According to Fact.MR's analysis of the self-care medical devices market, the global market was estimated to be worth US$13 billion in 2020 and is expected to reach US$20 billion by 2031, growing at a compound annual growth rate of 6%. By 2031, the market for blood pressure monitors is expected to be worth US$3 billion, growing at a remarkable compound annual growth rate (CAGR) of 8%. The market for Holter monitors is expected to grow at a rate of 5%.
The market for self-care medical equipment has grown significantly as people's awareness of managing their own health has grown. These gadgets give users the ability to autonomously monitor and control a variety of health factors, such as blood pressure, blood glucose levels, and even electrocardiograms. The industry offers a vast range of home-use goods that address both chronic
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Key Points Covered in Self-care Medical Devices Industry Survey:
- Market Estimates and Forecasts (2016 to 2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Sales of Self-care Medical Devices and How to Navigate
- Recommendation on Key Winning Strategies
Country-wise Analysis
In 2020, the demand for self-care medical devices in China was valued at US$ 4 billion, and it is projected to grow at a CAGR of 9% during the forecast period.
The large population and the rising prevalence of chronic diseases are driving the demand for self-care medical devices in the country.
Additionally, the growing disposable income of China’s middle class has led to increased spending on personal healthcare, further supporting market growth.
India is one of the top 20 global markets for medical devices. Large international corporations as well as small and mid-sized businesses make up India's self-care medical device market.
With a focus on research and development (R&D) and 100% foreign direct investment (FDI) for medical devices to expand the market, the Government of India (GOI) has launched a number of measures to support the medical devices industry.
During the nation's current epidemic, spending on self-care medical gadgets has significantly increased.
Government programs and people's increasing desire for homecare treatments have opened up new markets for Indian producers of medical gadgets for self-care.
Competitive Landscape
Key players in the market are focusing on introducing new products to broaden their portfolios. Additionally, manufacturers are making consistent efforts to develop portable and user-friendly devices.
Portable and easy-to-use devices are expected to encourage patients to take a more proactive role in monitoring their health. Moreover, various awareness initiatives by medical associations are expected to help expand the reach of the global self-care medical devices market.
In June 2020, AireHealth, a developer of a portable nebulizer that connects to a smartphone app for remote monitoring, acquired BreathResearch, a respiratory health company, to enhance its digital respiratory health platform.
Key Segments Covered in Self-care Medical Devices Industry Research
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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
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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
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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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