A Fact.MR survey on self-care medical devices market offers detailed analysis on growth drivers and trends affecting demand in terms of product, end-user and region.
Digitization of Self-care Medical Devices to Create Replacement Demand with Growth Surpassing 8% annually across 2031
A Fact.MR survey on self-care medical devices market offers detailed analysis on growth drivers and trends affecting demand in terms of product, end-user and region. It also highlights various strategies adopted by key market players to gain a competitive edge in the self-care medical devices market.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per latest Fact. MR analysis, the global self-care medical devices market is forecast to reach a valuation of US$ 20 Bn by 2031. Owing to the increasing demand for self-care medical devices, the market is set to register a strong CAGR of around 8% between 2021 and 2031.
The rapid growth of self-care medical devices market can be attributed to the increasing prevalence of lifestyle diseases, digitalization in self-care medical devices, rising geriatric population and rising healthcare awareness.
The increasing demand for self-care and home-based treatments due to hectic lifestyle is positively impacting the self-care medical devices market growth. Furthermore, the increasing healthcare expenditure is expected to create lucrative growth opportunities for the market players.
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According to World Health Organization (WHO), around 17.9 million people die each year from cardiovascular diseases (CVDs) worldwide. Demand also will rise on account of the increasing cases of cardiovascular and other chronic diseases across the globe as patients look for convenient solutions to monitor and maintain their vital parameters such as blood sugar level, blood pressures and heart rate.
Various initiatives undertaken by governments and healthcare organizations to educate people about causes and treatment of chronic diseases along with the advantages of using self-care medical devices will accelerate the growth further during the forecast period.
With the increasing healthcare awareness and rising disposable income, people have shifted their focus towards their physical wellbeing. Growing emphasis on preventive medicine is expected to expand the self-care medical devices market.
As per the report, blood glucose monitors dominate the self-care medical devices market, accounting for nearly 58% share in terms of value. This can be attributed to the rising prevalence of diabetes across the globe.
North America is leading the self-care medical devices market with a share of over 40% of the global market. The demand for self-care medical devices in the region can be attributed to the increasing incidence of cardiovascular and respiratory diseases.
“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 leads the self-care medical devices market with a market valuation of US$ 4 Bn registered in 2020. The China market is forecast to expand at 9% CAGR between 2021 and 2031.
- The U.S. is set to dominate the self-care medical devices market during the forecast period. The market in the country was estimated to be around US$ 3 Bn in 2020.
- With the increasing healthcare spending and various government initiatives, India continues to offer lucrative growth opportunities for self-care medical device manufacturers.
- Blood glucose monitors dominate the self-care medical devices market, accounting for nearly 58% share in terms of value.
- Owing to the increasing prevalence of hypertension, blood pressure monitors are expected to lead the market with a valuation of around US$ 3 Mn by 2031 end.
Key Drivers
- Increasing prevalence of lifestyle diseases is mainly driving the growth of self-care medical devices market.
- Rising healthcare awareness along with increasing disposable income augments the demand for self-care medical devices market.
- Hectic lifestyle is likely to drive the growth of the market during the forecast period.
- Availability of portable digitalized self-care devices is positively impacting the demand outlook for self-care medical devices market.
Key Restraints
- High cost associated with some self-care devices is hampering the growth of self-care medical devices market.
- Side effects and risks associated with implantation of self-care devices is expected to hinder growth of the market.
- Product recalls and malfunctioning of some self-care devices are also restraining the growth of the market to some extent.
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Competitive Landscape
Key Companies operating in the self-care medical devices market are investing heavily on research and development activities. They have adopted various organic and inorganic strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market.
- In July 2020, Omran Healthcare, Inc., the global leader in personal heart health and wellness technology, and Mount Sinai Health System teamed together to offer patients the newVitalSight™ home blood pressure monitoring solution.
- In July 2021, Rockley Photonics, a silicon photonics technology launched its “clinic-on-the-wrist” digital health sensor system to monitor multiple biomarkers, including core body temperature, blood pressure, body hydration, alcohol level, lactate, and glucose trends, among other variables.
Some of the prominent 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
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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