by The homecare self-monitoring device market provides advanced medical products that help patients monitor chronic medical conditions from the comfort of their homes. These devices enable remote monitoring of key vital signs such as blood glucose, blood pressure, weight, and pulse oximetry. The growing geriatric population, coupled with the increasing prevalence of chronic diseases like diabetes, cardiovascular disorders, and respiratory illnesses has heightened demand for homecare devices that facilitate independent living and reduce healthcare costs.
The global homecare self-monitoring device market is estimated to be valued at US$ 6.67 Bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Key players operating in the homecare self-monitoring device market include Abbott- diabetes monitoring devices, HELYXON HealthCare Solutions Private Ltd- remote patient monitoring systems, GE HealthCare- respiratory monitoring devices, ResMed, Inc.- sleep apnea devices, MIR Medical International Research USA. Inc- weight management devices, F. Hoffmann-La Roche Ltd- diabetes management solutions, BAYER HEALTHCARE- blood pressure monitors, OMRON Healthcare India-personal health and wellness products, Guardian Connect system- medically independent senior living, InBody Asia.- body composition monitors, Medtronic plc- chronic disease management, KARABINIS MEDICAL SA- remote patient monitoring solutions, Pulsatom Healthcare- wearable health monitoring, Cofoe Medical Technology Co.Ltd- remote patient monitoring devices, Pylo Health- kidney disease management.
Key opportunities: The key opportunities in this Homecare Self-Monitoring Device Growth i include rising investments in telehealth and remote patient monitoring, growing demand for wireless and portable homecare devices, increasing focus on preventive healthcare, and collaboration with digital health platforms.
Global expansion: Major players are expanding globally through partnerships, mergers, and acquisitions to leverage opportunities in emerging markets. The demand is also increasing across Latin America and Asia Pacific owing to improving access to healthcare facilities.
Market drivers: The major driver for this market is the rising geriatric population globally which is more prone to chronic diseases and disabilities. As per WHO, the number of people aged 60 years and older is projected to grow from 900 million to 2 billion between 2015 and 2050. Higher healthcare costs associated with treatment of chronic diseases in hospitals has also increased adoption of homecare monitoring devices for cost-effective care.
PEST Analysis
Political: The homecare self-monitoring device market is positively impacted by government initiatives aimed at increasing healthcare access and coverage for chronic disease patients. For instance, government policies encourage self-monitoring to reduce disease management costs.
Economic: The cost-effectiveness of homecare self-monitoring devices compared to hospital visits contributes to market growth. Remote monitoring allows medical resources to be utilized efficiently while reducing patient medical costs over time.
Social: Increased awareness about managing health conditions at home and technological familiarity encourages adoption of homecare devices. Social trends promote preventive healthcare and independent living through self-monitoring solutions.
Technological: Advancements in wireless connectivity, miniaturization and artificial intelligence are expanding the capabilities of homecare devices. Real-time data analysis and automated alerts enable proactive medical intervention and management of chronic illnesses remotely.
The geographical regions where the Homecare Self-Monitoring Device Market Regional Analysis is currently concentrated in terms of value are North America and Western Europe. These developed markets have high healthcare access and expenditure which drives demand for advanced homecare technologies.
The fastest growing region for the homecare self-monitoring device market is Asia Pacific due to rising disease prevalence, increasing medical costs and improving disposable incomes in emerging countries. Government initiatives to enhance rural healthcare through telemedicine also promote market growth. Initiatives such as ‘Digital India’ encourage technology adoption including remote monitoring solutions.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.LinkedIn
