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
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.
Global Self-care Medical Devices Market: Opportunities
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.
Global Self-care Medical Devices Market: Restraints
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.
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. Major factor driving the growth of global self-care medical devices market during the forecast period include increasing product launches, and increasing demand for homecare treatments.
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. Presence of leading manufacturers in this product category, and increasing prevalence of diabetes is expected to support growth of the segment over the forecast period.
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 October 2019, OMRON Healthcare, Inc. launched newly redesigned models of its blood pressure monitors with new features