Portable Medical Device Market Size is Expected to Reach at USD 80.6 Billion by 2030, Registering a CAGR of 8.5%, Owing to Increasing Prevalence of Chronic Conditions
The Global Portable Medical Device Market Size is predicted to reach USD 80.6 Billion by 2030 from USD 39.3 Billion in 2021, at a CAGR of 8.5% between 2022 and 2030, as per the Acumen Research and Consulting
The portable medical devices market has been rapidly evolving in recent years, with a focus on developing medical devices that are compact, lightweight, and easy to use. These devices are designed to provide convenient and reliable access to healthcare for individuals on the go and are often used for monitoring, diagnosis, and treatment. Some examples of portable medical devices include wearable fitness trackers, portable glucose monitors, and handheld ultrasound machines. As the demand for convenient and accessible healthcare continues to grow, it is likely that the portable medical device market will continue to evolve and expand.
The portable medical devices market refers to the market for medical devices that are portable and can be easily carried and used in a variety of settings, including at home, in a hospital or clinic, or in other healthcare settings. One of the main factors is the increasing prevalence of chronic conditions such as diabetes, hypertension, and asthma, which require regular monitoring and treatment. These conditions often require the use of devices such as blood glucose meters, blood pressure monitors, and inhalers, which can be easily carried out and used outside of a clinical setting.
Portable Medical Device Market Statistics
- Global portable medical device market value was worth USD 39.3 Billion in 2021, with a 8.5% CAGR from 2022 to 2030
- North America portable medical device market share occupied around 40.2% in 2021
- Asia-Pacific portable medical device market growth is estimated to attain 9% CAGR from 2022 to 2030
- Increasing availability and affordability of procedures, propel the portable medical device market revenue
- Abbott is a global healthcare company that manufactures portable medical devices such as glucose monitors, blood pressure monitors, and portable nebulizers
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Portable Medical Device Market
Increasing Prevalence of Chronic Conditions Drives the Portable Medical Devices Market
The rising prevalence of chronic diseases such as diabetes, hypertension, and asthma has fueled the demand for portable medical devices in a wide range of ways. These conditions frequently necessitate constant monitoring and treatment, which is made easier by the use of portable medical devices. For example, people with diabetes may use a portable blood glucose meter to monitor their blood sugar levels on a daily basis, and people with hypertension may use a portable blood pressure monitor to track their blood pressure over time. Eventually, the rising frequency of chronic diseases has increased the demand for portable medical equipment as a means of lowering healthcare expenses. Portable medical devices can assist reduce the need for hospital visits and lessen the effort of healthcare providers by allowing patients to manage their ailments at home. This has the potential to save money for both patients and the healthcare system as a whole.
High Cost and Limited Access to Portable Medical Device Limits the Market Growth
The high cost of some portable medical devices may make them less accessible to certain populations, particularly those who are uninsured or underinsured. This can limit the number of people who are able to use these devices and may reduce overall demand for them. Limited access to healthcare can also impact the growth of the portable medical device market. Overall, the combination of high costs and limited access to portable medical devices can limit the growth of the market, particularly in situations where access to healthcare is limited or the cost of these devices is not fully covered by insurance.
Portable Medical Device Market Segmentation
Acumen Research and Consulting has segmented the global portable medical device market by product, and application.
- Based on the product, the market is categorized into respiratory monitoring, therapeutics, monitoring devices, and others. According to the portable medical device market forecast, the monitoring devices segment is estimated to grow significantly over the next several years.
- Based on the application, the industry is classified into gastrointestinal, gynecology, cardiology, urology, and others.
Portable Medical Device Market Regional Overview
Geographically, the global portable medical device market can be divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. According to a portable medical device industry analysis, North America can dominate the market in 2021, accounting for a significant portion of the market. One of the key factors fueling this growth is the United States' robust healthcare infrastructure, which has aided in the development and adoption of new medical technologies. The United States is home to many of the world's major medical device companies, and the country has a well-established regulatory structure for certifying innovative medical technologies. Eventually, North America is the dominant region in the portable medical device market due to its strong healthcare infrastructure, high demand for medical innovations, and high levels of healthcare spending.
Portable Medical Device Market Players
Some of the prominent portable medical device market companies are General Electric Company, Samsung, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V, Medtronic, Stryker, Siemens Healthcare GmbH, Abbott, Panasonic Corporation, and OMRON Corporation.
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