Self-diagnostic Medical Devices Market - By Product Type (Wearable, Implanted, Hand-held/Portable, Heavy/Stationary Equipment, Non-invasive), By Application, Distribution Channel & Forecast, 2024-2032

Self-diagnostic Medical Devices Market - By Product Type (Wearable, Implanted, Hand-held/Portable, Heavy/Stationary Equipment, Non-invasive), By Application, Distribution Channel & Forecast, 2024-2032

Self-Diagnostic Medical Devices Market Size

Self-diagnostic Medical Devices Market size is expected to grow significantly from 2024 to 2032 due to the rising prevalence of hypertension, coronary artery disease, stroke, arrhythmia, diabetes mellitus, and other chronic ailments across the world. According to a report by the British Health Foundation published in January 2024, around 620 million people worldwide suffer from heart and circulation disorders, mainly on account of the changing lifestyles and the expanding aging population. Of late, there has also been a significant rise in the number of government initiatives to ensure the quality of medical devices for patient safety.
 

Self-diagnostic medical devices facilitate improved clinical mode of operation, increased access to ubiquitous diagnostic machines as well as reduction in costs associated with health programs conducted by governments. Inadequacies in healthcare facilities especially in low-income countries, such as inaccessibility, non-regulated distribution of medical devices, lack of skilled healthcare professionals, and high cost associated with medical products will further boost the product demand. However, stringent regulatory policies and compliance measurements leading to medical complications may hamper the industry growth during the forecast timeframe.
 

Self-Diagnostic Medical Devices Market Trends

The introduction of technologically advanced products, including wearables, implanted devices, innovative digital devices, and portable devices, such as glucometers, have reduced the invasiveness of procedures. Significant investments by multinational companies are leading to the development of superior quality, cost-effective, and state-of-the-art medical devices. For instance, in September 2023, 2San partnered with Phoenix Healthcare for enabling independent pharmacies to stock a wider range of rapid self-diagnostic products for building on the foundations of normalizing self-testing while providing consumers with greater nationwide access to at-home tests.
 

Self-Diagnostic Medical Devices Market Analysis

The hand-held/portable devices segment is projected to witness significant growth during 2024-2032. The availability of simple, cost-effective, and easy-to-use self-diagnostic devices enables patients to easily diagnose medical conditions at their house. With the increasing prevalence of chronic diseases and the growing emphasis on preventive healthcare, the demand for portable self-diagnostic devices is rising. Moreover, the COVID-19 pandemic has also accelerated the adoption of home-based healthcare solutions, further boosting the preference for hand-held/portable self-diagnostic medical devices for catering to the evolving needs of consumers and healthcare systems.
 

The cardiac diseases segment in the self-diagnostic medical devices market is estimated to witness lucrative growth during the forecast period owing to large patient population suffering from cardiovascular diseases, such as stroke and arrhythmia. Introduction of technological advanced and easy-to-access devices like holter monitor, mobile cardiac telemetry and insertable cardiac monitors will further propel the industry growth.
 

Given the regional landscape, the North America self-diagnostic medical devices industry is set to exhibit robust growth between 2024 and 2032. The rapidly expanding aging population coupled with increasing healthcare expenditure is fueling the demand for convenient and accessible diagnostic solutions in the region. Technological advancements, such as smartphone integration and remote monitoring capabilities are leading to enhanced user experience. Moreover, the presence of favorable regulatory policies and reimbursement frameworks is also encouraging innovations and investments in self-diagnostic devices.
 

Self-Diagnostic Medical Devices Market Share

Some of the key players operating in the self-diagnostic medical devices industry include-

• Abbott Laboratories
• Baxter International
• Cardiac Pacemakers
• GE Healthcare
• Koninklijke Philips
• Medtronic
• Olympus Medical Systems
• Roche Diagnostics
   

Leading self-diagnostic medical device providers are focusing their efforts on R&D activities to develop superior-quality self-diagnostic medical devices. Strategic partnerships, collaboration, and agreements are also some of the major strategies adopted by these firms to sustain the growing market competition.
 

Self-Diagnostic Medical Devices Industry News

• In August 2023, Newfoundland, a leading at-home diagnostic testing firm, developed and launched a diagnostic service to allow individuals to test bowel cancer and prostate cancer, later evaluated by a GP within minutes, either online or at home.
   
• In March 2023, NVIDIA collaborated with Medtronic to boost the development of AI in the healthcare system and introduce innovative AI-based solutions into patient care.

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