Self-care medical devices help patients manage and monitor various medical conditions without assistance from healthcare professionals. These devices enable real-time monitoring of vital health parameters, early detection of abnormalities and ailments, and easy accessibility to healthcare services through telehealth consultations.
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 driving the self-care medical devices market is the growing adoption of telehealth services. The ongoing pandemic has accelerated the use of remote patient monitoring solutions as they allow monitoring of patients in isolation as well as reduce hospital visits. Many self-care devices are now integrated with telehealth capabilities to enable video consultation with health practitioners, seamless transfer of vital statistics, and virtual medical assistance for patients. This is improving healthcare access for patients in remote areas while minimizing the spread of infections. However, data privacy and security concerns remain a challenge for widespread acceptance of telehealth-integrated self-care devices.
Segment Analysis
The global Self-Care Medical Devices Market Demand is segmented into blood glucose monitoring devices, blood pressure monitors, nebulizers, pediatric appliances, sleeping aids, thermal care devices, telemedicine, and others. The blood glucose monitoring devices segment dominated the market with maximum market share in 2019 owing to the increasing prevalence of diabetes and technological advancements in blood glucose monitoring devices.
Key Takeaways
The global self-care medical devices market size is expected to witness high growth, exhibiting a CAGR of 8.1% over the forecast period, due to increasing prevalence of chronic diseases and growing geriatric population.
The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to rising healthcare expenditure, large consumer base, increasing awareness regarding chronic disease management, and rapidly improving healthcare infrastructure in emerging economies such as India and China.
North America dominated the global market with maximum market share in 2020 owing to increasing use of home healthcare devices, high disposable incomes, and availability of advanced and innovative medical technologies.
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. These players are adopting various organic and inorganic growth strategies to expand their product portfolio, strengthen their geographical presence, and garner increased share in the market.
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