HOMECARE SELF-MONITORING DEVICE MARKET ANALYSIS

Market Challenges And Opportunities

Global homecare self-monitoring device market: Restraint

Higher cost of Products

The various factors like the cost of strips and glucometers and fear of pain and injection are expected to hamper the growth of the global homecare self-monitoring device market, over the forecast period. For instance, according to the article published in Biomed Central Ltd on July 27, 2020, assessment of SMBG (self-monitoring of blood glucose) in type 1 diabetic children and adolescents and its influence on the quality of life, practice and perspective shows that about 67% of the patients assessed their blood glucose 3 times per day, while 0.57% assessed blood glucose 7 times. The most influential factors affecting compliance with SMBG were the cost of strips and glucometers, the fear of pain and injection, psychological frustration, lack of availability of information to deal with a high reading, and the absence of motivation for doing regular SMBG. Restraints can be overcome by increasing special awareness programs by the government for guidance on using self-monitoring devices.

Increasing Product Recall

On April 22, 2021, Welch Allyn Inc. (It is U.S. based manufacturer of medical devices and patient monitoring systems), recall ProBP 3400 digital blood pressure device. The ProBP 3400 automatically measures systolic and diastolic pressure (excluding neonates) and pulse rate, as well as calculates Mean Arterial Pressure (MAP). The Potential Risk of fluid ingress to the power supplies, resulting in the risk of an internal electrical short and possible electrical shock.