February 25, 2024
Self-Care Medical Devices Market

The rise of Telemedicine is driving the Self-care Medical Devices Market

Self-care medical devices allow patients to remotely monitor their health and vital signs, reducing the need for frequent doctor visits. These devices include glucometers for diabetes management, pedometers, blood pressure monitors, pregnancy and ovulation kits, thermometers, and other items that enable individuals to care for minor medical conditions and monitor chronic illnesses from the comfort of their homes. Rising awareness about preventing diseases and adopting a healthy lifestyle has boosted the demand for such user-friendly devices in recent years.

The growing popularity of telemedicine and digital health solutions amidst the COVID-19 pandemic has further propelled the Self-care Medical Devices Market. Telehealth technologies empower patients to consult doctors and share health data remotely via video calls, emails or dedicated apps. This limits unnecessary exposure to illnesses and saves travel time and costs. Self-care devices that pair with smartphones play a vital role in enabling remote monitoring of vital parameters and virtual consults with physicians.

The global Self-care Medical Devices Market is estimated to be valued at US$ 25.69 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

The rise of wearable Devices: Favorable trends towards slim, discreet and wearable monitoring devices that seamlessly sync data to mobile apps or online health portals have boosted innovation. Notable advances include smartwatches and activity trackers that monitor heart rate, ECG, blood glucose and blood pressure in real time.

Focus on chronic condition management: Device manufacturers are increasingly focusing on features and programs that facilitate remote chronic disease management. This includes personalized feedback, medication reminders and emergency alerts for conditions like diabetes, asthma, hypertension and cardiovascular disease.

Porter’s Analysis

Threat of new entrants: Low to medium. While the medical devices industry requires significant capital and resources to gain foothold, established players are expanding their self-care offerings and partnerships to strengthen distribution.

Bargaining power of buyers: Medium. Large buyers such as pharmacy chains and online retailers can negotiate on pricing but demand for quality self-care products give buyers less pressure.

Bargaining power of suppliers: Low to medium. Top suppliers for components and technologies have pricing power but entry of local specialized players have increased competition among suppliers.

Threat of new substitutes: Medium. Technology advances have introduced substitutes like wearables and apps though consumer preference for traditional products remains high.

Competitive rivalry: High. Industry players compete on innovation, quality, partnerships and marketing to gain market share as customers expect better convenience and care.

Key Takeaways

The Global Self-Care Medical Devices Market Demand is expected to witness high growth. The global Self-care Medical Devices Market is estimated to be valued at US$ 25.69 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.

Regional analysis: North America holds the largest share in the self-care medical devices market due to developed healthcare infrastructure and greater access to latest devices. Meanwhile, APAC is estimated to grow at 7.2% CAGR owing to increasing patient awareness about monitoring minor ailments and diseases independently in countries like India and China.

Key players: Key players operating in the self-care medical devices market are Hans Zipperle AG, Archer Daniels Midland Company, Kerry Group, Sensient Technologies, AGRANA Beteiligungs-AG, Kanegrade Natural Ingredients, Taura Natural Food Ingredients, Olam International Limited, Sunopta, Inc., Roquette Freres, Sensoryeffects Ingredient Solutions, Yaax International Ltd, Diana SAS, Svz International BV, DMH Ingredients Inc., Cargill Incorporated, Tate & Lyle PLC, and Dohler Group.

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