Fact.MR’s self-care medical devices industry analysis shows that the global market was valued at US$ 13 Bn in 2020, and is projected to top US$ 20 Bn by 2031, expanding at a CAGR of 6%. Demand for blood pressure monitors is projected to reach a valuation of US$ 3 Bn by 2031, surging at an impressive CAGR of 8%, with that for holter monitors expanding at 5%.
Key Points Covered in Self-care Medical Devices Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Sales of Self-care Medical Devices and How to Navigate
- Recommendation on Key Winning Strategies
Know More Details About the Report
Sales Analysis of Self-care Medical Devices from 2016 to 2020 Vs Demand Outlook for 2021 to 2031
As per Fact.MR - a market research and competitive intelligence provider, the global market for self-care medical devices was valued at US$ 9 Bn in 2016, and is anticipated to expand at a CAGR of 6% to top US$ 20 Bn by 2031.
Self-care medical devices are used for monitoring and maintaining vital parameters of patients such as blood sugar level, blood pressure and heart rate. These devices can be used by the patients themselves and do not require the presence of a medical professional.
Electrical variants of self-care medical devices display physiological information at regular intervals using sensors and other input devices that are attached to the patient. They provide cost-effective, periodical check-ups to the patients and help with the timely diagnosis of ailments.
Owing to the growing prevalence of chronic and lifestyle diseases, such as cardiovascular diseases (CVD) and diabetes, along with increasing health awareness among consumers, there has been a rise in the demand for devices that can continuously track the physical well-being of patients.
Furthermore, consumer awareness regarding the advantages of self-care medical devices and the benefits of keeping a regular check on health irregularities in increasing worldwide. As these devices help in significantly reducing the chances of contracting any severe disease, there has been significant growth in their sales.
Additionally, manufacturers are taking initiatives to produce devices that are portable and can be used by patients of all age groups. Advancements in the wearable technology, coupled with the incorporation of sensors to gauge physiological changes more accurately, are also augmenting the products demand.
Increasing geriatric population and rising disposable incomes, along with salient characteristics of these devices such as maintenance of privacy, quick access and timely diagnostic reports, are some of the other factors catalysing market growth.
What are the Key Opportunities on Offer for Self-care Medical Device Manufactures?
Self-care medical devices are used for primary care by patients, witnessing a paradigm shift in treatment from hospital to home based healthcare. Manufacturers are coming up with new and innovative digital monitoring devices that are portable, easy to use and provide accurate readings instantly.
Sedentary lifestyle, poor dietary habits coupled with growing geriatric population has resulted in a steady rise in the number of individuals diagnosed with diabetes and other health ailments.
In addition, technological advancements and increasing awareness about managing various ailments using self-care medical devices are the factors accentuating growth of the market.
Avail customized purchase options for your needs
What are the Restraints being Encountered by Self-care Medical Device Providers?
Side effects and risks associated with implantation of self-care medical devices is expected to hinder growth of the market.
Other major factors hampering growth of the industry for self-care medical devices constitutes of availability of alternative options, and high costs of devises.
Also, the maintenance cost of these devices is high making them less affordable.
Which Region Offers the Largest Opportunity for Self-care Medical Device Sales?
North America contributed the largest share of over 40% of the global market for self-care medical devices. Rising incidence of cardiovascular and respiratory diseases is the major driving factor for growth of market for self-care medical devices in the North American region.
Preference for home-based healthcare monitoring has led to reduction of frequent visits to clinics and hospitals, consequently increasing the uptake of self-care medical devices.
The Asia Pacific region is expected to witness the fastest growth due to expanding population coupled with sedentary lifestyle and rising stress levels. A high prevalence of diabetes and cardiovascular diseases in middle income nations, as compared to that in high-income nations, has left a large number of people undiagnosed and untreated.
However, growing awareness among these people has triggered the demand for self-care medical devices and is expected to further grow during the forecast period.
An Adaptive Approach to Modern-day Research Needs
How is China Emerging as a Lucrative Market for Self-care Medical Device Providers?
The demand for self-care medical devices in China was estimated at US$ 4 Bn in 2020 and is expected to surge at a CAGR of 9% over assessment period.
The huge population base with significantly increased rate of chronic diseases in the country are nudging the sales of self-care medical devices in the country.
Also, with the increasing disposable income of the middle class in the country the spending towards personal healthcare has raised in the country further benefitting the market growth.
What are the Market Insights for Self-care Medical Devices in India?
India is among the top 20 markets for medical devices worldwide. The self-care medical devices sector in India comprises large multinationals and small- and mid-sized companies.
The Government of India (GOI) has commenced various initiatives to strengthen the medical devices sector, with emphasis on research and development (R&D) and 100% FDI for medical devices to boost the market.
There has been a significant rise in spending towards self-care medical devices during the current pandemic in the country.
Government initiatives along with the growing preference of people towards homecare treatment has created growth opportunities for manufacturers of self-care medical devices in India.
What is the Demand Outlook for Self-care Medical Devices in the U.S.?
Demand for self-care medical devices in the U.S. was estimated at US$ 3 Bn in 2020. High prevalence of cardiovascular diseases is a major reason for the high demand for self-care medical devices in the country.
Moreover, digitalization in self-care medical devices is also expected to aid in growth of the market. Increasing healthcare expenditure is further propelling the sales of self-care medical devices in the country.
Why is Demand for Blood Glucose Monitors High in the Market for Self-care Medical Devices?
Blood glucose monitors held dominant position in the global market for self-care medical devices, accounting for 58% share in terms of value, followed by blood pressure monitors and sleep apnea monitors, respectively.
Self-monitoring of blood glucose or SMBG refers to home blood glucose testing for people with diabetes. SMBG uses regular blood testing to understand one’s diabetes condition and helps to control the diet regime.
Self-monitoring of blood glucose levels is very crucial, particularly with regards to people with type 2 diabetes who are not on insulin. Therefore, due to its usage convenience and rising occurrences of diabetes worldwide. Demand for blood glucose monitors has escalated over the past few years.
Have a report related query? Speak to us directly
Major players in the market are focused on launching new products to expand their product portfolio. In addition to that, manufacturers of these devices are making relentless efforts to offer portable and easy to use devices.
Portable and user-friendly devices are likely to encourage patients to adopt a more active role in keeping a track of their health. Furthermore, various awareness programs by medical associations are likely to assist in widening the scope of the global self-care medical devices market.
- In June 2020, AireHealth, a developer of portable nebulizer that pairs with a smartphone app for remote monitoring, acquired BreathResearch, a respiratory health company, in order to develop its digital respiratory health platform.
Self-care Medical Devices Market Report Scope
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered in Self-care Medical Devices Industry Research
- Self-monitoring of Blood Glucose
- Sleep Apnea Devices
- Insulin Pumps
- Body Temperature Monitors
- Blood Pressure Monitors
- Male External Catheters
- Holter Monitors
By End User
- Self-care Medical Devices for Geriatrics
- Self-care Medical Devices for Pediatrics
- Self-care Medical Devices for Adults
- Self-care Medical Devices for Pregnant Women
By Distribution Channel
- Self-care Medical Devices Sold at Pharmacies
- Self-care Medical Devices Sold through Online Stores
- Self-care Medical Devices Sold at Supermarkets and Hypermarkets
Self-care Medical Devices Market- Scope of Report
A recent study by Fact.MR on the self-care medical devices market offers a 10-year forecast for 2021 to 2031. The study analyses crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering self-care medical devices.
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, cost structure analysis, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing self-care medical devices, along with their product portfolios, key strategies, and SWOT Analysis, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including revenue growth, and revenue generation across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the revenue of self-care medical devices market during the forecast period.
Key Questions Answered in Report
- Which are the most lucrative markets for self-care medical devices?
- Which factors will impact demand for self-care medical devices?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the self-care medical devices industry?
- What are the winning strategies of stakeholders in the market?
Market Size Evaluation
The market has been analysed for each market segment in terms of volume (`000units), and value (US$ Mn).
Market estimates at global and regional levels for self-care medical devices are available in terms of “US$ Mn” for value and in ‘’’000 units for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the revenue perspective in the global self-care medical devices market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.
Country-specific valuation on revenue for self-care medical devices have been offered for each regional market, along with market scope estimates and forecasts, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for key countries has also been included in the report.
The report sheds light on leading manufacturers of self-care medical devices, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering self-care medical devices have been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the self-care medical devices market.
- FAQs -
The global self-care medical devices market topped US$ 13 Bn in 2020, and is expected to reach a valuation of over US$ 20 Bn by 2031.
Key factors driving demand for self-care medical devices include increasing product launches and rising need for homecare treatment options.
Major market players include 3M Healthcare, Abbott Laboratories, Bayer AG, GE Healthcare, F. Hoffmann-La Roche, Johnson & Johnson, Medtronic, Inc., Omron Healthcare, and Philips Healthcare.
North America is one of the lucrative markets for self-care medical devices, holding approximately 40% of global market share.
Demand for self-care medical devices in China was estimated at US$ 4 Bn in 2020, and is expected to surge at a CAGR of 9% over the assessment period.
Global demand for blood glucose monitors will account for 58% of the market share for self-care medical devices.
Demand for blood pressure monitors is anticipated to top US$ 3 Bn by 2031.
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.