As per a new report published by Fact.MR – a market research and competitive intelligence provider, the Self-care Medical Devices Market is anticipated to top US$ 20 Bn by 2031, and is poised to expand at a CAGR of 6%. Demand for blood glucose monitors accounts for 58% of overall market share. Rise in the prevalence of various chronic diseases has led to the growth of the global self-care medical devices market. These devices assist in better patient compliance and improvement in disease management.
Recent entry of top-notch technologies has made the invention of a smart tract with real-time health monitoring feature a reality. In addition, rising awareness among people regarding these devices will further propel demand for self-care medical devices in the years to come. Augmented knowledge of one’s condition of health and advantages pertaining to the use of medical gadgets such as glucose monitors and insulin pumps is further likely to pave way for the growth of the global self-care medical devices market over the years.
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Key Takeaways from Market Study
- Valuation of self-care medical devices was estimated at US$ 13 Bn in 2020, and is expected to top US$ 20 Bn by 2031.
- Key factors driving demand for self-care medical devices include new technological advancements and rising demand for homecare treatments.
- North America holds close to 40% of the market share for self-care medical devices.
- In China, demand for self-care medical devices was estimated at US$ 4 Bn in 2020, and is anticipated to expand at a CAGR of 9% over the coming ten years.
- Demand for blood glucose monitors accounts for 58% of market share for self-care medical devices.
- Global demand for blood pressure monitors is anticipated to reach a valuation of around US$ 3 Bn by 2031-end.
“With rising preference for homecare treatments by patients, demand for self-care medical devices is set to propel over the coming years,” Says a Fact.MR analyst.
Major players in the market are adopting strategies such as launching new products to expand their product portfolios and investing in new R&D projects aimed towards product innovation.
Many manufacturers are working towards making portable and easy-to-use devices. New and upcoming companies can direct their focus towards product innovation and carrying out awareness campaigns for better reach and costumer acquisition.
Exploring Lucrative Opportunities for Self-Care Medical Device Manufacturers
The landscape of healthcare is experiencing a transformative shift, with an increasing emphasis on self-care medical devices that empower patients to take control of their health from the comfort of their homes. This shift is driven by the growing popularity of home-based healthcare, where patients can now monitor their health conditions with ease using advanced self-care medical devices. Manufacturers are at the forefront of this revolution, introducing cutting-edge digital monitoring devices that are not only portable but also user-friendly, providing instant and accurate readings.
A Rising Health Concern: Navigating the Impact of Sedentary Lifestyles and Poor Dietary Habits
- The prevalence of sedentary lifestyles and poor dietary habits has emerged as a pressing health concern, contributing to the steady rise in the number of individuals diagnosed with chronic conditions, such as diabetes and cardiovascular diseases. This alarming trend has led to an increased demand for self-care medical devices that can assist in managing and monitoring these health ailments effectively. As more individuals seek convenient and accessible healthcare solutions, the self-care medical device market is poised for substantial growth.
Empowering the Aging Population: Meeting the Needs of the Geriatric Community
- The world’s aging population is growing at a rapid pace, and with it comes an increased demand for healthcare solutions that cater to the specific needs of the elderly. Self-care medical devices play a crucial role in empowering the geriatric community to manage their health independently and proactively. These devices offer user-friendly interfaces and remote monitoring capabilities, providing elderly patients with a sense of control over their well-being while reducing the burden on healthcare facilities.
Technological Advancements Driving Innovation: Pioneering the Future of Healthcare
- The advancements in technology have revolutionized the healthcare industry, paving the way for innovative self-care medical devices. Manufacturers are leveraging cutting-edge technologies such as artificial intelligence, Internet of Things (IoT), and wearable sensors to create devices that offer personalized and real-time health insights. These sophisticated devices not only streamline the process of monitoring health conditions but also facilitate seamless communication between patients and healthcare providers.
Empowering Patients with Awareness: Creating a Health-Conscious Society
- An increasing awareness of the importance of proactive health management has been instrumental in boosting the demand for self-care medical devices. As individuals take charge of their well-being and seek preventive measures to stay healthy, the market for these devices continues to thrive. The self-care medical device manufacturers play a pivotal role in this transition by developing products that are intuitive, informative, and accessible, encouraging individuals to make informed decisions about their health.
Key Segments Covered in Self-care Medical Devices Industry Research
- By Product
- Self-monitoring of Blood Glucose
- Sleep Apnea Devices
- Insulin Pumps
- Body Temperature Monitors
- Blood Pressure Monitors
- Male External Catheters
- Holter Monitors
- By End User
- Pregnant Women
- By Distribution Channel
- Online Stores
- Supermarkets and Hypermarkets
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