May 21, 2024
Self-care Medical Devices Market

Global Self-Care Medical Devices Market is Anticipated to Witness High Growth Owing to Rise in Prevalence of Chronic Diseases

The global self-care medical devices market comprises medical devices used for self-monitoring and self-diagnosing purposes. Some common self-care medical devices include glucose monitors, pregnancy/fertility test kits, pedometers, blood pressure monitors, thermometers, and first aid kits. The growing prevalence of chronic diseases such as diabetes, cardiovascular disorders, and respiratory diseases has increased demand for self-monitoring devices. Self-care devices enable early disease diagnosis and management, which can help prevent disease complications. Furthermore, self-care reduces patient load on hospitals and medical professionals.

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

Key Takeaways

Key players in the self-care medical devices market:
Key players operating in the self-care medical devices market include 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. These companies offer a wide range of self-care devices for parameters such as blood glucose, blood pressure, weight, thermometers, pregnancy/fertility, and other wellness parameters.

Key opportunities in the market:
The growing elderly population suffering from chronic conditions presents significant opportunities for self-care devices. Moreover, increasing online availability of self-care medical devices expands their accessibility. Wearable tech integration with self-care devices allows continuous monitoring and data analysis.

Global expansion in the market:
Leading players are expanding their geographical footprint through partnerships and mergers and acquisitions. For example, in 2022, Abbott Laboratories acquired OptiMedica to expand its portfolio of ophthalmic lasers and surgical devices. Growing healthcare investments in emerging nations will also boost the global adoption of self-care medical devices.

Market drivers:
– Rising incidence of chronic diseases such as diabetes, cardiovascular disorders, asthma, and arthritis driving demand.
– Growing geriatric population that requires long-term care and health monitoring.
– Penetration of mobile health applications that can connect to self-care devices.

Market restrain:
– Lack of awareness about disease conditions and use of self-care devices in developing regions.
– Accuracy and reliability issues with some self-care monitoring devices.
– Reimbursement concerns for high-cost self-care medical equipment in some countries.

Segment Analysis

The self-care medical devices market is dominated by the blood glucose monitoring devices sub segment. These devices help monitor blood sugar levels regularly in diabetic patients. The segment accounts for over 30% share owing to the large diabetic population worldwide. Easy home usage and accurate results have made these devices very popular for self-monitoring of blood glucose levels.

The next large sub segment is blood pressure monitors, which hold around 25% share. High blood pressure or hypertension is highly prevalent globally. Regular monitoring and maintaining blood pressure through medications helps reduce complications. Home blood pressure monitors provide convenient self-monitoring and management of hypertension.

Global Analysis

The North America region dominates the self-care medical devices market currently with over 35% share. Factors such as high awareness levels regarding personal health, growing incidence of lifestyle diseases, accessibility to advanced healthcare technologies drive higher adoption of self-care devices in the region.

The Asia Pacific region is poised to be the fastest growing market during the forecast period. This can be attributed to rising healthcare expenditures, growing middle class population and improving access to healthcare technologies. Countries like India, China and Japan are witnessing rising preferences for personal health management through self-care medical devices.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it