Self-Care Medical Devices Market

Self-Care Medical Devices Market Size:

The global self-care medical devices market size reached US$ 24.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 42.6 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032. The market is driven by the growing geriatric population, rising number of chronic diseases, growing consumer demand for personalized healthcare solutions, and various technological advancements in relevant fields.

Self-Care Medical Devices Market Analysis:

• Major Market Drivers: The global geriatric population's need for more accessible healthcare alternatives, rising healthcare expenses, and the trend toward home healthcare solutions are driving the expansion of the market. In addition, technical developments make it possible for self-monitoring systems to be more user-friendly.
• Key Market Trends: The self-care medical devices demand is rising due to wearable health gadgets like fitness trackers and smartwatches with health monitoring capabilities. Additionally, the rise of telemedicine makes healthcare services more accessible remotely, and the increasing use of the Internet of Things (IoT) and AI in medical devices for improved data management and personalized treatment is driving the industry.
• Geographical Trends: North America is driven by its early embrace of technology and significant healthcare expenditures. In addition, infrastructural development and rising healthcare awareness are fueling Asia Pacific's market growth.
• Competitive Landscape: According to the self-care medical devices market insights, the key players in the industry are Johnson & Johnson, Medtronic, Abbott Laboratories, Bayer HealthCare, Koninklijke Philips, General Electric Company, F. Hoffmann-La Roche AG, ResMed, Omron Healthcare, Martifarm, OraSure Technologies, Baxter, B. Braun Melsungen, etc., among many others.
• Challenges and Opportunities: Regulatory challenges in different regions pose hurdles for market entry and product approval. Privacy and data security concerns amidst increasing digital health data collection. On the other hand, the opportunity lies in developing affordable, user-friendly devices for emerging markets and growing geriatric populations. Also, the expansion of telehealth services presents new avenues for growth in remote patient monitoring.
   

Self-Care Medical Devices Market Trends:

Increasing Geriatric Population:

The growing number of elderly individuals is a significant driver, as they are more likely to develop chronic conditions such as diabetes, hypertension, cardiovascular diseases, and arthritis. According to the United Nations (UN), the global population aged 65 years or older is expected to be more than double, increasing from 761 Million in 2021 to 1.6 Billion by 2050. The population aged 80 years or older is growing at an even faster rate. Moreover, population aging is an irreversible global phenomenon driven by the demographic transition of longer lifespans and smaller family sizes occurring even in countries with younger populations. In 2021, 1 out of every 10 people worldwide was aged 65 or older. By 2050, this age group is projected to comprise 1 out of every 6 people globally. Thus, the growing geriatric population is increasing the sale of self-care medical devices, such as blood glucose meters and blood pressure monitors, which are essential for managing these conditions.

Rising Prevalence of Chronic Diseases:

The prevalence of chronic diseases, including diabetes and hypertension, is increasing globally. Diabetes poses an escalating global challenge for individuals, families, and nations. According to the International Diabetes Federation (IDF) Diabetes Atlas (2021), 10.5% of adults aged 20-79 years worldwide have diabetes, with nearly half of them unaware of their condition. Projections by the IDF indicate that by 2045, approximately 783 million adults, or 1 in 8, will live with diabetes, marking a 46% increase from current levels. Type 2 diabetes accounts for over 90% of diabetes cases and is influenced by socio-economic, demographic, environmental, and genetic factors. This drives the demand for devices that allow patients to monitor and manage their health at home. Moreover, continuous glucose monitors (CGMs) and blood pressure monitors are seeing increased adoption due to their effectiveness in managing these conditions. For instance, the adoption of CGMs has been bolstered by technological advancements and increasing affordability​.

Technological Advancements:

The emerging innovations and the accuracy and usefulness of self-care medical equipment are being improved by innovations like wearable technology and non-invasive glucose monitoring. For example, Omron Healthcare unveiled the HeartGuide, a wearable blood pressure monitor after receiving FDA certification which is currently available on the market. Alongside, HeartGuide's launch was the new HeartAdvisor mobile app, which provides digital health services like coaching and insights to enable users to take charge of their heart health based on data they have been tracking. At present, major firms are launching sophisticated product variations to address these demands. For instance, on 18 March 2024, Johnson & Johnson MedTech collaborated with NVIDIA to enhance AI capabilities in surgical procedures. This partnership aims to accelerate real-time analysis of surgical data at the edge, ensuring secure and efficient operations. Johnson & Johnson MedTech plans to facilitate the development and deployment of AI models, paving the way for scalable integration within its digital surgery ecosystem. Hence, companies are continuously filing for new product approvals to stay competitive, which is further propelling market growth.

Self-Care Medical Devices Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on device type, end user, and distribution channel.

Breakup by Device Type:

• Self-Monitoring of Blood Glucose (SMBG) 
• PD
• Sleep Apnea Devices
• Insulin Pumps
• Body Temperature Monitors
• Inhalers
• Pedometers
• Blood Pressure Monitors
• Nebulizers
• Male External Catheters
• Holter Monitors
• Others
   

Self-monitoring of blood glucose (SMBG) accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the device type. This includes self-monitoring of blood glucose (SMBG), PD, sleep apnea devices, insulin pumps, body temperature monitors, inhalers, pedometers, blood pressure monitors, nebulizers, male external catheters, Holter monitors, and others. According to the report, self-monitoring of blood glucose (SMBG) represented the largest segment.

Self-monitoring of blood glucose (SMBG) devices is crucial for diabetic patients to manage their blood sugar levels independently, driving significant demand globally. These devices typically include glucose meters and continuous glucose monitoring systems (CGMs), offering convenience and real-time data for effective diabetes management. Additionally, the market for SMBG devices is characterized by ongoing technological advancements aimed at improving accuracy, user experience, and integration with digital health platforms. In Feb 2023, Afon Technology Ltd. posted on twitter about the launch of non-invasive blood glucose sensor which is a wearable device that will be available on the market in early 2024. It is completely non-invasive and eliminates the need for needles or lancets, making it a much more desirable option for those managing diabetes. This segment is also fueled by the increasing prevalence of diabetes worldwide and the rising preference for home-based healthcare solutions, which is creating a positive self-care medical devices market outlook.

Breakup by End-User:

• Geriatric
• Pediatrics
• Adults
• Pregnant Women
• Others
   

Geriatric holds the largest share of the industry

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes geriatric, pediatrics, adults, pregnant women, and others. According to the report, geriatrics represented the largest segment.

Geriatric individuals aged 65 and above are escalating the demand for self-care medical devices due to their increasing healthcare needs and desire for independent living. Moreover, the growing number of geriatric users often require devices for chronic disease management, mobility aids, and remote monitoring solutions to maintain health and quality of life. According to the World Health Organization (WHO) by 2030, one out of every six people globally will be aged 60 years or older. During this period, the population aged 60 years and above will rise from 1 billion in 2020 to 1.4 billion. By 2050, the global population of individuals aged 60 years and older is projected to double to 2.1 billion. The number of people aged 80 years or older is expected to triple from 2020-2050, reaching 426 million. Hence, manufacturers and healthcare providers are focusing on developing user-friendly, intuitive devices tailored to the needs and preferences of this demographic, thereby shaping the self-care medical devices market growth trajectory.

Breakup by Distribution Channel:

• Pharmacies
• Online Stores
• Supermarkets and Hypermarkets
• Others
   

Pharmacies represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes pharmacies, online stores, supermarkets and hypermarkets, and others. According to the report, pharmacies accounted for the largest market share.

Pharmacies offer a convenient channel for consumers to access self-care devices such as blood pressure monitors, glucose meters, and respiratory aids. Their presence in urban and rural areas enhances market penetration, catering to diverse demographic needs. Pharmacies also benefit from pharmacists' expertise in recommending suitable devices, thereby bolstering consumer confidence and ensuring effective self-care management, thus creating a positive self-care medical devices industry outlook. As per the data on the Organization for Economic Cooperation and Development (OECD), from 2000 to 2019, the ratio of pharmacists to population increased by nearly 40% on average across OECD countries with available time series data, reaching 86 pharmacists per 100,000 inhabitants. Hence, this prominence underscores pharmacies' essential role in distributing essential medical devices directly to consumers across the globe.

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
   

North America leads the market, accounting for the largest self-care medical devices market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. According to the report, North America was the largest regional market, holding the largest share of the self-care medical devices market revenue.

North America is dominating the global market. It is primarily driven by high healthcare spending, a tech-savvy population, and robust adoption of digital health solutions. In addition, end-users in North America primarily include individual consumers seeking convenient healthcare options at home, driven by the aging population's desire for greater independence and control over their health. The market caters extensively to personal health monitoring devices, such as glucose monitors, blood pressure monitors, and wearable fitness trackers, which empower users to manage their health proactively and independently. According to an article published on 22 May 2024, researchers from the University of California San Diego have created a wearable ultrasound patch capable of continuously and non-invasively monitoring brain blood flow. This soft, flexible patch is worn on the temple, providing three-dimensional cerebral blood flow data, a pioneering achievement in wearable technology. The team, led by Professor Sheng Xu, disclosed their innovation in Nature. According to the self-care medical devices market forecast, the region is anticipated to experience significant growth in the coming years due to the increasing adoption of health-monitoring technologies and the rising demand for convenient at-home healthcare solutions.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the self-care medical devices industry include Johnson & Johnson, Medtronic, Abbott Laboratories, Bayer HealthCare, Koninklijke Philips, General Electric Company, F. Hoffmann-La Roche AG, ResMed, Omron Healthcare, Martifarm, OraSure Technologies, Baxter and B. Braun Melsungen, etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• According to the self-care medical devices industry research report, the key players in the market are actively enhancing market growth by focusing on innovation and strategic partnerships. Moreover, companies like Abbott Laboratories, Medtronic, and Philips Healthcare are investing heavily in research and development (R&D) to introduce advanced technologies that improve device usability, accuracy, and connectivity. They are also expanding their product portfolios to include a wider range of self-care devices, addressing diverse healthcare needs from chronic disease management to general wellness. These players are forming collaborations with digital health platforms and telemedicine providers to integrate their devices into comprehensive healthcare ecosystems, thereby enhancing the accessibility and effectiveness of self-care solutions globally. For instance, on 25 May 2023, Medtronic plc, a global leader in healthcare technology, announced today the signing of definitive agreements to acquire EOFlow Co. Ltd., renowned for its EOPatch device a tubeless, wearable, and fully disposable insulin delivery system. Moreover, Medtronic aims to broaden its capacity to cater to the diverse needs of individuals managing diabetes by integrating EOFlow's technology with Medtronic's Meal Detection Technology algorithm and next-generation continuous glucose monitor (CGM), regardless of their treatment preferences or stage in their healthcare journey.

Self-Care Medical Devices Market News:

• 5 September 2023: Abbott and Bigfoot Biomedical have reached a definitive agreement for Abbott to acquire Bigfoot, a prominent developer of advanced smart insulin management systems for individuals with diabetes. This acquisition will unite two leaders in diabetes care continuous glucose monitoring (CGM) and insulin injection support. Later, Bigfoot's innovation, Bigfoot Unity, introduced the industry's first FDA-cleared connected insulin pen caps. These caps leverage integrated continuous glucose monitoring (iCGM) data and healthcare provider instructions to offer precise insulin dosing recommendations. The recommendations are displayed on the digital screen of the pen cap, facilitating informed insulin dosage decisions for users.
• 4 January 2024: OraSure Technologies, Inc., a prominent provider of point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory services, announced its leadership in Series B financing and the establishment of strategic distribution agreements with Sapphiros. Sapphiros, specializes in advanced consumer diagnostics, featuring new sample collection methods, next-generation detection systems, computational biology, and printed electronics to enhance diagnostic accessibility.

Self-Care Medical Devices Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the self-care medical devices market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global self-care medical devices market.
• The study maps the leading, and the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the self-care medical devices industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.