We have an updated report [Version - 2024] available. Kindly sign up to get the sample of the report.
all report title image
  • Published In : Jul 2023
  • Code : CMI3957
  • Pages :167
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

The global self-care medical devices market is estimated to be valued at US$ 22.3 Billion in 2023 and is expected to exhibit a CAGR of 8.1% during the forecast period (2023-2030).

Analysts’ Views on the Global Self-care Medical Devices Market:

The global self-care medical devices market growth can be hindered due to product recalls, thus increasing product launches by key market players are expected to drive the market growth over the forecast period. For instance, in May, 2021, Biobeat, a medical device company, announced the launch of its new wearable and continuous Ambulatory Blood Pressure Monitoring (ABPM) chest-monitoring device. Biobeat's disposable wearable chest-monitor includes an intuitive patient self-set-up, requiring no assistance from a clinician or technician. The device measures diastolic and systolic blood pressure, heart rate, mean arterial pressure, cardiac output, and systemic vascular resistance.

Figure 1. Global Self-care Medical Devices Market Share (%), by Product Type, 2023

SELF-CARE MEDICAL DEVICES MARKET

To learn more about this report, request a free sample copy

Global Self-care Medical Devices Market - Driver

Increasing product launches by key market players

Increasing product launches by key market players are expected to aid the growth of the global self-care medical devices market over the forecast period. For instance, in February 2022, InBody Pvt. Ltd., a medical technology company, launched InBody BP 170 blood pressure monitor, which provides patients with the option to self-record and track key health metrics at home.

Figure 2. Global Self-care Medical Devices Market Share (%), by Region, 2023

SELF-CARE MEDICAL DEVICES MARKET

To learn more about this report, request a free sample copy

Global Self-care Medical Devices Market - Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global self-care medical devices market over the forecast period. North America holds 47.8% of the market share due to increasing product launches, which is expected to drive the global self-care medical devices market growth over the forecast period. For instance, on June 6, 2023, Acurable, a U.K.-based medical device company, announced that it will launch its AcuPebble device for obstructive sleep apnea diagnosis in the U.S. The device is designed for remote and efficient home sleep apnea testing that allows earlier detection, faster treatment, and better management of sleep apnea.

Global Self-care Medical Devices Market - Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization (WHO) declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global self-care medical devices market. For instance, in July 2020, the U.S. Food and Drug Administration announced that home-use blood glucose meters can be used by patients with diabetes who are hospitalized due to COVID-19 or by those who reside in long-term care facilities (nursing homes, skilled nursing facilities, and assisted living facilities) to check their own blood glucose levels and provide the readings to health care personnel caring for them. In addition, some home-use blood glucose meters have built-in wireless data transmission capabilities, which can facilitate remote patient monitoring. Therefore, the U.S. Food and Drug Administration encourages hospitals and long-term care facilities to consider policies to allow patients to self-test using home-use blood glucose meters, which may include leveraging patients' own home-use blood glucose meters or dispensing a home-use blood glucose meter to patients upon  admission to the hospital or to those residing in long-term care facilities.

Self-care Medical Devices Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 22.3 Bn
Historical Data for: 2018 to 2021 Forecast Period: 2023 to 2030
Forecast Period 20 to 20 CAGR: 8.1% 2030 Value Projection: US$ 38.4 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Blood Glucose Monitors, Blood Pressure Monitors, Temperature Monitors, Holter Monitors, Pregnancy/Fertility Test Kits, Sleep Apnea Monitors, Nebulizers, Pedometers
  • By End User: Home Care Settings, Rehabilitation Center 
Companies covered:

3M, Abbott, Bayer AG, F. Hoffmann-La Roche Ltd, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Medtronic, OMRON Healthcare, Inc., ResMed, Advin Health Care, Koninklijke Philips N.V., NeuroPace, Inc., Natus Medical Incorporated, and Fisher & Paykel Healthcare Limited

Growth Drivers:
  • Increasing product launches by key market players
Restraints & Challenges:
  • Increasing product recalls by regulatory authorities

Global Self-care Medical Devices Market Segmentation:

The global self-care medical devices market report is segmented into product type, end user, and region.

Based on product type, the market is segmented into blood glucose monitors, blood pressure monitors, temperature monitors, holter monitors, pregnancy/fertility test kits, sleep apnea monitors, nebulizers, and pedometers. Out of which, the blood glucose monitors segment is expected to hold a dominant position in the global self-care medical devices market during the forecast period, and this is attributed to the increasing product launches of blood glucose monitors.

Based on end user, the market is segmented into home care setting and rehabilitation center. Out of which, the rehabilitation center segment is expected to dominate the market over the forecast period, and this is attributed to the rising number of rehabilitation centers in U.S.

Among all segmentation, the product type segment has the highest potential due to the increasing launch of blood glucose monitors by key market players.

Global Self-care Medical Devices Market Cross Sectional Analysis:

In the product type segment, blood glucose monitors hold a dominant position in North America due to increasing collaborations among key market players. For instance, in February 2020, Insulet Corporation, manufacturer of medical devices and Abbott, a medical device company announced that they had collaborated to expand Abbott’s product portfolio. Under this collaboration, Abbott’s market-leading Freestyle Libre continuous glucose monitor will be incorporated into Insulet Corporation’s Omnipod Horizon automated delivery system, comprising a wearable insulin pump and software to glucose control.

Global Self-care Medical Devices Market: Key Developments

  • Increasing acquisition strategies by key market players are expected to propel the growth of the global self-care medical devices market. For instance, on May 17, 2023, i-SENS, Inc., an in vitro diagnostics company, announced the acquisition of AgaMatrix, a U.S.-based blood glucose measuring device manufacturer. Under the acquisition, i-SENS expanded its distribution network for its continuous glucose monitors, which are receiving domestic and foreign product approvals.
  • Increasing product expansion by key market players are expected to drive the market growth over the forecast period. For instance, in September 2022, Evernorth Health, Inc., a subsidiary of Cigna, a medical device company, announced the expansion of its diabetes program, and other technological resources to its traditional pharmaceutical approaches to help patients in diabetes management. The diabetes care value program includes coverage for continuous glucose monitors under the pharmacy benefit
  • Global Self-care Medical Devices Market: Key Trends

Increasing adoption of organic strategies

Increasing adoption of organic strategies, such as the collaborations, by key market players to expand its product portfolios is expected to drive the global self-care medical devices market growth over the forecast period. For instance, in November 2022, Intuity Medical, Inc., a medical technology company, and Embecta Corp., a medical device company, entered into a co-promotional agreement under which Embecta Corp. will be able to promote Intuity Medical Inc.’s innovative POGO Automatic Blood Glucose Monitoring System to healthcare professionals to expand its product portfolio.

Global Self-care Medical Devices Market: Restraint

Increasing product recalls by regulatory authorities.

Increasing product recalls by regulatory authorities are expected to hinder the market growth over the forecast period. For instance, in August 2021, Abbott, a medical technology company, announced that the U.S. Food and Drug Administration (FDA) recalled FreeStyle and FreeStyle Flash blood glucose meters, as they produce low blood sugar results incorrectly when used with FreeStyle or FreeStyle Lite blood glucose test strips.

Global Self-care Medical Devices Market - Key Players

The major players operating in the global self-care medical devices market include 3M, Abbott, Bayer AG, F. Hoffmann-La Roche Ltd, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Medtronic, OMRON Healthcare, Inc., ResMed, Advin Health Care, Koninklijke Philips N.V., NeuroPace, Inc., Natus Medical Incorporated, and Fisher & Paykel Healthcare Limited.

*Definition: Self-care medical devices are designed to monitor and treat regular health conditions such as blood glucose level and others. General medical conditions, such as hypertension, diabetes, fever, and other such conditions, require regular monitoring. These devices support patients to monitor and manage the illness. Self-care medical devices are used for measuring and monitoring various vital parameters. These devices play an important role in monitoring blood sugar level, heart rate, hypertension, and other conditions.

Frequently Asked Questions

The global self-care medical devices is estimated to be valued at US$ 22.3 billion in 2023 and is expected to exhibit a CAGR of 8.1% between 2023 and 2030.

Increasing product launches by key market players are expected to drive the market growth.

Blood glucose monitors is the leading product type segment in the market.

Increasing product recalls by regulatory authorities are expected to hinder the market growth over the forecast period.

The major players operating in the market include 3M, Abbott, Bayer AG, F. Hoffmann-La Roche Ltd, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Medtronic, OMRON Healthcare, Inc., ResMed, Advin Health Care, Koninklijke Philips N.V., NeuroPace, Inc., Natus Medical Incorporated, and Fisher & Paykel Healthcare Limited.

View Our Licence Options

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail

Request Discount
Logo

Reliability and Reputation

ESOMAR
DUNS Registered
Clutch
DMCA Protected

9001:2015

Reliability and Reputation

27001:2022

Reliability and Reputation

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo