monitoring and diagnostics market. For instance, as per the American Diabetic Association (ADA), 37.3 million Americans, or 11.3% of the population, had diabetes in 2019. In addition, nearly 1.9 million Americans have type 1 diabetes, including about 244,000 children and adolescents.

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 key players operating in the global home care monitoring and diagnostics market. Several M&As along with partnerships have been undertaken by these players to develop various types of home care monitoring and diagnostics devices.

Global Home Care Monitoring And Diagnostics Market Segmentation

Market Insight, by Product Type

• SMBG devices
• Sleep apnea devices
• Blood pressure and heart rate monitors
• Temperature monitors
• Pregnancy test kits
• Others

Market Insight, by Application

• Children
• Adults
• Senior Citizens

Market Insight, by Region

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • France
  • Germany
  • Italy
  • Spain
  • United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Australia
  • Japan
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• 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.