Self-care Medical Devices Market set to witness high growth driven by remote patient monitoring trends

 

Self-care Medical Devices Market

The Self-care Medical Devices Market is primarily engaged in the manufacturing and distribution of medical devices for self-care treatment. Some of the key products in this market include blood glucose meters, blood pressure monitors, nebulizers, pulse oximeters, pedometers, thermometers, and other home-use medical devices. These devices enable patients to conveniently monitor vital health parameters and manage chronic conditions from the comfort of their homes.

The global Self-care Medical Devices Market is estimated to be valued at US$ 25.69 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the Global Self-care Medical Devices Market Demand are Hans Zipperle AG, Archer Daniels Midland Company, Kerry Group, Sensient Technologies, AGRANA Beteiligungs-AG, Kanegrade Natural Ingredients, Taura Natural Food Ingredients, Olam International Limited, Sunopta, Inc., Roquette Freres, Sensoryeffects Ingredient Solutions, Yaax International Ltd, Diana SAS, Svz International BV, DMH Ingredients Inc., Cargill Incorporated, Tate & Lyle PLC, and Dohler Group.

The growing prevalence of chronic diseases along with the rising geriatric population are major factors augmenting the demand for self-care medical devices. Remote health monitoring allows the aged population to remain independent while managing their conditions.

Globally, governments are actively promoting self-care practices to reduce healthcare costs. Several countries are focusing on digitizing healthcare with remote patient monitoring systems. This is expected to drive the global expansion of the self-care medical devices market during the forecast period.

Market key trends

Remote patient monitoring (RPM) is a key trend gaining traction in the self-care medical devices market. RPM involves using wireless technologies to monitor patients outside of conventional clinical settings. This allows caregivers to track patient health data in real-time and intervene if needed. Leading players are focusing on integrating their self-care medical devices with cloud-based RPM platforms for more effective chronic disease management. The increasing adoption of RPM solutions is projected to offer lucrative growth opportunities to self-care medical device manufacturers globally.

Porter's Analysis

Threat of new entrants: Low capital requirements pose a threat.

Bargaining power of buyers: Large number of buyers gives them bargaining power.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to alternative supplier options.

Threat of new substitutes: Substitutes like conventional healthcare pose a threat.

Competitive rivalry: High as the market is dominated by global players.

The self-care medical devices market in terms of value is highly concentrated in North America and Europe. North America dominates the market and is expected to continue its dominance owing to the presence of major players and high awareness levels about medical devices. Europe follows North America due to availability of high-quality healthcare and medical reimbursement schemes.

The Asia Pacific region is expected to grow the fastest in the self-care medical devices market over the forecast period. Factors such as increasing healthcare expenditure, growing middle-class population with greater affordability, rising prevalence of chronic diseases and improving awareness are driving the market in the region. In addition, growing medical tourism industry in emerging Asia Pacific countries offers lucrative growth opportunities.

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