June 20, 2024
Self-care Medical Devices Market

The Global Self-care Medical Devices Market will grow at highest pace owing to rising healthcare expenditure

The global self-care medical devices market comprises devices such as diabetes care devices, blood pressure monitors, bandages, HIV diagnostics kit and pregnancy & fertility test kits. These devices help in monitoring health parameters and diagnosing non-serious illnesses at home. They allow patients to take control of their healthcare needs and save expenses associated with long clinic visits. Factors such as growing affordability, surging incidence of lifestyle disorders and increasing focus on preventive healthcare are fueling the demand for self-care medical devices globally.

The Global Self-care Medical Devices Market is estimated to be valued at US$ 25.69 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Global Self-care Medical Devices Market Demand are Hans Zipperle AG, Archer Daniels Midland Company, Kerry Group, Sensient Technologies, AGRANA Beteiligungs-AG, Kanegrade Natural Ingredients, Taura Natural Food Ingredients, Olam International Limited, Sunopta, Inc., Roquette Freres, Sensoryeffects Ingredient Solutions, Yaax International Ltd, Diana SAS, Svz International BV, DMH Ingredients Inc., Cargill Incorporated, Tate & Lyle PLC, and Dohler Group. The rising adoption of digital health technologies, growing incidence of chronic ailments such as diabetes, hypertension and cardiac diseases are propelling the demand for self-care medical devices globally. Technological advancements are helping manufacturers integrate cutting-edge features such as smartphone connectivity, cloud storage and artificial intelligence into self-care medical devices. This is enhancing accuracy, user interface and data management capabilities.

Market trends

Growing penetration of online sales channels is one of the key trends being witnessed in the global self-care medical devices market. Online retailers and e-commerce websites are ensuring convenient access to these devices along with competitive pricing. Another major trend is the miniaturization of devices due to technological advancements. Manufacturers are focused on developing compact devices with sleek designs for improved portability.

Market Opportunities

The untapped rural regions in developing economies present significant growth opportunities. Penetration of self-care medical devices needs to increase in such areas to improve access to healthcare. Furthermore, growing geriatric population worldwide will accentuate the demand. Advanced devices specially designed for elderly to monitor health metrics regularly are expected to gain traction.

Impact of COVID-19 on Self-care Medical Devices Market Growth
The COVID-19 outbreak has significantly impacted the growth of self-care medical devices market. The pandemic led to increased demand for self-care monitoring devices like thermometers, blood pressure monitors, glucose meters, etc. as people started monitoring health parameters at home to avoid hospital visits. However, the supply chain disruptions during the initial lockdown phases hampered the production and distribution of these devices. With restrictions being lifted now, the market is recovering fast.

Device manufacturers are focusing on ramping up production capacity to meet the rising demand. They are also ensuring stable supply chains and efficient distribution channels. Telehealth and remote patient monitoring have picked up significantly during the pandemic. Several companies are launching new connected self-care devices and companion apps for remote monitoring of patients. This trend is expected to continue in the post COVID era as well. Governments and private insurers are also promoting self-care to avoid overburdening the healthcare system.

Geographical Regions with Highest Market Concentration
North America dominates the self-care medical devices market in terms of value, accounting for around 40% share. Factors such as high healthcare expenditure, rapid technology adoption, availability of advanced devices and favorable reimbursement policies drive the market in the region. Europe is another major regional market supported by growing elderly population and increasing preference for home healthcare.

Asia Pacific is recognized as the fastest growing regional market for self-care medical devices. This can be attributed to rising lifestyle diseases, growing health awareness, improving access to devices and expanding medical insurance coverage in emerging countries like China and India. Furthermore, several global players are shifting their manufacturing facilities to the region in order to cater to the rising local demand.

Countries like China, India and South Korea are anticipated to drive the market in the coming years. Domestic manufacturers are launching innovative yet affordable self-care products. In addition, greater acceptance of telehealth and remote patient monitoring solutions post COVID-19 pandemic will further accelerate market expansion across Asia Pacific. Overall, expanding healthcare infrastructure, supportive government policies and rapidly developing economic conditions are boosting the adoption of self-care approach and devices in the Asia Pacific region.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it