Self-care medical devices are medical instruments/products used for the treatment and management of minor medical issues without the professional help of a certified healthcare professional. These devices help patients monitor, treat, and manage various medical conditions independently. The growing geriatric population is more prone to various medical conditions and prefer self-managing minor health issues. This creates demand for self-care medical devices such as glucose meters, blood pressure monitors, thermometers, multi-parameter monitors, sleep apnea devices, and other devices.
The global Self-care Medical Devices Market is estimated to be valued at US$ 25.69 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing Geriatric Population
The opportunity for growth in the geriatric population is projected to boost the self-care medical devices market. According to the United Nations World Population Prospects report, by 2050 the global population aged 60 years and older is expected to total 2 billion, up from 1 billion currently. The geriatric population is more prone to developing chronic diseases such as cardiovascular diseases, diabetes, obesity, etc. Self-care medical devices help this population monitor their health conditions independently and take preventive actions. For instance, blood glucose meters help diabetes patients check sugar levels while glucose test strips and lancets help draw blood samples. This growing geriatric population drives the demand for self-care medical devices for managing chronic diseases.
Porter’s Analysis
Threat of new entrants: Low, As substantial capital is required for manufacturing facilities and distribution channels, however small players can enter the market with few products.
Bargaining power of buyers: Moderate, Buyers have several options available but quality standards and regulatory compliance make it difficult to change suppliers.
Bargaining power of suppliers: Moderate, Suppliers of raw materials and components have some influence over prices but established players have backward integration.
Threat of new substitutes: Moderate, Some alternative treatment options exist but self-care medical devices have advantages of convenience and cost effectiveness.
Competitive rivalry: High, Major players compete on technologies, quality, services and pricing with frequent new product launches and marketing initiatives.
SWOT Analysis
Strength: rising healthcare costs drives demand for self-care, technological advancements enable home monitoring and treatment.
Weakness: lack of diagnosis skills can result in incorrect self-treatment, reimbursement issues in some regions.
Opportunity: growing geriatric population needs assisted care, untapped rural markets in developing nations.
Threats: stringent regulations delay product approvals, reimbursement cuts affect revenue of incumbent players.
Key Takeaways
The Global Self-Care Medical Devices Market Size is expected to witness high growth over the forecast period from 2024 to 2031. The global Self-care Medical Devices Market is estimated to be valued at US$ 25.69 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.
Regionally, North America dominates currently due to advanced healthcare infrastructure and higher awareness levels. However, Asia Pacific is expected to grow at the fastest pace due to rising healthcare spending, large patient pool and increasing penetration of medical devices companies in countries like India and China.
Key players operating in the self-care medical devices market 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. These players are focusing on new product launches, partnerships and mergers & acquisitions to strengthen their market position.
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