by Self-care medical devices refer to the medical equipment that enable individuals to monitor their health conditions and receive medical treatments at home. These devices include blood pressure monitors, glucose meters, pregnancy test kits, nebulizers, and automated external defibrillators that help patients keep track of vital signs and administer timely treatment. The growing focus on reducing healthcare costs by limiting hospital visits and emphasis on home care medical treatment is driving the demand for self-care medical devices.
The global self-care medical devices market is estimated to be valued at US$ 22.3 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend propelling the self-care medical devices market is the growing emphasis on home care medical treatment. With the rising healthcare costs, many patients prefer to monitor various health parameters and receive treatments from the comfort of their homes rather than visiting hospitals frequently. This has increased the demand for advanced self-care monitoring devices such as glucose monitors, blood pressure monitors, and automated external defibrillators. Furthermore, the growing geriatric population who require long-term care is another major factor fueling the adoption of self-care medical devices for remote patient monitoring and treatment.
SWOT Analysis
Strength: Self-care medical devices are easy to use and provide convenience to users. They empower individuals to manage their health conditions.
Weakness: Reliability and accuracy of results from some self-care medical devices can be a concern. Lack of medical supervision with self-use may pose risks.
Opportunity: Growing prevalence of chronic diseases and rising health awareness is driving demand for self-monitoring. Online sales and telehealth are opening new distribution avenues.
Threats: Stringent regulations around product approval can delay market entry. Reimbursement policies determine affordability of some devices.
Key Takeaways
The Global Self-Care Medical Devices Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Advancing healthcare infrastructure and rising disposable incomes are supporting market growth in developing regions. The global self-care medical devices market is estimated to be valued at US$ 22.3 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030.
Regional analysis
North America currently dominates the market owing to supportive healthcare policies and high disease awareness. Asia Pacific is expected to register fastest growth due to rising medical expenditures, penetration of health insurance, and expansion of healthcare facilities in major countries.
Key players
Key players operating in the self-care medical devices market are Heraeus Holding, Ossila Limited, Nanoshel LLC, Nagase ChemteX Corporation, Suzhou Yacoo Science Co., Ltd., Agfa-Gevaert N.V., and Qingdao Topwell Chemical Materials Co., Ltd. These companies are focusing on new product launches, partnerships, and expansion in developing markets to strengthen their market position.
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Source: Coherent Market Insights, Public sources, Desk research
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