Empowerment takes on a new form with self-care medical devices, offering patients the means to effectively manage their health conditions from the confines of their homes. These ingenious products encompass a spectrum of offerings including blood glucose monitors, sleep apnea trackers, temperature gauges, pedometers, and more. Diverse in design and functionality, these devices cater to an array of needs. Their pivotal role revolves around the measurement and monitoring of vital parameters, encompassing a gamut of functions such as tracking blood sugar levels, heart rate, hypertension, and various other health markers. Among the repertoire of these devices, blood glucose monitors, blood pressure gauges, temperature trackers, holter monitors, pregnancy/fertility test kits, sleep apnea monitors, nebulizers, and pedometers take the spotlight as the most prevalent choices. These self-care medical devices stand as indispensable tools for gauging and overseeing the diverse vital parameters that underpin a patient’s well-being.
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).
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Top Companies Associated With The Self-care Medical Devices Market Report Are: 3M Healthcare, Abbott Laboratories, Bayer AG, GE Healthcare, F .Hoffmann-La Roche, Johnson & Johnson, Medtronic, Inc., Omron Healthcare, Philips Healthcare, and ResMed, Inc.
Market Dynamics
The trajectory of the global self-care medical devices market’s growth is set to be propelled by a surge in product approvals bestowed by regulatory authorities across the forecast span. A compelling illustration of this trend is evident in the actions of Axonics, Inc., a pioneering medical technology entity. Their announcement in February 2021 highlighted a momentous achievement: securing approval from the U.S. Food and Drug Administration (FDA) for their third-generation implantable neurostimulator. This groundbreaking device, crafted by Axonics, stands primed to address urinary and bowel dysfunction. The system’s third-generation incarnation boasts an enhanced implantable inhibitory neurotransmitter with upgraded embedded software, alongside improved patient remote control functionality. Notably, these refinements empower patients with the capacity to effect more comprehensive adjustments to stimulation parameters from the comfort of their homes.
Global Self-care Medical Devices Market – Regional Analysis
In the realm of regions, North America is poised to maintain its commanding stance throughout the projected period in the global landscape of self-care medical devices. Asserting its dominance, North America commands a substantial 47.8% of the market share, primarily attributed to the surge in product launches that are anticipated to be a driving force behind the growth trajectory of the global self-care medical devices market in the foreseeable future.
A compelling illustration of this trend unfolded on June 6, 2023, as Acurable, a medical device company hailing from the United Kingdom, revealed its plans to introduce the AcuPebble device for diagnosing obstructive sleep apnea within the United States. Crafted with ingenuity, this device has been tailored to enable efficient sleep apnea testing from the comfort of one’s home, facilitating remote diagnosis. Its implementation promises the dual benefits of early detection and expedited treatment, contributing to the more effective management of sleep apnea.
Self-care Medical Devices Market Report Coverage
| The market size value in 2023 |
Detailed Segmentation:
- Global Self-care Medical Devices Market, Product Type:
- Blood Glucose Monitors
- Blood Pressure Monitors
- Temperature Monitors
- Holter Monitors
- Pregnancy/Fertility Test Kits
- Sleep Apnea Monitors
- Nebulizers
- Pedometers
- Global Self-care Medical Devices Market, By End User:
- Home Care Settings
- Rehabilitation Center
Global Self-care Medical Devices Market: Key Developments
The growth of the global market for self-care medical devices is anticipated to receive a boost from the heightened adoption of acquisition strategies among major players in the field. An illustrative example is i-SENS, Inc.’s recent move on May 17, 2023, wherein the in vitro diagnostics firm disclosed its acquisition of AgaMatrix, a U.S.-based manufacturer specializing in blood glucose measuring devices. This strategic acquisition facilitated i-SENS in broadening its distribution network for continuous glucose monitors, a product line that has been gaining approvals both domestically and internationally.
Further impetus to market expansion is expected to stem from the active efforts of key market players to diversify their product portfolios. A noteworthy instance occurred in September 2022 when Evernorth Health, Inc., a subsidiary of Cigna and a prominent player in the medical device industry, revealed its augmentation of the diabetes program alongside other technological resources. This strategic enhancement complements the conventional pharmaceutical approaches, offering comprehensive support to patients in effectively managing diabetes. Notably, the enriched diabetes care value program encompasses the inclusion of coverage for continuous glucose monitors within the scope of pharmacy benefits.
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Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Executive Summary
Market Overview
- Definition of Self-care Medical Devices Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Self-care Medical Devices Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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