Revenue Share of Electrical Variants of Self-Care Medical Devices is Anticipated to Top US$ 20 Bn by 2031
As per a new report published by Fact.MR – a market research and competitive intelligence provider, the market for self-care medical devices is anticipated to top US$ 20 Bn by 2031, and is poised to expand at a CAGR of 6%. Demand for blood glucose monitors accounts for 58% of overall market share.
Rise in the prevalence of various chronic diseases has led to the growth of the global self-care medical devices market. These devices assist in better patient compliance and improvement in disease management.
Recent entry of top-notch technologies has made the invention of a smart tract with real-time health monitoring feature a reality. In addition, rising awareness among people regarding these devices will further propel demand for self-care medical devices in the years to come.
“With rising preference for homecare treatments by patients, demand for self-care medical devices is set to propel over the coming years,” Says a Fact.MR analyst.
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Augmented knowledge of one’s condition of health and advantages pertaining to the use of medical gadgets such as glucose monitors and insulin pumps is further likely to pave way for the growth of the global self-care medical devices market over the years.
Key Segments Covered in Self-care Medical Devices Industry Research
- By Product
- Self-monitoring of Blood Glucose
- Sleep Apnea Devices
- Insulin Pumps
- Body Temperature Monitors
- Blood Pressure Monitors
- Male External Catheters
- Holter Monitors
- By End User
- Self-care Medical Devices for Geriatrics
- Self-care Medical Devices for Pediatrics
- Self-care Medical Devices for Adults
- Self-care Medical Devices for Pregnant Women
- By Distribution Channel
- Self-care Medical Devices Sold at Pharmacies
- Self-care Medical Devices Sold through Online Stores
- Self-care Medical Devices Sold at Supermarkets and Hypermarkets
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Key Takeaways from Market Study
- Valuation of self-care medical devices was estimated at US$ 13 Bn in 2020, and is expected to top US$ 20 Bn by 2031.
- Key factors driving demand for self-care medical devices include new technological advancements and rising demand for homecare treatments.
- North America holds close to 40% of the market share for self-care medical devices.
- In China, demand for self-care medical devices was estimated at US$ 4 Bn in 2020, and is anticipated to expand at a CAGR of 9% over the coming ten years.
- Demand for blood glucose monitors accounts for 58% of market share for self-care medical devices.
- Global demand for blood pressure monitors is anticipated to reach a valuation of around US$ 3 Bn by 2031-end.
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Major players in the market are adopting strategies such as launching new products to expand their product portfolios and investing in new R&D projects aimed towards product innovation.
Many manufacturers are working towards making portable and easy-to-use devices. New and upcoming companies can direct their focus towards product innovation and carrying out awareness campaigns for better reach and costumer acquisition.
- Johnson & Johnson
- Abbott Laboratories
- Bayer HealthCare
- Koninklijke Philips
- General Electric Company
- F. Hoffmann-La Roche AG
- Omron Healthcare
- OraSure Technologies
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Fact.MR, in its new offering, presents an unbiased analysis of the self-care medical devices market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of product (self-monitoring of blood glucose, sleep apnea devices, insulin pumps, body temperature monitors, inhalers, pedometers, blood pressure monitors, nebulizers, male external catheters, and holter monitors), end user (geriatric, pediatrics, adults, and pregnant women), and distribution channel (pharmacies, online stores, and supermarkets & hypermarkets), across major regions of the world (North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa).
Key Points Covered in Self-care Medical Devices Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Sales of Self-care Medical Devices and How to Navigate
- Recommendation on Key Winning Strategies
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Key Questions Answered in Report
- Which are the most lucrative markets for self-care medical devices?
- Which factors will impact the demand for self-care medical devices?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the self-care medical devices industry?
- What are the winning strategies of stakeholders in the market?
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