by Self-care medical devices include blood pressure monitors, glucose monitors, and oxygen monitors. These devices help patients monitor vital health parameters and manage chronic conditions from home. They provide convenience to patients and reduce burden on healthcare systems.
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 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising prevalence of chronic diseases along with increasing geriatric population are major factors driving growth of the self-care medical devices market. According to WHO, chronic diseases accounted for over 70% of global deaths in 2020. Cardiovascular diseases, cancers, diabetes and chronic respiratory diseases alone caused over 15 million deaths. Elderly are more prone to develop chronic conditions and require continuous monitoring. Thus, self-care devices offering home healthcare solutions see higher demand. Furthermore, technological advancements enabling miniaturization and development of integrated systems for multiparameter monitoring are expanding applications of self-care devices.
SWOT Analysis
Strength: Self-care medical devices are easy to use with minimal guidance. They allow patients to monitor health conditions from home and empower patients to play an active role in their treatment.
Weakness: Some self-care medical devices require regular calibration and maintenance which can increase costs. User errors are also common if the devices are not used properly.
Opportunity: Growing prevalence of chronic diseases and aging population is driving the demand for self-monitoring devices. Telehealth and digital health are opening new opportunities for remote patient monitoring.
Threats: Strict regulatory approvals and compliance requirements increases the barriers for new market entrants. Data privacy and security concerns can limit the adoption of connected self-care devices.
Key Takeaways
The global Self-Care Medical Devices Market Demand is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of chronic diseases. Chronic diseases such as diabetes, respiratory diseases, and cardiovascular conditions require long term care and monitoring which makes self-care devices an attractive option.
Regional analysis: North America dominates the market currently due to supportive healthcare policies and reimbursement schemes favoring home healthcare in the region. Asia Pacific is expected to grow at a high rate owing to rising healthcare spending and growing medical tourism in countries like India and China.
Key players operating in the self-care medical devices market are 3M, Abbott, Bayer AG, F. Hoffmann-La Roche Ltd, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Medtronic, OMRON Healthcare, Inc., ResMed, Advin Health Care, Koninklijke Philips N.V., NeuroPace, Inc., Natus Medical Incorporated, and Fisher & Paykel Healthcare Limited. Major players are focusing on new product launches and acquisitions to strengthen their market position and tap into new regions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
