According to FutureWise analysis, the market for self-care medical devices in 2023 was US$ 22.3 billion, and is expected to reach US$ 42.26 billion by 2031 at a CAGR of 8.30%.
Self-care medical devices are used by laypersons without the involvement of physicians, which includes nasal sprays, throat lozenges, dental implants and contact lens for eye etc. These devices are helpful in the monitoring of daily blood glucose levels, blood pressure and body temperatures. Currently, various self-care medical devices are available includes smart track devices, wearable devices like wrist watches can measure heartbeat, daily walking distance and also measures the daily sleeping hours etc., the main advantages of devices are cost-effective and reduces the patient burden in terms of a hospital visit for small medical conditions.
An increasing prevalence of chronic diseases has boosted the growth of self-care medical devices market. Self-care medical devices increase patient compliance and improve disease management. The recent advent of technologies led to the development of a smart tract for real-time monitoring of health conditions. Further, increasing awareness of the general population regarding self-care medical devices boosted the growth of the market. Self-care medical devices market is expected to witness a single-digit growth rate during the forecast period.
The Asia Pacific is expected to create a lucrative market for self-care medical devices manufactures. Along with this, changing lifestyle patterns and growing awareness is expected to create a high growth rate during the forecast period. North America and Europe Self-Care Medical Devices markets account major share in the global market due to high penetration among the general population. Latin America and Rest of the world market are expected to witness significant growth rate during the forecast period during increasing market player’s presence in these regions.