Driving the growth of Self-Care Medical Devices Market

The global Self-Care Medical Devices Market is estimated to be valued at US$ 22.3 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview: -

Self-care medical devices include diagnostic and treatment devices that allow patients to monitor, manage, or treat medical conditions independently without supervision by a healthcare professional. These devices help in early diagnosis and prevent complications of various chronic conditions.

Market key trends: -

One of the key trends in the self-care medical devices market is the rising adoption of telehealth and telemedicine. With the COVID-19 pandemic restricting physical visits to clinics or hospitals, the demand for remote monitoring of health conditions increased significantly. Telehealth allows remote monitoring of patients using self-care medical devices at home. Various players are focusing on integrating self-care devices and telehealth platforms to allow healthcare providers to remotely track patient health metrics in real-time and intervene accordingly to improve care management. This reduces the burden on healthcare facilities and allows for faster treatment in case of emergencies.

SWOT Analysis: -

Strength: - Advanced devices with integrated AI and IoT allows for round the clock monitoring and timely diagnosis and treatment.
Weakness: - Expensive devices limit access for users with low income.
Opportunity: - Rising geriatric population and increasing prevalence of chronic diseases opens growth avenues.
Threats: - Stringent regulatory approvals and reimbursement issues pose challenges.

Key Takeaways: -

The Global Self-Care Medical Devices Market Growth is expected to witness high, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of chronic diseases and growing geriatric population prone to various health conditions.

North America dominates the self-care medical devices market currently owing to supportive government initiatives and advanced healthcare infrastructure. Asia Pacific is expected to exhibit fastest growth during the forecast period owing to rising medical tourism, large patient population and improving access to healthcare.

Key players operating in the self-care medical devices are 3M, Abbott, Bayer AG, F. Hoffmann-La Roche Ltd, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Medtronic, OMRON Healthcare, Inc., ResMed, Advin Health Care, Koninklijke Philips N.V., NeuroPace, Inc., Natus Medical Incorporated, and Fisher & Paykel Healthcare Limited.

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