Self-Care Medical Devices Market Estimated To Witness High Growth Owing To Rising Prevalence of Chronic Diseases

Self-Care Medical Devices Market Estimated To Witness High Growth Owing To Rising Prevalence of Chronic Diseases

 Self-care medical devices are products that aid in the self-monitoring, treatment and prevention of diseases and medical conditions without the direct supervision of a healthcare provider. They include products such as glucose meters, blood pressure monitors, pregnancy and ovulation test kits, nebulizers, pedometers, drug delivery devices and other such devices. These devices enable patients to effectively self-manage their medical conditions such as diabetes, cardiovascular diseases, respiratory diseases and pregnancy related complications from the comfort of their homes.

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 Dynamics:

Two major drivers fueling the growth of self-care medical devices market are rising prevalence of chronic diseases and growing geriatric population. Chronic diseases such as diabetes, cardiovascular diseases, and respiratory diseases are on rise worldwide due to changing lifestyle and eating habits. As per WHO, cardiovascular diseases are the number 1 cause of death globally, taking an estimated 17.9 million lives each year. Diabetes is also a growing health concern affecting over 463 million adults around the world. Self-care medical devices help in managing and treating such chronic diseases. Further, growing geriatric population also contributes to the market growth as elderly people are more susceptible to developing various chronic ailments which can be effectively managed using self-care devices without medical supervision. According to Population Reference Bureau, the number of people aged 65 years or over is projected to grow to nearly 1.5 billion in 2050 from 703 million in 2019.

The 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. Self-care medical devices are aids in self-monitoring, treatment and prevention of diseases without direct supervision. They include glucose meters, blood pressure monitors, pregnancy test kits, nebulizers, drug delivery devices. These devices enable effective self-management of conditions like diabetes, cardiovascular diseases, respiratory

SWOT Analysis

Strength:
- Wide range of products helps address various self-care needs.
- Easy availability of products online and in stores improve access.
- Improving functionality and reduced product sizes enhance portability and comfort.

Weakness:
- Reliance on discretionary consumer spending makes market sensitive to economic changes.
- Lack of awareness in developing nations about advanced products limit potential demand.

Opportunity:
- Aging population and increasing lifestyle diseases drive need for self-management of chronic conditions.
- Growth of telehealth and remote patient monitoring expand scope for connected devices.

Threats:
- Stiff competition from private label brands pressure established brands on pricing.
- Stringent regulations surrounding new product approval delay market entry.


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 incidence of chronic diseases. Rise in lifestyle diseases such as diabetes and respiratory conditions fuel demand for home-use monitoring and therapeutic devices for self-management.

Regional analysis:
North America dominates the market currently owing to large customer base of diabetes, respiratory diseases, and other chronic illnesses. However, Asia Pacific is projected to register fastest growth through 2030 on back of rising healthcare expenditure, large patient pool and growing medical tourism. Countries like China and India present immense opportunities for players due to their huge population suffering from lifestyle disorders.

Key players:
Key players operating in the Self-Care Medical Devices market include 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. Major players are focused on strengthening their product portfolios and distribution networks through mergers and acquisitions to capitalize on high demand for home healthcare solutions.

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