May 26, 2024
Self-Care Medical Devices Market

Self-care Medical Devices Market is Expected to be Flourished by Awareness Regarding Self-care

The self-care medical devices market comprises medical devices that allow patients to monitor vital health parameters and administer treatment without direct intervention or assistance from healthcare professionals. These devices include blood pressure monitors, glucose meters, pregnancy test kits, thermometers, pedometers, nebulizers, and digital therapies. Self-care medical devices enable early disease detection, remote monitoring, and treatment of various chronic and lifestyle-induced diseases. They are convenient to use, affordable, and help reduce physician visits and healthcare costs. An aging population, rising incidence of lifestyle diseases such as diabetes and hypertension, growing awareness about self-care, and technological advancements are some of the factors driving the adoption of self-care medical devices.

The global self-care medical devices market is estimated to be valued at US$ 25.69 billion in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing awareness regarding self-care and management of chronic conditions is expected to drive the global self-care medical devices market during the forecast period. Self-care medical devices enable individuals to independently monitor health parameters such as blood glucose levels, blood pressure, blood oxygen saturation, temperature, heart rate, etc. This helps in early diagnosis and timely treatment, avoiding medical emergencies and hospitalizations. Moreover, self-care devices guide patients through treatment processes using digital technologies. For instance, nebulizers guide patients through the inhalation schedule and dosage. Growing focus on preventive healthcare and home healthcare is further expected to boost the demand for self-care medical devices over the forecast period.

Segment Analysis

The self-care medical devices market is segmented into diabetes care devices, blood pressure and heart rate monitoring devices, wound care management devices, body temperature monitors, respiratory care devices, pregnancy and fertility monitoring devices, and sleep apnea diagnostic devices amongst others. The diabetes care devices segment dominates the market as diabetes has become highly prevalent globally. With rising diabetes prevalence, self-monitoring of blood glucose is becoming highly useful for diabetes management.

PEST Analysis

Political: Regulations regarding the usage and accessibility of self-care medical devices differ between countries. Harmonization of regulations can further boost the market.

Economic: Rising disposable incomes in developing nations enable greater spends on healthcare and self-care devices. Aging populations in developed nations also contribute to market growth.

Social: Growing health awareness and changing lifestyles leading to higher incidence of lifestyle diseases drive adoption of self-monitoring devices for preventive healthcare.

Technological: Advancements in wearables, wireless technologies, and mobile applications enable development of accurate, easy-to-use home healthcare monitoring solutions.

Key Takeaways

The Global Self-Care Medical Devices Market Size is expected to witness high growth over the forecast period. The global self-care medical devices market is estimated to be valued at US$ 25.69 billion in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.

The North America region currently dominates the market due to presence of major players, large healthcare expenditures, and supportive reimbursement policies in the region. Europe is also a major market for self-care medical devices. The Asia Pacific region is expected to witness fastest growth due to growing medical tourism, increasing incidences of chronic diseases, growing middle class, and rising healthcare expenditures in the region.

Key players operating in the self-care medical devices market include Hans Zipperle AG, Archer Daniels Midland Company, Kerry Group, Sensient Technologies, AGRANA Beteiligungs-AG, Kanegrade Natural Ingredients, Taura Natural Food Ingredients, Olam International Limited, Sunopta, Inc., Roquette Freres, Sensoryeffects Ingredient Solutions, Yaax International Ltd, Diana SAS, Svz International BV, DMH Ingredients Inc., Cargill Incorporated, Tate & Lyle PLC, and Dohler Group. The market players are involved in new product launches and mergers & acquisitions to strengthen their market presence.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it