Selfcare Medical Devices Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Selfcare Medical Devices market in 2021?

The global selfcare medical devices market is expected to have a growth rate of 5.2% CAGR from 2021 to 2028. As a result, the market is anticipated to reach USD 17.3 billion by the end of 2028. Selfcare medical devices are devices that are used by individuals to monitor and manage their own health conditions without the need for professional medical assistance. These devices include blood glucose monitors, blood pressure monitors, thermometers, and other at-home diagnostic tools.

COVID-19 Impact on the Selfcare Medical Devices Market

The COVID-19 pandemic has had a significant impact on the selfcare medical devices market. With the spread of the virus, individuals have become more conscious about their health and have been increasingly using selfcare medical devices to monitor their vital signs and symptoms at home. This has led to a surge in demand for these devices, resulting in a boost in the market growth.

Selfcare Medical Devices Dynamics

The selfcare medical devices market is driven by factors such as the increasing prevalence of chronic diseases, rising healthcare costs, and the growing aging population. Individuals are becoming more proactive about their health and well-being, leading to a higher adoption of selfcare medical devices. Technological advancements in these devices, such as the integration of wireless connectivity and smartphone compatibility, are also contributing to market growth.

Segments and Related Analysis

The selfcare medical devices market can be segmented based on product type, application, and distribution channel. Product types include blood pressure monitors, glucose meters, heart rate monitors, and others. Applications include chronic disease management, fitness and wellness monitoring, and others. Distribution channels include online retailers, pharmacies, and others.

By Region Analysis

The global selfcare medical devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the largest market share due to the high adoption rate of selfcare medical devices in the region. Asia Pacific is expected to witness the fastest growth during the forecast period due to the increasing awareness about healthcare and growing disposable incomes.

Key Market Players and Competitive Landscape

Key players in the selfcare medical devices market include Omron Healthcare, Philips Healthcare, Abbott Laboratories, Medtronic, and Johnson & Johnson. These companies focus on product innovation, strategic partnerships, and acquisitions to maintain their competitive edge in the market. The market is highly competitive, with companies constantly striving to introduce new and advanced devices to meet the evolving consumer needs.

Recent Happenings in the Selfcare Medical Devices Market

In recent years, there have been several developments in the selfcare medical devices market. Companies have been investing in research and development to introduce innovative products that cater to the changing needs of consumers. For example, Omron Healthcare recently launched a new blood pressure monitor with advanced features for accurate readings. Philips Healthcare introduced a smart thermometer that connects to smartphones for easy monitoring. These developments highlight the growing trend towards technologically advanced selfcare medical devices.