Self-care medical devices include products such as glucose meters, blood pressure monitors, ECG monitors, and pulse oximeters which enable individuals to monitor their vital signs and medical parameters. These devices empower individuals to maintain control over their healthcare and take necessary preventive measures. The growing awareness regarding preventive healthcare and the need to self-manage chronic conditions such as diabetes and cardiovascular diseases has been driving the adoption of self-care medical devices.
The global self-care medical devices market is estimated to be valued at US$ 22.3 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising incidence of lifestyle diseases owing to changing dietary habits and sedentary lifestyles has increased the need for preventive healthcare. According to estimates by the WHO, chronic diseases account for over 70% of deaths globally every year. Self-care medical devices empower individuals to actively participate in preventive healthcare through self-monitoring of vital signs and medical parameters. This enables early detection of health issues and timely treatment. With growing investments in disease prevention and management, the opportunity for self-care medical devices in preventive healthcare is expected to witness significant growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The global self-care medical devices market has moderate threat of new entrants as it requires significant resources and regulatory clearances to develop and launch new medical devices. However, ease of access to contract manufacturers and emergence of startups is lowering the entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate in this market. Buyers have various options to choose from established brands as well as local manufacturers. Switching costs are relatively low.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components and raw materials can be sourced from different suppliers. Established device makers also develop components internally to reduce dependence.
Threat of new substitutes: Threat of substitution is low as self-care devices have limited substitutes for monitoring health at home. However, mobile health apps and technologies pose a mild threat.
Competitive rivalry: The market has high competitive rivalry owing to presence of major multinational players and regional mid-size companies. Players compete based on pricing, product differentiation, and brand reputation.
SWOT Analysis
Strength: The global self-care medical devices market has strong growth potential driven by the rising emphasis on self-management of chronic diseases and preventive healthcare. Demand for easy-to-use home healthcare devices is increasing.
Weakness: Lack of awareness about availability of home-use medical devices in developing nations remains a challenge for manufacturers. Concerns regarding data privacy and device malfunctions can hamper adoption.
Opportunity: Growing telehealth and digital health markets present opportunities for development of smart self-care devices integrated with mobile apps and technologies. Rise of elderly population will further stimulates demand.
Threats: Stringent regulatory approval process and quality standards by regulatory bodies increase compliance costs. Reimbursement issues and healthcare reforms also impact market revenues.
Key Takeaways
The Global Self-Care Medical Devices Market Demand is expected to witness high growth over the forecast period driven by rising aging population, increasing prevalence of chronic diseases, home healthcare movement, and technological advancements.
The global self-care medical devices Market is estimated to be valued at US$ 22.3 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030.
Regionally, North America dominates the market currently owing to rapid adoption of novel technologies, presence of major players, and consumer awareness. Asia Pacific is projected to grow at the fastest pace during the forecast period with countries like China and India emerging as high potential markets.
Key players operating in the self-care medical devices market are Heraeus Holding, Ossila Limited, Nanoshel LLC, Nagase ChemteX Corporation, Suzhou Yacoo Science Co., Ltd., Agfa-Gevaert N.V., and Qingdao Topwell Chemical Materials Co., Ltd. The major players are focusing on new product launches, collaborations, and geographic expansion to strengthen their market position. For instance, in 2021, Heraeus partnered with Nanoshel to develop and commercialize Quantum Dot display technologies across various sectors including healthcare displays for imaging diagnostics and telehealth.
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