The global portable medical devices market size is anticipated to reach USD 86.3 billion by 2026, registering at a CAGR growth of 9.2% over the forecast period. Growing acceptance of technically progressive smart wearables and image-guided therapy systems paired with ongoing trend of real-time monitoring and accurate are expected to boost market development. Increasing consciousness about the benefits of portable devices, for instance,augmented mobility, is also credited to the growing acceptance of portable medical devices in hospital and other healthcare settings.
Continuing technical progressions is also one of the main parameters boosting development of the portable medical devices market. Inclination about portable and less intrusive medical skills has augmented the need for insulin pumps, oxygen concentrators, and image-guided therapy systems among other healthcare gadgets. Therefore, producer’s emphasis on emerging advanced technologies that are wireless, compact, and user-friendly. Technological progressions in embedded systems, sensors, and electronics paired with growths in medical gadgets are anticipated to boost innovations in medical technologies, additional increasing the portable medical devices market development.
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Increasing numeral of product approvals by the regulatory authorities and following product introductions is anticipated to boost the market. Such as, Caretaker Medical received CE certification for Care taker 4 wireless CNIBP Vital signs monitor in August 2018. GE Healthcare introduced a new generation portable cardiovascular ultrasound system, Vividiq, which delivers high image quality and superior functionality in 2016. Life Watch AG received the U.S. Food and Drug Administration (FDA) permission for its patch-based unceasing vital monitoring systems in February 2016.
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Developing burden of chronic diseases combined with ascent of preventive healthcare is additionally expected to decidedly affect the market for versatile restorative gadgets in the approaching years. Rising geriatric populace, evolving way of life, undesirable dietary patterns, and ecological variables increment weight of infections. Rising requirement for observing physical exercises of people for early conclusion or anticipation of illnesses is relied upon to drive interest for wellness gadgets.
Rising selection of wearable gadgets and other convenient innovations is one of the key components boosting extension of the market. These gadgets monitor physical exercises of patients continuously. Additionally, their application in remote patient checking lessens social insurance cost, which thus, is anticipated to drive the interest in not so distant future. Moreover, wearables help in assessing the execution, physiological parameters, and body kinematics of competitors. Consequently, rising reception among expert competitors is additionally expected to decidedly impact the market development.
The global portable medical devices market is segmented into product, application and region. On the basis of productthe global portable medical devices market is segmented into diagnostic imaging, therapeutics, monitoring devices, and smart wearable medical devices.Diagnostic Imaging is further bifurcated into CT, X-ray, ultrasound, and endoscope. Therapeutics is further bifurcated into Insulin pump, nebulizer, oxygen concentrator, and image-guided therapy systems. Monitoring Devices is bifurcated into Cardiac Monitoring (Holter Monitors, Resting ECG System, Stress ECG Monitors, Event Monitoring Systems, and (Electrocardiography) ECG Management Systems), Neuro Monitoring (Electroencephalography (EEG) Machines, Electromyography (EMG) Machines, Intracranial pressure (ICP) Monitors, Magnetoencephalography (MEG) Machines, and erebral Oximeters), Respiratory Monitoring (Capnographs, Spirometers, and Peak Flow Meters), Fetal Monitoring, Neonatal Monitoring, Hemodynamic Monitoring Systems, and Vital Sign Monitors. On the basis of application the global portable medical devices market is segmented into gynecology, cardiology, gastro intestinal, urology, neurology, respiratory, orthopedics, and others. On the basis of region the global Portable Medical Devices market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
North America held the biggest income offer of 41.7% in 2017. High appropriation of mechanically propelled gadgets, high treatment rates, and strong government activities for early conclusion of illnesses are among few variables development drivers for the market. A case of government activities in the region of imaging is the Cancer Imaging Program started by the National Cancer Institute. This program is gone for advancing and supporting malignancy related essential, clinical, and translational research in imaging and innovation. It is likewise gone for creating, incorporating, and applying these imaging advancements for clinical administration of cancer.
The key players catering to the global Portable Medical Devices market are F. Hoffmann-La Roche LtdGeneral Electric Company, Koninklijke Philips N.V, OMRON Corporation, Medtronic, and Samsung. The global players are continuously investing in R&D and innovating new product portfolio to attract more and more business opportunity from the emerging nation such as India and China. Also, Increasing R&D investments coupled with technological advancements to commercialise highly efficient products are anticipated to offer lucrative opportunities for industry participants.
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