Self-Care Medical Devices market

Fastest Growing Segment Fueling the Growth of Self-Care Medical Devices Market

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The global Self-Care Medical Devices Market is estimated to be valued at US$ 22.3 Bn or Billion 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 Overview: –

Self-care medical devices help in monitoring, diagnosing and treating medical conditions at home without the need for expensive hospital visits. These include blood pressure monitors, blood glucose monitors, nebulizers, thermometers etc. that help in managing chronic diseases conveniently and cost-effectively.

Market key trends: –

The increasing prevalence of chronic diseases around the world has fueled the demand for home-use medical devices for diseases such as diabetes, heart disease and respiratory conditions. Portable devices have gained prominence as they allow patients to monitor health anytime and anywhere while traveling or on the go. Furthermore, devices integrated with connectivity features such as Bluetooth and Wi-Fi enable remote monitoring by doctors, thereby improve management of chronic conditions and health outcomes. Growing preference for home healthcare to avoid high costs of hospital stays has further propelled demand for self-care medical devices.

Segment Analysis: –

The global self-care medical devices market is segmented on the basis of type, distribution channel and region. Based on type, the market is segmented into blood glucose monitors, blood pressure monitors, nebulizers, pedometers, pregnancy/ovulation test kits, sleeping aid devices, thermometers, and other self-care medical devices. Within these categories, blood glucose monitors dominate the market as diabetes is one of the most prevalent chronic diseases globally. Easy availability of blood glucose monitors and glucose test strips are major factors driving the growth of this segment.

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 prevalence of chronic diseases such as diabetes, respiratory diseases, and cardiovascular diseases.

Regional analysis: – North America dominates the self-care medical devices market currently, owing to the rising healthcare expenditure and advanced healthcare infrastructure in the region. However, Asia Pacific is expected to grow at the fastest rate during the forecast period due to growing medical tourism, rising healthcare expenditure and improving healthcare infrastructure in emerging countries such as China and India.

Key players analysis: – 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. Abbott and Johnson & Johnson Services are the market leaders in this space due to their diversified product portfolio and strong global presence.

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