Press Release

The latest report by IMARC Group, titled “Self-Care Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global self-care medical devices market size reached US$ 21.7 Billion in 2018. Self-care medical devices refer to instruments that are used by patients to monitor physiological changes without the involvement of medical professionals. These devices aid in tracking or observing parameters such as blood pressure, glucose levels, body temperature, and peak expiratory flow rate. They also provide indications about the current status of chronic illnesses which are necessary for optimizing the patient’s treatment. Nowadays, several self-care devices, such as wearable and smart trackers, are gaining popularity across the globe as they offer a convenient means of monitoring patient health and enable the timely diagnosis of an ailment.

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Global Self-Care Medical Devices Market Trends:

With a rise in the number of people suffering from lifestyle diseases, as well as the continuous advancements in technology, patients are shifting toward more sophisticated devices to self-monitor their physical well-being. In addition to this, several medical associations are conducting programs to create awareness among patients about the benefits of self-care medical devices. These cost-effective tools help to reduce the patient burden in terms of hospital visits for minor medical conditions, which in turn has increased their sales. Consequently, manufacturers are investing substantially in research and development (R&D) to introduce devices that can gauge physiological changes more accurately. Also, several leading players are offering portable and easy-to-use devices by incorporating precise sensors that enable patients to keep a regular check on their health irregularities. Looking forward, the market value is projected to reach US$ 35.6 Billion by 2024, registering a CAGR of 8.6% during 2019-2024.

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Insights on Market Segmentation:

Market Breakup by Device Type:

1. Self-Monitoring of Blood Glucose (SMBG)
2. PD
3. Sleep Apnea Devices
4. Insulin Pumps
5. Body Temperature Monitors
6. Inhalers
7. Pedometers
8. Blood Pressure Monitors
9. Nebulizers
10. Male External Catheters
11. Holter Monitors
12. Others

Based on the device type, self-monitoring of blood glucose (SMBG) represents the leading segment, accounting for the majority of the market share. Other major types of self-care medical devices are peritoneal dialysis (PD), sleep apnea devices, insulin pumps, body temperature monitors, inhalers, pedometers, blood pressure monitors, nebulizers, male external catheters, and Holter monitors.

Market Breakup by End-User:

1. Geriatric
2. Pediatrics
3. Adults
4. Pregnant Women
5. Others

On the basis of the end user, the market has been segregated into geriatrics, pediatrics, adults, pregnant women and others.

Market Breakup by Distribution Channel:

1. Pharmacies
2. Online Stores
3. Supermarkets and Hypermarkets
4. Others

The market has been categorized based on the distribution channel into pharmacies, online stores, supermarkets and hypermarkets and others.

Market Breakup by Region:

1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America

Region-wise, North America enjoys the dominant position in the market. Other major regions include Asia Pacific, Europe, Middle East and Africa, and Latin America.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being Johnson & Johnson, Medtronic PLC, Abbott Laboratories, Bayer HealthCare LLC, Koninklijke Philips N.V., General Electric Company, F. Hoffmann-La Roche AG, ResMed, Inc., Omron Healthcare, Martifarm Ltd., OraSure Technologies, Baxter and B. Braun Melsungen.

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This post was originally published on Stock Markets News

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IMARC Group is a leading market research company that provides market and business research intelligence across the globe. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. We make an effort to fulfill specific and niche requirements of the industry while balancing the quantum of quality with stipulated time and trace major trends at both the domestic and global levels. The information products and services provided by IMARC cover major technological, scientific and economic developments in industrial, pharmaceutical and high technology organizations.