Self-care Medical Devices Market witness sustainable growth in coming years? Coherent Market Insights
SEATTLE, May 05, 2021, (PHARMIWEB) —
Some of the most widely used self-care medical devices include blood glucose monitors, blood pressure monitors, temperature monitors, Holter monitors, pregnancy/fertility test kits, sleep apnea monitors, nebulizers, and pedometers.
Approval and launch of new devices is expected to fuel growth of the global self-care medical devices market over the forecast period. For instance, under a premarket approval supplement, Axonics Modulation Technologies, Inc. obtained FDA approval for its next generation rechargeable implantable neurostimulator, the r-SNM System, in April 2020.
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Side effects and risks associated with implantation of self-care medical devices is expected to hamper growth of the market. The surgery to implant neuromodulation has certain side effects on the body, such as allergy and hoarseness. Because of the electrical impulses produced by neuromodulation devices, there are some risks. The system can cause damage to nearby nerves and blood vessels, such as the vagus nerve, carotid artery, and jugular veins in the case of a VNS pacemaker.
The global self-care medical devices market is estimated to account for US$ 18,090.1 Mn in terms of value and is expected to reach US$ 30,419.8 Mn by the end of 2027.
In terms of revenue, blood glucose monitors dominated the global self-care medical devices market in 2019, accounting for 57.8% of the market, followed by blood pressure monitors and sleep apnea monitors. The presence of major manufacturers in this product category, as well as the rising prevalence of diabetes, are expected to drive the segment’s growth over the forecast period.
The Council Directive 93/42/EEC on medical devices currently regulates self-care medical devices. Regulation (EU) 2017/745 on medical devices, amending Directive 2001/83/EC, Regulation (EC) No 178/2002, and Regulation (EC) No 1223/2009, and repealing Council Directives 90/385/EEC and 93/42/EEC, will take effect in May 2020.
Due to the increased usage of smartphones, the demand for smartphone-based pedometers has grown. According to Pew Research Center, 81 percent of American adults used smartphones in February 2019, up from 77 percent in October 2018.
Major players operating in the global Self-care Medical Devices Market include, GE Healthcare, F .Hoffmann-La Roche, Johnson & Johnson, 3M Healthcare, Abbott Laboratories, Bayer AG Medtronic, Inc., Omron Healthcare, Philips Healthcare, and ResMed, Inc.
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- 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
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