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 Overview: -
Self-care medical devices refer to products that are used for disease prevention, monitoring, treatment, and management without direct involvement of healthcare professionals. These devices help in managing chronic conditions through early diagnosis and remote treatment. Some key self-care medical devices include blood pressure monitors, blood glucose meters, pregnancy/ovulation test kits, nebulizers, sleep apnea treatment devices, thermometers, first aid kits, and emergency response systems among others. Growing prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular diseases has fueled the demand for home-use medical devices worldwide. Self-care devices help in detecting diseases at an early stage and allow receiving prompt treatment at home, thereby reducing the burden on healthcare systems.
Market key trends: -
The global self-care medical devices market is witnessing significant growth due to rising awareness about personal health management. According to the Centers for Disease Control and Prevention (CDC), over 6 in 10 adults in the U.S. suffer from a chronic disease such as heart disease, stroke, cancer, or diabetes. Growing geriatric population who are more susceptible to chronic illnesses is a key factor propelling the demand for self-monitoring and home healthcare devices. Technological advancements are enabling incorporation of smartphone connectivity and cloud-based platforms in medical devices. This allows remote monitoring of health parameters by doctors. Emergence of digital health has led to design of innovative self-testing kits and patches for conditions such as fertility, sleep, stress, and blood coagulation monitoring. Increasing preference for home healthcare amid the pandemic is boosting the adoption of various self-administered testing and treatment devices in recent years.
Porter's Analysis: -
- Threat of new entrants: -The self-care medical devices market requires significant R&D investments and regulatory approvals, lowering the threat of new entrants.
- Bargaining power of buyers: -Individual consumers have low bargaining power in this market due to availability of few product alternatives. However, large healthcare organizations possess significant bargaining power.
- Bargaining power of suppliers: -The presence of numerous component manufacturers limits the bargaining power of suppliers in this market.
- Threat of new substitutes: -Technological advancements may lead to new substitutes, however, established products have strong brand loyalty reducing impact of substitutes.
- Competitive rivalry: -The market is highly fragmented with the presence of several global and regional players leading to high competitive rivalry.
Key Takeaways: -
The Global Self-Care Medical Devices Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of chronic diseases and rising geriatric population.
Regional analysis: -North America dominates the self-care medical devices market currently, owing to the rapid adoption of advanced products and availability of supporting healthcare policies in the region. Asia Pacific is anticipated to witness the fastest growth during the forecast period attributed to the growing medical tourism industry and increasing healthcare spending in developing countries such as China and India.
Key players operating in the self-care medical devices market are 3M, Abbott, Bayer AG, F. Hoffman-La Roche Ltd, 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. Key players are focusing on new product launches and geographical expansion to retain their leading position in the market.
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