Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Self-care medical devices are used for measuring and monitoring various vital parameters of a patient. These devices play an important role in monitoring blood sugar level, heart rate, hypertension and other conditions.
Blood glucose monitors, blood pressure monitors, temperature monitors, Holter monitors, pregnancy/fertility test kits, sleep apnea monitors, nebulizers, and pedometers are some of the most commonly used self-care medical devices.
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.
Global Self-care Medical Devices Market: Drivers
Increasing prevalence of lifestyle diseases is expected to propel growth of the global self-care medical devices market over the forecast period. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Approval and launch of new devices is expected to propel growth of the global self-care medical devices market over the forecast period. For instance, in April 2020, Axonics Modulation Technologies, Inc. received the U.S. Food & Drug Administration approval for its next generation rechargeable implantable neurostimulator, r-SNM System, under a premarket approval supplement.
Blood Glucose Monitors held dominant position in the global self-care medical devices market in 2019, accounting for 57.8% share in terms of value, followed by blood pressure monitors and sleep apnea monitors, respectively.
Figure 1. Global Self-care Medical Devices Market Share (%), by Value, by Product Type, 2019
Global Self-care Medical Devices Market: Restraints
Product recalls are expected to hinder growth of the market. For instance, in September 2019, Johnson and Johnson Vision Care recalled two full and one partial master lots of 1-DAY ACUVUE MOIST for ASTIGMATISM Contact Lenses in EMEA, owing to failure to meet quality standards.
Moreover, inaccuracy of self-care medical devices is also expected to limit growth of the market. Self-care devices such as pregnancy kits and fertility test kits provide false positive results.
Side effects and risks associated with implantation of self-care medical devices is expected to hinder growth of the market. Neuromodulation implanting surgery has certain side effects on the body such as allergy and hoarseness. The neuromodulation devices also carry some risks, owing to the electrical impulses generated by it. The device may cause damages to the nearby nerves and blood vessels, as in the case of a VNS pacemaker, it might cause damages to the vagus nerve, carotid artery and jugular veins.
Self-care Medical Devices Market Report Coverage
||Market Size in 2019:
||US$ 16,853.7 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 30,419.8 Mn
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
- Middle East: GCC Countries, Israel, Rest of Middle East
- Africa: South Africa, North Africa, Central Africa
- By Product Type: Blood Glucose Monitors, Blood Pressure Monitors, Temperature Monitors, Holter Monitors, Pregnancy/Fertility Test Kits, Sleep Apnea Monitors, Nebulizers, Pedometers.
3M Healthcare, Abbott Laboratories, Bayer AG, GE Healthcare, F .Hoffmann-La Roche, Johnson & Johnson, Medtronic, Inc., Omron Healthcare, Philips Healthcare, and ResMed, Inc.
- Product Launches
- Increasing demand for homecare treatment
|Restraints & Challenges:
- Alternative treatment options
- High costs
Global Self-care Medical Devices Market: 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. For instance, the Journal of American Collage of Cardiology reported a prevalence of 54.6 million for cardiovascular diseases in India in a study published in July 2018.
Moreover, digitalization in self-care medical devices is also expected to aid in growth of the market. For instance, in June 2020, AireHealth, a developer of portable nebulizer that pairs with a smartphone app for remote monitoring, acquired BreathResearch, a respiratory health company, in order to develop its digital respiratory health platform.
Increasing healthcare expenditure is expected to offer lucrative growth opportunities for players in the global self-care medical devices market. For instance, according to The Centers for Medicare & Medicaid Services, the U.S. health spending is projected to reach nearly US$ 6.0 trillion by 2027.
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.
Figure 2. Global Self-care Medical Devices Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
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, in April 2020, Abbott Laboratories announced that the FreeStyle Libre 14 day system, a CGM technology, can be used in the hospital setting 2 during the COVID-19 pandemic, according to the U.S. Food and Drug Administration (FDA).
Self-care devices are effective in management of various chronic disorders. For instance, in June 2020, Abbott Laboratories announced new late-breaking data that demonstrated efficacy of its FreeStyle Libre system, in reducing hemoglobin A1c (HbA1c) levels for people living with type 2 diabetes.
Self-care medical devices are currently regulated by Council Directive 93/42/EEC concerning medical devices. However, in May 2020, this Directive will be replaced by 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.
The market has witnessed increasing adoption of smartphone-based pedometers, due to increasing use of smartphones. For instance, according to Pew Research Center, as of February 2019, 81% of U.S. adults used smartphones compared to 77% in October 2018.
Global Self-care Medical Devices Market: Competitive Landscape
Major players operating in the global Self-care Medical Devices Market include, 3M Healthcare, Abbott Laboratories, Bayer AG, GE Healthcare, F .Hoffmann-La Roche, Johnson & Johnson, Medtronic, Inc., Omron Healthcare, Philips Healthcare, and ResMed, Inc.
Global Self-care Medical Devices Market: Key Developments
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in 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