Consumer Medical Devices Set for Stable Market Growth

The world market for consumer medical devices will enjoy steady growth in the years ahead as aging populations climb in number, and diseases exacting their toll require observation and supervision. These are the latest findings of IHS (Englewood, CO, USA), a leading global source of critical information and insight.

The majority of the projected revenue will stem from hearing aids because of their higher average selling prices (ASP), but diagnostic devices such as blood glucose meters and blood pressure monitors will also play a part. Personal care devices such as activity monitors, body composition analyzers, and heart-rate monitors are also among the fastest-growing consumer medical devices today, given the rising number of fitness-conscious consumers. Asia-Pacific is the epicenter of growth, but the Americas and the collective Europe-Middle East-Africa (EMEA) regions are also prominent centers of market activity.

Another reason for the growth of the world market for consumer medical devices stems from the continuing peril imposed by cardiovascular diseases that are responsible for more than 30% of annual deaths. Lifestyle diseases are at their highest prevalence given the current state of people diagnosed with high blood pressure, diabetes, and obesity. In particular, developing countries such as China, India, Russia, and the sub-Saharan African region are experiencing a high growth rate of hypertension incidence, due to a richer diet borne out of rising discretionary income.

A third reason for the world market for consumer medical devices experiencing growth is that government initiatives in preventive care have had the effect of increasing awareness among consumers of the benefits to be obtained from health monitoring, and prohibitive healthcare costs have only added to the urgency of the matter.

“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 report author Roeen Roashan, HIS 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.”

According to the report, the global revenue for consumer medical devices is set to reach USD 8.2 billion by the end of 2013, a 4% increase from 2012. Revenue expansion for the next few years will range 5%–9%, with industry takings by 2017 amounting to USD 10.6 billion. Important contributors to the market are blood pressure monitors devices, with current revenues of USD 838 million, one-tenth of the overall takings. Like its parent market, the blood pressure monitor industry will enjoy stable growth in the years to come, with 2017 revenue forecast to reach more than USD 963 million.

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