July 21, 2024
Self-Care Medical Devices market

Global Self-Care Medical Devices Market Estimated To Witness High Growth Owing To Increasing Prevalence of Chronic Conditions

The Self-Care Medical Devices market is estimated to be valued at US$ 22.3 Bn or Mn 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 the products that enable individuals to monitor and treat minor health conditions and discomforts without the assistance of licensed healthcare professionals. Some common types of self-care medical devices include blood pressure monitors, thermometers, blood glucose monitors, automated external defibrillators (AEDs), etc. These devices help in the early diagnosis and monitoring of various chronic conditions such as diabetes, cardiovascular diseases, respiratory diseases, and others.

Market Dynamics: –

The growth of the self-care medical devices market is majorly driven by the increasing prevalence of chronic diseases worldwide. According to the Centers for Disease Control and Prevention (CDC), in 2019, chronic diseases affected about 6 in 10 adults in the U.S. Chronic diseases such as heart disease, cancer, stroke, diabetes, and lung disease are the leading causes of death and disability in America.

Moreover, the increasing elderly population is also contributing to the growth of the market. Older adults are more likely to develop chronic health conditions and require regular monitoring. According to the United Nations Population Fund (UNFPA), by 2050 around 2 billion people will be aged 60 years or above. Therefore, the growing elderly demographic will augment the demand for self-monitoring medical devices.

SWOT Analysis: –

  • Strength: –
    • Growing prevalence of chronic diseases and high adoption of home healthcare devices is driving the market growth.
    • Growing awareness among consumers regarding benefits of home healthcare is increasing preference for self-care medical devices.
    • Technological advancements in devices with features such as accuracy, precision, connectivity and portability are making them popular.
  • Weakness: –
    • Lack of support infrastructure for device maintenance in remote areas limits access.
    • High cost of advanced devices restricts their adoption in low-income countries.
  • Opportunity: –
    • Untapped potential in developing countries presents major growth opportunity for key players.
    • Growing geriatric population prone to chronic diseases will augment demand.
  • Threats: –
    • Stringent regulations for new product approval is a challenge for small players.
    • Threat of substitute products and services affects industry competitiveness and profitability.

Key Takeaways: –

The Global Self-Care Medical Devices Market Growth is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of chronic diseases. North America dominates the market currently due to high awareness and healthcare expenditure. However, Asia Pacific is expected to grow at fastest pace due to large patient pool and improving accessibility of devices.

Regional analysis: –

North America accounted for largest share of over 35% in 2023 owing to supportive reimbursement policies for home healthcare and large geriatric population. Asia Pacific market is projected to witness growth rate of around 9.5% during forecast period fastest growing and dominating region.

Key players: –

Key players operating in the Self-Care Medical Devices 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.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it