The global portable medical devices market is expected to grow at a CAGR of around 8.5% from 2020 to 2027 and expected to reach the market value of around US$ 60.4 Bn by 2027.
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.
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 is segmented based on product and application.
By product the market is segmented as diagnostic imaging, therapeutics, monitoring devices, respiratory monitoring, and among others. By application, market is segregated as gynecology, cardiology, gastrointestinal, urology, and others.
Based on product, monitoring devices will hold largest market share
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.
North America recorded 40.8% market share in the past and will continue the trend of 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.
Key companies profiled in this report involve Koninklijke Philips N.V, General Electric Company, Medtronic, OMRON Corporation, Samsung, F. Hoffmann-La Roche Ltd., and others.
Market By Product
Market By Application
Market By Geography
Middle East & Africa
Portable medical device is expected to reach a market value of around US$ 60.4 Bn by 2027.
The portable medical devices market is expected to grow at a CAGR of around 8.5% from 2020 to 2027.
Based on product, monitoring devices is the leading segment in the overall market.
Fast product approvals medical innovations backed by technology are the prominent factors that drive the demand for portable medical devices market.
Koninklijke Philips N.V, General Electric Company, Medtronic, OMRON Corporation, Samsung, and F. Hoffmann-La Roche Ltd., and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years