Overview:
Medical instruments for self-care are used to measure and track a patient’s vital parameters. These devices are useful for keeping track of blood sugar levels, heart rate, hypertension, and other medical conditions.
Some of the most widely used self-care medical devices include blood glucose monitors, blood pressure monitors, temperature monitors, Holter monitors, pregnancy/fertility test kits, sleep apnea monitors, nebulizers, and pedometers.
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Drivers:
Rising cases of lifestyle diseases is expected to boost growth of the global self-care medical devices market over the forecast period. According to a report published in September 2019 in the journal Diabetes Research and Clinical Practice titled “Global and regional diabetes prevalence estimates for 2019 and predictions for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition,” 463 million people worldwide are estimated to have diabetes in 2019, with the number expected to rise to 578 million by 2030 and reach 700 million by 2045.
Furthermore, increasing geriatric population is also expected to support growth of the market. The geriatric population in the United States is expected to hit 77 million by 2034, according to the United States Census Bureau.
Approval and launch of new devices is expected to fuel growth of the global self-care medical devices market over the forecast period. For instance, under a premarket approval supplement, Axonics Modulation Technologies, Inc. obtained FDA approval for its next generation rechargeable implantable neurostimulator, the r-SNM System, in April 2020.
Restraints:
Product recalls are expected to hamper growth of the market. For instance, due to a failure to follow quality requirements, Johnson and Johnson Eye Care recalled two absolute and one partial master lots of 1-DAY ACUVUE MOIST for ASTIGMATISM Contact Lenses in EMEA in September 2019.
Furthermore, the market’s growth is also expected to be limited by the inaccuracy of self-care medical devices. Pregnancy kits and pregnancy test kits are examples of self-care products that show fake positive results.
Side effects and risks associated with implantation of self-care medical devices is expected to hamper growth of the market. The surgery to implant neuromodulation has certain side effects on the body, such as allergy and hoarseness. Because of the electrical impulses produced by neuromodulation devices, there are some risks. The system can cause damage to nearby nerves and blood vessels, such as the vagus nerve, carotid artery, and jugular veins in the case of a VNS pacemaker.
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Opportunities:
High prevalence of cardiovascular diseases in emerging economies is expected to offer lucrative growth opportunities for players in the global self-care medical devices market. 54.6 million Cardiovascular diseases were reported in a study published by Journal of American College of cardiology in 2018.
Furthermore, digitalization in self-care medical devices is also expected to aid in growth of the market. For instance, BreathResearch, a respiratory health company, was acquired by AireHealth in June 2020 in order to improve its digital respiratory health platform. AireHealth is a manufacturer of portable nebulizers that combine with a mobile app for remote monitoring.
Increasing healthcare expenditure is expected to offer lucrative growth opportunities for players in the global self-care medical devices market. The U.S health is spending is estimated to reach around US$ 6.0 trillion by 2027 as per The Centres Of Medicare and Medicaid services.
The global self-care medical devices market was valued at US$ 16,853.7 Mn in 2019 and is forecast to reach a value of US$ 30,419.8 Mn by 2027 at a CAGR of 7.7% between 2020 and 2027.
The global self-care medical devices market is estimated to account for US$ 18,090.1 Mn in terms of value and is expected to reach US$ 30,419.8 Mn by the end of 2027.
Market Trends/Key Takeaways:
Major players in the market are focused on offering guidelines regarding use of self-care devices during Covid-19 pandemic. For instance, according to the US Food and Drug Administration, Abbott Laboratories announced in April 2020 that the FreeStyle Libre 14 day device, a CGM technology, can be used in the hospital setting 2 during the COVID-19 pandemic (FDA).
Self-care devices can help with a variety of chronic illnesses. For instance, Abbott Laboratories released late-breaking data in June 2020 demonstrating the effectiveness of its FreeStyle Libre method in lowering haemoglobin A1c (HbA1c) levels in people with type 2 diabetes.
The Council Directive 93/42/EEC on medical devices currently regulates self-care medical devices. Regulation (EU) 2017/745 on medical devices, amending Directive 2001/83/EC, Regulation (EC) No 178/2002, and Regulation (EC) No 1223/2009, and repealing Council Directives 90/385/EEC and 93/42/EEC, will take effect in May 2020.
Due to the increased usage of smartphones, the demand for smartphone-based pedometers has grown. According to Pew Research Center, 81 percent of American adults used smartphones in February 2019, up from 77 percent in October 2018.
Reasons to Purchase this Report
• To gain an in-depth understanding of Self-care Medical Devices market globally
• To identify the on-going trends and anticipated growth in the next nine years
• To help industry consultants, Self-care Medical Devices market other stakeholders align their market-centric strategies
• To obtain research-based business decisions and add weight to presentations and marketing strategies
• To gain competitive knowledge of leading market players
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Competitive Landscape:
Major players operating in the global Self-care Medical Devices Market include, F .Hoffmann-La Roche, Johnson & Johnson, 3M Healthcare, Abbott Laboratories, Bayer AG, GE Healthcare Medtronic, Inc., Omron Healthcare, Philips Healthcare, and ResMed, Inc.
Key Developments:
January 2020: ResMed Inc. launched AirFit F30i, its first tube-up full face CPAP mask.
October 2019: OMRON Healthcare, Inc. launched newly redesigned models of its blood pressure monitors with new features
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