Global Portable Medical Device Market is expected to be worth roughly USD 80,611 Million by 2030, growing at a CAGR of more than 8.5% during the projected timeframe of 2022-2030, according to Ameco Research
With the advancement of innovative healthcare technology, the medical industry is going through a significant transformation. Technological developments have shifted healthcare providers' focus from diagnostic techniques to disease prevention. Due to a higher proportion of the geriatric population and a higher incidence of lifestyle and related diseases, this tendency is more prominent in developed regions. As a result, the major manufacturers in such marketplaces are concentrating on advancements that will eliminate or reduce the need for hospitals by providing remote as well as home-based treatment. As they are more prone to chronic diseases, the growing geriatric population is one of the major factors driving the expansion of the portable medical devices market value. The increase in the incidence of lifestyle diseases such as heart disease, atherosclerosis, as well as stroke has an additional impact on the portable medical device market growth.
Portable medical devices are small and portable electronic devices that are commonly used for operating, controlling, and tracking medical conditions. Due to advancements in semiconductor technology, these devices are becoming more usable, compact, as well as light in weight. Medical equipment used in clinics and hospitals has progressed to become more portable, opening up new possibilities for application in home healthcare. Portable medical equipment is wireless tools that are designed to enhance and clarify patient care, particularly in remote areas. Mobile wireless medical devices are non-hospital medical equipment that can be utilized in offices, homes, schools, and airplanes to guarantee earlier detection and good healthcare tracking. Moreover, rising rapid urbanization and increased demand for equipment from the medical industry are driving factors in the growth of the portable medical devices market trend.
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Global Portable Medical Device Market Dynamics
Wireless portable medical equipment employs a variety of sensors, including level sensors, inertial sensors, ECG sensors, pressure sensors, heart rate sensors, position sensors, blood oxygen sensors, temperature sensors, and many others. In the healthcare industry, wireless portable medical devices include cardiac screens and hemodynamic supervise. Portable medical devices are essential for overall assessment and healthcare monitoring behavior. Furthermore, the growing geriatric population is an important driver of the wireless portable medical devices market, as seniors are more prone to illness and frequently seek hospitalization. The number of advanced pharmaceutical products has increased due to increased government support for medical establishments in remote regions.
Besides that, high maintenance & remodeling costs, stringent regulatory standards, and procedures, and problems with device structure and compatibility are significant issues for the portable medical devices market size. Moreover, the portable medical devices market faces challenges in managing the transmission and delay of various types of information in the framework.
Market Segmentation
Ameco Research has fragmented the global portable medical device market by product, and application. In terms of product, the segment is sub-divided into therapeutics, respiratory monitoring, monitoring devices, and others. By product, the monitoring devices segment is projected to expand significantly in the market over the forecasting years. Monitoring devices, also known as diagnostic imaging equipment, are devices and gadgets used in the method and procedure of scanning the interior of a body for medical diagnosis and intervention, in addition to a visual demonstration of the feature of certain organs or tissues. The increasing numbers of chronic diseases, as well as technological developments in diagnostic imaging, are major factors boosting the medical diagnostic segment. Other variables that may have an influence on market growth include increased initiatives by governmental bodies and health organizations around the world to improve diagnostic imaging.
Based on the application, the segment is sub-categorized into gynecology, gastrointestinal, urology, cardiology, and others. According to the portable medical device market forecast, the gynecology segment is estimated to grow significantly in the market over the next few years.
Regional Outlook
The global portable medical device market is divided into different regions: Europe, Latin America, Asia-Pacific, North America, and the Middle East and Africa. According to a portable medical device industry analysis, North America is expected to have the highest value share of the global market in the coming years. The United States leads the North American portable medical device market. Significant R&D investment opportunities, as well as a rising aging population, are driving the expansion of the portable medical devices market in the region. Furthermore, supportive government projects and enhanced reimbursement policies for modern medical equipment are expected to propel the portable medical devices market forward. Further to that, the introduction of technically sophisticated products into the country is expected to drive regional market growth.
Market Competitors
Some of the most notable worldwide portable medical device market players are F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V, Medtronic, Stryker, Siemens Healthcare GmbH, General Electric Company, Samsung, OMRON Corporation, Abbott, and Panasonic Corporation.
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