As per latest Fact.MR analysis, by 2031, the global market for self-care medical devices is expected to be worth $3 billion. The market is expected to grow at a robust CAGR of over 8% between 2021 and 2031, thanks to rising demand for self-care medical devices.
The rising prevalence of lifestyle diseases, digitalization in self-care medical devices, rising elderly population, and rising healthcare awareness are all factors contributing to the rapid expansion of the self-care medical equipment market.
Due to the hectic lifestyle, there is a growing desire for self-care and home-based therapies, which is positively impacting the growth of the self-care medical devices market. Furthermore, rising healthcare costs are likely to provide profitable growth prospects for industry participants.
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According to the World Health Organization (WHO), 17.9 million people worldwide die each year as a result of cardiovascular diseases (CVDs). Patients seeking accessible solutions to monitor and manage important indicators such as blood sugar levels, blood pressures, and heart rate will see demand climb as the number of cases of cardiovascular and other chronic diseases rises around the world.
Various government and healthcare-related programs aimed at educating people about the causes and treatments of chronic diseases, as well as the benefits of adopting self-care medical devices, will help the market develop even faster throughout the projected period.
People’s attention has turned to their physical well-being as healthcare awareness has grown and disposable income has increased. The market for self-care medical devices is predicted to grow as the emphasis on preventative medicine grows.
According to the survey, blood glucose monitors are the market leader in self-care medical equipment, accounting for roughly 58% of the market’s value. This is due to the increasing prevalence of diabetes around the world.
With over 40% of the global market for self-care medical equipment, North America is the industry leader. The rising frequency of cardiovascular and respiratory disorders in the region is driving demand for self-care medical devices.
“The integration of digital technology in self-care medical devices has completely revolutionized the market. Manufacturers are using various technologies such as IoT to develop smart medical devices such as wearable blood and sugar measuring watches. Thanks to the development of user-friendly digital self-care medical devices, even a layman can now easily use them, which was otherwise a puzzle for him or her once,” said a lead analyst at Fact.MR.
Key Takeaways from Self-care Medical Devices Market Survey
- China is the global leader in self-care medical equipment, with a market value of US$ 4 billion expected in 2020. Between 2021 and 2031, the Chinese market is expected to grow at a 9% CAGR.
- •During the projected period, the United States is expected to dominate the self-care medical devices market. In 2020, the country’s market is expected to be worth roughly $3 billion.
- India continues to provide significant growth potential for self-care medical device manufacturers, thanks to rising healthcare spending and several government programs.
- Blood glucose monitors are the market leader in self-care medical equipment, with approximately a 58 percent market share in terms of value.
Key Drivers
- The market for self-care medical devices is primarily driven by the rising prevalence of lifestyle diseases.
- The demand for self-care medical devices is bolstered by rising healthcare awareness and rising disposable income.
- During the projected period, the market is likely to be driven by a fast-paced lifestyle.
- The availability of portable digitalized self-care equipment has a positive impact on the self-care medical devices market demand outlook.
Key Restraints
- The high cost of some self-care devices is stifling the market for self-care medical devices.
- The market’s growth is expected to be hampered by the side effects and risks associated with the implantation of self-care devices.
- Product recalls and malfunctions of some self-care gadgets are also limiting market growth in various ways.
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Competitive Landscape
The leading companies in the self-care medical devices market are substantially spending in research and development. To acquire a competitive advantage in the market, they have used a variety of organic and inorganic techniques such as mergers and acquisitions, enhanced product development, and collaborations.
- In July 2020, Mount Sinai Health System and Omran Healthcare, Inc., the global leader in personal heart health and wellness technologies, partnered to offer patients the new VitalSightTM home blood pressure monitoring solution.
- In July 2021, Rockley Photonics, a silicon photonics company, unveiled their “clinic-on-the-wrist” digital health sensor system, which can track several indicators such as core body temperature, blood pressure, body hydration, alcohol level, lactate, and glucose trends, among other things.
Some of the leading players operating in the self-care medical devices market profiled by Fact.MR are:
- Johnson & Johnson
- Medtronic
- Abbott Laboratories
- Bayer HealthCare
- Koninklijke Philips
- General Electric Company
- F. Hoffmann-La Roche AG
- ResMed
- Omron Healthcare
- Martifarm
- OraSure Technologies
- Baxter
- B. Braun Melsungen
More Insights on the Global Self-care Medical Devices Sales Outlook
Fact.MR provides an unbiased analysis of self-care medical devices market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for self-care medical devices with a detailed segmentation on the basis of:
By Product
- Self-monitoring of Blood Glucose
- Sleep Apnea Devices
- Insulin Pumps
- Body Temperature Monitors
- Inhalers
- Pedometers
- Blood Pressure Monitors
- Nebulizers
- Male External Catheters
- Holter Monitors
By End User
- Self-care Medical Devices for Geriatrics
- Self-care Medical Devices for Pediatrics
- Self-care Medical Devices for Adults
- Self-care Medical Devices for Pregnant Women
By Distribution Channel
- Self-care Medical Devices Sold at Pharmacies
- Self-care Medical Devices Sold through Online Stores
- Self-care Medical Devices Sold at Supermarkets and Hypermarkets
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Key Questions Covered in the Self-care Medical Devices Sales Outlook Report
- The report offers insight into self-care medical devices demand outlook for 2021-2031
- The market study also highlights projected sales growth for self-care medical devices market between 2021 and 2031
- Self-care medical devices market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Self-care medical devices market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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