Global Self-care Medical Devices Market, by Product Type (Blood Glucose Monitors, Blood Pressure Monitors, Temperature Monitors, Holter Monitors, Pregnancy/Fertility Test Kits, Sleep Apnea Monitors, Nebulizers, and Pedometers), by End User (Home Care Settings and Rehabilitation Center), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The major players operating in the market are focused on the approval and launch of new products to expand their product portfolios. For instance, in July 2020, OMRON Healthcare, Inc., a medical device company, launched OMRON NE C106, a nebulizer in which patients can mix different medications as prescribed by the doctor and a single device can be used to treat the upper as well as lower airways.
Global Self-care Medical Devices Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and consequent lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The pandemic hampered the entire supply chain of the healthcare industry, mainly due to strict lockdowns in several regions. The private healthcare is one such sector that was significantly impacted by the COVID-19 pandemic.
Many patients suffering from COVID-19 had a severe respiratory infection that required hospitalization and mechanical ventilation. Governments of various countries are focusing on initiatives to fight against the COVID-19 pandemic and stop the spread of the coronavirus infection by implementing various measures in the countries. Moreover, the governments of various countries have collaborated with universities around the globe to find novel treatments option for COVID-19 and its related complications. For instance, in April 2020, Abbott, a medical technology company, announced that the FreeStyle Libre 14 day system, a CGM technology, can be used in the hospital setting during the COVID-19 pandemic, to remotely monitor patients with diabetes using LibreView, a secure, cloud-based reporting software, according to the U.S. Food and Drug Administration (FDA).
Global Self-care Medical Devices Market: Key Developments
Increasing inorganic growth strategies, such as acquisitions, by key market players are expected to aid in the growth of the global self-care medical devices market. For instance, in June 2020, AireHealth, a developer of portable nebulizers that pair with a smartphone app for remote monitoring, acquired BreathResearch, a respiratory health company, in order to develop its digital respiratory health platform.
Increasing healthcare expenditure is expected to offer lucrative growth opportunities for players in the global self-care medical devices market. For instance, according to Centers for Medicare & Medicaid Services, healthcare expenditure by U.S. is projected to reach nearly US$ 6.07 trillion by 2027.
Browse 33 Market Data Tables and 30 Figures spread through 160 Pages and in-depth TOC on “Global Self-care Medical Devices Market”- Forecast to 2030, Global Self-care Medical Devices Market, by Product Type (Blood Glucose Monitors, Blood Pressure Monitors, Temperature Monitors, Holter Monitors, Pregnancy/Fertility Test Kits, Sleep Apnea Monitors, Nebulizers, and Pedometers), by End User (Home Care Settings and Rehabilitation Center), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/self-care-medical-devices-market-3957
Increasing product launches by key market players are expected to drive the global self-care medical devices market growth over the forecast period. For instance, in July 2022, LiveMetric S.A., a medical device company, launched LiveOne, a nano-sensor technology for monitoring blood pressure every 10 seconds. LiveOne is a wrist-worn, cuff-free solution that gives real-time measurements for better care and management of people with hypertension and cardiovascular disorders.
Key Takeaways of the Global Self-care Medical Devices Market:
- The global self-care medical devices market is expected to exhibit a CAGR of 8.1% during the forecast period due to the increasing product launches by key market players. For instance, in November 2020, Abbott, a medical technology company, announced that it had launched Freestyle Libre, the continuous blood glucose monitoring system in India. FreeStyle Libre sensor measures glucose every minute in interstitisal fluid through a small filament that is inserted under the skin and held in a small adhesive pad.
- Among device type, the blood glucose monitors segment is estimated to hold a dominant position in the global self-care medical devices market over the forecast period due to increasing product launches by key market players. For instance, in March 2021, F. Hoffmann-La Roche Ltd, a medical device company, launched Accu-Chek Instant system, a new connected Blood Glucose Monitoring (BGM) system, which helps patients with diabetes visually identify and correctly interpret high and low blood glucose levels to support the self-management of diabetes.
- Among regions, North America is estimated to account for the largest market share in the global self-care medical devices market due to increasing collaborations with non-profit organizations, thus driving the market growth over the forecast period. For instance, in March 2021, OMRON Healthcare, Inc., a medical device company, collaborated with Asthma and Allergy Foundation of America (AAFA), the leading patient organization for people with asthma and allergies, to boost access to prescription-grade respiratory technologies to distribute medical-grade nebulizers and expand access to asthma management technology to underserved communities nationwide with the help of AAFA's regional association
- 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.
