The Self-Care Medical Devices Market is estimated to be valued at US$ 22.3 Bn or Mn 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 are used for monitoring and self-treatment of minor medical conditions at home. These include devices for monitoring vital signs like blood pressure, blood glucose and pulse oximeters. Other self-care devices are thermometers, inhalers, nebulizers, pregnancy and ovulation test kits etc. Self-care medical devices enable convenient monitoring of health conditions and help in timely diagnosis of diseases. With increasing complexity of disease management and growing demand for timely treatment, self-care medical devices are gaining prominence.

Market Dynamics: -

Growing incidence of chronic diseases like diabetes, hypertension etc. and rising geriatric population who require regular health monitoring are major drivers of this market. According to WHO, by 2030, chronic disease mortality will increase by 57% globally. Self-care medical devices help in effective long term management of chronic conditions. Furthermore, increasing health awareness and focus on preventive healthcare is another factor fueling adoption of self-care medical devices for health tracking. Technological advancements have made these devices more portable, convenient to use and affordable. This is increasing acceptability of self-care medical devices for disease monitoring and management.

Segment Analysis: -

The Self-Care Medical Devices market can be segmented into Blood Pressure Monitors, Blood Glucose Monitors, nebulizers, and pedometers. Blood Pressure monitors segment dominates the market currently as high blood pressure is highly prevalent chronic condition globally. The ease of use and improved portability of blood pressure monitoring devices enables patients to conveniently check and track their blood pressure from the comfort of their home.

PEST Analysis: -

·Political: -Policies promoting self-management of chronic diseases by patients are being implemented in various countries which is promoting the adoption of self-care medical devices.

·Economic: -Rising healthcare costs are compelling patients to take greater responsibility of managing their conditions themselves which is driving demand for economical self-care medical devices.

·Social: - Growing health awareness among general public and aging population prone to develop chronic diseases are key social factors augmenting the market.

·Technological: - Integration of innovations such as Bluetooth and Wi-Fi in devices enables remote monitoring and sharing of medical data with caregivers.

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 such as diabetes, hypertension, and respiratory disorders globally. North America dominates the market currently due to high healthcare expenditure and presence of favorable reimbursement policies for self-care medical devices in the region. 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.

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