Self-care Medical Devices Market is Estimated to Witness High Growth Owing to Opportunity in Preventive Healthcare
![]() |
Self-care Medical Devices Market |
Self-care
medical devices include products such as glucose meters, blood pressure
monitors, ECG monitors, and pulse oximeters which enable individuals to monitor
their vital signs and medical parameters. These devices empower individuals to
maintain control over their healthcare and take necessary preventive measures.
The growing awareness regarding preventive healthcare and the need to
self-manage chronic conditions such as diabetes and cardiovascular diseases has
been driving the adoption of self-care medical devices.
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 8.4% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Opportunity:
The rising incidence of lifestyle diseases owing to changing dietary habits and
sedentary lifestyles has increased the need for preventive healthcare.
According to estimates by the WHO, chronic diseases account for over 70% of
deaths globally every year. Self-care medical devices empower individuals to
actively participate in preventive healthcare through self-monitoring of vital
signs and medical parameters. This enables early detection of health issues and
timely treatment. With growing investments in disease prevention and
management, the opportunity for self-care medical devices in preventive
healthcare is expected to witness significant growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The global self-care medical devices market has
moderate threat of new entrants as it requires significant resources and
regulatory clearances to develop and launch new medical devices. However, ease
of access to contract manufacturers and emergence of startups is lowering the
entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate in this
market. Buyers have various options to choose from established brands as well
as local manufacturers. Switching costs are relatively low.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
key components and raw materials can be sourced from different suppliers.
Established device makers also develop components internally to reduce
dependence.
Threat of new substitutes: Threat of substitution is low as self-care devices
have limited substitutes for monitoring health at home. However, mobile health
apps and technologies pose a mild threat.
Competitive rivalry: The market has high competitive rivalry owing to presence
of major multinational players and regional mid-size companies. Players compete
based on pricing, product differentiation, and brand reputation.
SWOT Analysis
Strength: The global self-care medical devices market has strong growth
potential driven by the rising emphasis on self-management of chronic diseases
and preventive healthcare. Demand for easy-to-use home healthcare devices is
increasing.
Weakness: Lack of awareness about availability of home-use medical devices in
developing nations remains a challenge for manufacturers. Concerns regarding
data privacy and device malfunctions can hamper adoption.
Opportunity: Growing telehealth and digital health markets present
opportunities for development of smart self-care devices integrated with mobile
apps and technologies. Rise of elderly population will further stimulates
demand.
Threats: Stringent regulatory approval process and quality standards by
regulatory bodies increase compliance costs. Reimbursement issues and
healthcare reforms also impact market revenues.
Key Takeaways
The Global
Self-Care Medical Devices Market Demand is expected to witness high
growth over the forecast period driven by rising aging population, increasing
prevalence of chronic diseases, home healthcare movement, and technological
advancements.
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 8.4% over the forecast period
2023 to 2030.
Regionally,
North America dominates the market currently owing to rapid adoption of novel
technologies, presence of major players, and consumer awareness. Asia Pacific
is projected to grow at the fastest pace during the forecast period with
countries like China and India emerging as high potential markets.
Key players operating in the self-care medical devices market are Heraeus
Holding, Ossila Limited, Nanoshel LLC, Nagase ChemteX Corporation, Suzhou Yacoo
Science Co., Ltd., Agfa-Gevaert N.V., and Qingdao Topwell Chemical Materials
Co., Ltd. The major players are focusing on new product launches,
collaborations, and geographic expansion to strengthen their market position.
For instance, in 2021, Heraeus partnered with Nanoshel to develop and
commercialize Quantum Dot display technologies across various sectors including
healthcare displays for imaging diagnostics and telehealth.
Get more insights on this topic: https://www.pressreleasebulletin.com/self-care-medical-devices-market-size-and-share/
Comments
Post a Comment