July 24, 2024
Self-care Medical Devices Market

The Global Self-care Medical Devices Market driven by increasing healthcare costs

Self-care medical devices include devices for general healthcare monitoring, diagnostic and therapeutic purposes which can be used at home with minimal or no professional assistance. These devices are used to monitor vital parameters such as blood pressure, blood glucose levels, pulse oximetry etc. to detect and manage conditions like hypertension, diabetes and respiratory disorders. Advantages of self-care medical devices include convenience of use at home, affordability and ability to continuously monitor health parameters over prolonged periods. The growing incidence of chronic diseases along with rising healthcare costs have augmented the demand for self-care medical devices that allow patients to avoid expensive hospital visits and manage their conditions independently.

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:
Bluetooth and wireless technology integration allows data sharing and remote monitoring. Many self-care medical devices now come integrated with Bluetooth and wireless technology that allows continuous and automatic transmission of health data to apps on smartphones. This enables real-time sharing of vital signs with caregivers or physicians for remote monitoring. This trend is boosting demand especially among the geriatric population who require frequent supervision. Wireless technology further enhances convenience and eases use of self-care medical devices for long-term health tracking.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as substantial capital investment and technological expertise is required to operate in this market. However, the growing healthcare needs will create new opportunities.

Bargaining power of buyers: The bargaining power of buyers is high as customers have a wide range of products to choose from different manufacturers. Buyers can negotiate on price and demand better quality products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have many alternative buyers in the market. However, suppliers may charge high prices for proprietary materials.

Threat of new substitutes: The threat of substitutes is moderate as alternative treatment options are available but may not offer the same benefits as self-care medical devices.

Competitive rivalry: The competition in the market is high given the presence of numerous global and regional players offering wide range of innovative products.

Key Takeaways

The Global Self-Care Medical Devices Market Demand is expected to witness high growth over the forecast period. 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.

The North America region currently dominates the market owing to the advanced healthcare infrastructure and technological developments in the region. Factors such as the rising prevalence of chronic diseases, growing geriatric population, increasing healthcare costs are expected to drive the demand for self-care medical devices. This is attributed to the presence of major players, advanced healthcare infrastructure, and higher healthcare spending from both public and private sectors. Asia Pacific is projected to witness fastest growth driven by large population base, rising incidence of chronic diseases, increasing healthcare access and expenditure.

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. Heraeus Holding offers a range of wearable and portable monitoring devices. Nanoshel LLC provides innovative self-care coating solutions.

Note:
Source: Coherent Market Insights, Public sources, Desk research
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