The Global Portable Medical Device Market Size accounted for USD 39.3 Billion in 2021 and is estimated to achieve a market size of USD 80.6 Billion by 2030 growing at a CAGR of 8.5% from 2022 to 2030. The growing geriatric population and surge in the prevalence of lifestyle diseases, such as heart disease, atherosclerosis, and stroke are some of the primary drivers of the Portable Medical Device market size. The growing adoption of advanced technological wearable technologies and image-guided therapy solutions, together with the emerging trends of efficient and real-time monitoring, is expected to boost the Portable Medical Device market growth.
Portable Medical Device Market Report Key Highlights
Portable medical devices have given rise to number of ailments and medical sciences. Portable medical devices play a vital role in monitoring and managing healthcare for a wide range of patients. A wide range of portable medical devices products exists in the market however next-generation devices are under the development phase. The key challenges associated with the portable medical devices involve technology pertaining to hardware, operating systems, and device connectivity. Rising burden of chronic diseases aligned with rise of preventive healthcare have positive influence on the portable medical device market globally. Ever growing geriatric population, changing lifestyle, environmental factors, and among others increase burden of diseases worldwide. Surge in need of monitoring physical activities of individuals for early diagnosis or prevention of diseases is anticipated to drive demand for fitness devices that ultimately bolster the growth of portable medical devices market.
Global Portable Medical Device Market Dynamics
Portable Medical Device Market Report Coverage
|Market||Portable Medical Device Market|
|Portable Medical Device Market Size 2021||USD 39.3 Billion|
|Portable Medical Device Market Forecast 2030||USD 80.6 Billion|
|Portable Medical Device Market CAGR During 2022 - 2030||8.5%|
|Portable Medical Device Market Analysis Period
||2018 - 2030|
|Portable Medical Device Market Base Year||2021|
|Portable Medical Device Market Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||F. Hoffmann-La Roche Ltd., General Electric Company, Koninklijke Philips N.V, OMRON Corporation, Medtronic, Samsung, Stryker, Abbott, Siemens Healthcare GmbH, and Panasonic Corporation|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Medical Innovations Backed By Technology Changing Healthcare Sector
Over the years, more and more devices and technologies clear the FDA's process portable medical devices will grow significantly in the global market. Ongoing technological advancement is one of the prominent factors that support the growth of the portable medical device market. As preference for portable and less intrusive medical technologies it give rise to demand for oxygen concentrators, insulin pumps, and image guided therapies among the portable medical devices. Manufacturers are highly focusing upon development of innovative technologies that are compact, wireless, and user-friendly. Technological advancements in sensors, embedded systems, and electronics coupled with developments in medical devices positively impact portable medical device market. Innovations in medical technologies further fuel the market growth. In August 2016, GE Healthcare announced global commercial launch of next generation high-end portable compact cardiovascular ultrasound product namely, “Vivid™ IQ”. The new product is highly specialized such that it matches the exceptional image quality with extraordinary functionality, allowing clinicians to diagnose in more settings than ever before. This ultra-portable diagnostic ultrasound system delivers premiere cardiac care without any compromises.
Fast Product Approvals By The Governing Bodies Enhance Portable Medical Devices Market To Grow Tremendously In The Coming Years
Rising number of product approvals by the regulatory authorities and subsequent product launches in the market by the prominent players drives the market growth to its fullest. In August 2018, Caretaker Medical, reactor of the Caretaker4 wireless CNIBP Vital signs is involved in monitoring continuous non-invasive blood pressure (CNIBP) and vital signs announced about receiving CE certification approval. The device is already approved and recognized by the USFDA for cleared wearable vital signs monitor for measuring blood pressure (BP), SPO2, and body temperature. CE mark allows the company to expand global sales and distribution network. Similarly in February 2016, LifeWatch AG announced FDA clearance for its continuous vital signs monitoring service. The wireless, patch based vital signs monitoring system makes vital signs monitoring faster, easier, and more convenient for both patients and medical staff. The product offers early detection of vital signs by tracking changes thereby enabling faster interventions as well as increased nursing efficiency and higher patient satisfaction.
Rising Adoption Of Wearable Devices And Other Portable Technologies Bolster The Growth Of The Overall Portable Medical Devices Market
These devices keep a strong track on physical activities of patients in real time. Application in remote patient monitoring reduces healthcare costs resulting in rising demand in the coming years. In addition, wearable’s helps in evaluating performance, physiological parameters, and body kinetic of athletes. Thus high adoption among professional atheletes has positive influence on the market growth. In April 2016, KOMODO Technologies announced launching of new product namely "AIO Sleeve". The newly launched product is an all-in-one compact wearable solution. Starting from in depth activity tracking to monitoring ones overall health and wellness by using KOMODO calls health score. The AIO app monitors unique heart rate patterns and generates a score based on a five star system all inclusive of a smart compression sleeve.
Portable Medical Device Market Segmentation
The worldwide portable medical device market segmentation is based on the product, application, and geography.
Portable Medical Device Market By Product
According to the Portable Medical Device industry analysis, the monitoring devices hold the largest market share in the past and will continue the same trend in the coming years. Tech advancements, new product approvals, associated benefits related to designs such as compact designs and mobility are the factors that prove prominent for driving the portable medical devices market globally. For instance, U.S. Food and Drug Administration (USFDA) approve the Dexcom G4™ PLATINUM Continuous Glucose Monitor (CGM). The newly launched product namely, "Dexcom G4 PLATINUM" provides outstanding accuracy and performance coupled with new capabilities. These include longest transmission range, range, enables improved patient flexibility, and convenience.
Portable Medical Device Market By Application
According to the portable medical device market forecast, the gynecology category is predicted to grow rapidly in the market in the coming years. The primary growth drivers are recent advancements and the increasing acceptance of mobile monitor and imaging technology. For example, Signostics has developed handheld ultrasound equipment such as the Signos RT for real-time fetal monitoring.
Portable Medical Device Market Regional Outlook
The Middle East & Africa (MEA)
North America Held 40% Of The Market In 2021 And Will Maintain Its Dominance In The Coming Years.
Rising adoption of technologically advanced devices, high treatment rates, supportive government initiatives for early diagnosis are among the key factors that drive the growth of regional market of portable medical devices. Rising geriatric population and subsequently rising burden of chronic diseases fuels the regional market growth. According to the Center for Disease Control and Prevention (CDC), six in ten Americans suffer from at least one chronic disease that includes heart disease, stroke cancer, and diabetes. These chronic diseases are the leading cause of death and disability in America and also a leading driver of healthcare costs.
Asia Pacific Market Will Be The Fastest Growing Regional Market For Portable Medical Devices
Asia Pacific is anticipated to be the fastest growing regional market in the coming years. It is projected that APAC region will record CAGR of 11.2% in the forecast period. Improvement in treatment rates and healthcare infrastructure and rising adoption of smart wearable are the factors that contribute fullest for the regional market growth of portable medical devices.
Portable Medical Device Market Players
Some of the top Portable Medical Device market companies offered in the professional report include F. Hoffmann-La Roche Ltd., General Electric Company, Koninklijke Philips N.V, OMRON Corporation, Medtronic, Samsung, Stryker, Abbott, Siemens Healthcare GmbH, and Panasonic Corporation
The estimated value of global Portable Medical Device market in 2021 was accounted to be USD 39.3 Billion.
The projected CAGR Portable Medical Device market during the analysis period of 2022 to 2030 is 8.5%.
The prominent players of the global Portable Medical Device market are F. Hoffmann-La Roche Ltd., General Electric Company, Koninklijke Philips N.V, OMRON Corporation, Medtronic, Samsung, Stryker, Abbott, Siemens Healthcare GmbH, and Panasonic Corporation
North America held the dominating Portable Medical Device during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for Portable Medical Device during the analysis period of 2022 to 2030.
Growing incidence of chronic diseases, and rapid growth in the geriatric population, drives the growth of global Portable Medical Device market.
Based on product, monitoring devices segment is expected to hold the maximum share Portable Medical Device market.