Self-Care Medical Devices Market Estimated To Witness High Growth Owing To Rising Prevalence of Chronic Diseases
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Self-Care Medical Devices Market |
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.
Get
more insights on this topic:
https://www.pressreleasebulletin.com/self-care-medical-devices-market-demand-share-analysis/
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