by The 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 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: –
Self-care medical devices include home testing kits and monitoring devices that enable individuals to test, monitor, and treat their medical conditions such as diabetes, hypertension, and heart diseases without visiting a hospital or clinic. These devices allow timely diagnosis and help manage chronic diseases efficiently and cost-effectively at home.
Market key trends:
The self-care medical devices market is witnessing high growth owing to increasing adoption of remote patient monitoring trends. Remote patient monitoring refers to the use of digital technologies to monitor patients outside of conventional clinical settings. It allows continuous collection and transmission of vital signs and health data from one location to another. This helps in early detection and management of health issues. The COVID-19 pandemic has further boosted the use of remote monitoring devices as it reduces the need for in-person visits. Major players are focusing on developing integrated remote monitoring systems with innovative features to gain market share. For instance, Medtronic received FDA clearance for its Guardian Connect continuous glucose monitoring system which can be used with smartphones to track glucose levels remotely.
Porter’s Analysis: –
- Threat of new entrants: – The Self-Care Medical Devices Market faces low threat of new entrants due to high R&D and manufacturing costs associated with developing and producing medical devices. There are already well established players operating in the market.
- Bargaining power of buyers: – Buyers have moderate bargaining power due to presence of several key players offering similar products. Switching costs are relatively low for buyers.
- Bargaining power of suppliers: – Suppliers have moderate bargaining power due to availability of alternative suppliers and inputs. However, suppliers differentiate their products and build long term relations.
- Threat of new substitutes: – Threat of substitutes is low as medical devices have few substitutes that can provide similar health benefits. Devices integrating new technologies pose minimal threats.
- Competitive rivalry: – Intense due to presence of global established players competing on basis of quality, reliability, price and innovation.
SWOT Analysis: –
- Strengths: – Growing aging population driving demand. Technology advancements enable remote monitoring.
- Weaknesses: – High costs of branded devices. Lack of awareness in developing regions.
- Opportunities: – Integration of IoT and AI. Growing telehealth and digital health markets.
- Threats: – Stringent regulatory environment. Reimbursement issues in some countries. Patent expiries of blockbuster drugs.
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 prevalence of chronic diseases. North America dominates the market currently due to supportive reimbursement policies and healthcare reforms while Asia Pacific is poised to grow the fastest due to growing medical tourism and rising healthcare expenditure.
Regional analysis: – North America currently dominates the self-care medical devices market share mainly due to supportive reimbursement policies and healthcare reforms in the region. Meanwhile, Asia Pacific is estimated to register the highest CAGR over the forecast period. This can be attributed to factors such as growing medical tourism, rising healthcare expenditure, and increasing per capita income in emerging countries of the region.
Key players: – 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. These players are focusing on new product launches, collaborations and expansion strategies to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
