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Global Self-Care Medical Devices Market to Reach US$ 35.6 Billion by 2024, Propelled by Introduction of More Precise Products

The latest report by IMARC Group, titled “Self-Care Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global self-care medical devices market size reached US$ 21.7 Billion in 2018. Self-care medical devices refer to instruments that are used by patients to monitor physiological changes without the involvement of medical professionals. These devices aid in tracking or observing parameters such as blood pressure, glucose levels, body temperature, and peak expiratory flow rate. They also provide indications about the current status of chronic illnesses which are necessary for optimizing the patient’s treatment. Nowadays, several self-care devices, such as wearable and smart trackers, are gaining popularity across the globe as they offer a convenient means of monitoring patient health and enable the timely diagnosis of an ailment.

Global Self-Care Medical Devices Market Trends:

With a rise in the number of people suffering from lifestyle diseases, as well as the continuous advancements in technology, patients are shifting toward more sophisticated devices to self-monitor their physical well-being. In addition to this, several medical associations are conducting programs to create awareness among patients about the benefits of self-care medical devices. These cost-effective tools help to reduce the patient burden in terms of hospital visits for minor medical conditions, which in turn has increased their sales. Consequently, manufacturers are investing substantially in research and development (R&D) to introduce devices that can gauge physiological changes more accurately. Also, several leading players are offering portable and easy-to-use devices by incorporating precise sensors that enable patients to keep a regular check on their health irregularities. Looking forward, the market value is projected to reach US$ 35.6 Billion by 2024, registering a CAGR of 8.6% during 2019-2024.

Market Summary:

  • Based on the device type, self-monitoring of blood glucose (SMBG) represents the leading segment, accounting for the majority of the market share. Other major types of self-care medical devices are peritoneal dialysis (PD), sleep apnea devices, insulin pumps, body temperature monitors, inhalers, pedometers, blood pressure monitors, nebulizers, male external catheters, and Holter monitors.
  • On the basis of the end user, the market has been segregated into geriatrics, pediatrics, adults, pregnant women and others.
  • The market has been categorized based on the distribution channel into pharmacies, online stores, supermarkets and hypermarkets and others.
  • Region-wise, North America enjoys the dominant position in the market. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been examined with some of the key players being Johnson & Johnson, Medtronic PLC, Abbott Laboratories, Bayer HealthCare LLC, Koninklijke Philips N.V., General Electric Company, F. Hoffmann-La Roche AG, ResMed, Inc., Omron Healthcare, Martifarm Ltd., OraSure Technologies, Baxter and B. Braun Melsungen.

 

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