The global self-care medical devices market was worth US$ 21.7 Billion in 2018. 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. The 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 an ailment.
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 catalyzing market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 35.6 Billion by 2024, registering a CAGR of 8.6% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being Johnson & Johnson, Medtronic, Abbott Laboratories, Bayer HealthCare, Koninklijke Philips, General Electric Company, F. Hoffmann-La Roche AG, ResMed, Omron Healthcare, Martifarm, OraSure Technologies, Baxter, B. Braun Melsungen, etc.
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