by Self-care medical devices are used for self-diagnosis, self-monitoring and self-treatment of certain medical conditions not requiring physician supervision. Some common self-care medical devices include thermometers, blood pressure monitors, glucose meters, sleep apnea devices, nebulizers, inhalers, insulin pumps, weigh scales, and pregnancy/fertility test kits. Self-care medical devices help maintain an individual’s health and wellbeing with minimal medical assistance. Their compact size and ease of use enables people to conveniently monitor health indicators and manage minor illnesses from home.
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:
One of the major trends in the self-care medical devices market is the growing adoption of telehealth and remote patient monitoring solutions. This enables individuals living in remote areas to receive medical guidance on a real-time basis without visiting a clinic. Remote monitoring solutions paired with self-care devices allow continuous collection of vital health statistics that can alert caregivers in case of emergencies. Additionally, increasing prevalence of chronic diseases such as diabetes, hypertension and respiratory disorders is generating high demand for self-monitoring tools to better management of the conditions. Advancements in mobile apps and connectivity features are further enhancing the user experience of self-care devices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the self-care medical devices market is low as it requires high capital investments and technical expertise for R&D.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several established brands available and buyers can compare prices easily.
Bargaining power of suppliers: A few large multinational companies dominate the supply of raw materials and components for self-care medical devices, giving them moderate bargaining power.
Threat of new substitutes: Potential threat from substitute products is low as self-care medical devices are focused on specific ailments or conditions.
Competitive rivalry: The self-care medical devices market is highly competitive with the presence of several global and regional players.
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 preference for home healthcare and rise in incidence of chronic diseases.
Regional analysis: North America dominated the market in 2023 with a share of over 35% owing to rising healthcare costs and obesity. However, Asia Pacific is expected to grow at fastest pace during the forecast period supported by increasing healthcare expenditure and medical tourism in India and China.
Key players analysis: 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.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
