SELF-CARE MEDICAL DEVICES MARKET ANALYSIS

Self-Care Medical Devices MarketSize and Trends

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).

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 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.

Market- Trends

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

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.