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.
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 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.
“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.
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.