Portable Medical Devices Market is Expected to reach USD 105.6 Billion by 2027, with a CAGR of 9.1%

Technological development in the field and increasing adoption for the smart wearable medical devices and image guided therapy are fuelling the growth of the portable medical devices market. The Global Portable Medical Devices Market was valued at USD 57.4 billion in 2020, and it is expected to reach USD 105.6 billion by 2027, with a CAGR of 9.1%, during the forecast period.

In rapidly changing world, people prefer quick access to monitoring and diagnostic equipment. Portable medical devices have completely changed the way people monitor and determine their health. These devices not only provide continuous and non-invasive monitoring of health parameters, but also provide real-time updates for healthcare providers through connections.

Various physiological parameters are monitor at any place which includes blood pressure, blood oxygen level, blood glucose level, heart rate, body temperature, sleep monitoring, brain monitoring, and many others by using. Portable medical devices enable early detection of deterioration and thereby reduces emergency department visits, hospitalizations, the duration of hospital stays, and healthcare expenditure. Furthermore, portable medical devices are also useful to monitor geriatric people continuously as they are at risk for falls. For example, the scientist of University of Glasgow innovates a device that takes continuous reading of patient health and then transfers patients reading to a smartphone, is a unique add-on to portable medical devices market. Increasing geriatric population across the globe is expected to accelerate the demand for patient monitoring and smart wearables during the forecast period.

With the COVID-19 pandemic, health systems or hospitals rapidly adopted portable medical devices in order maintain social distancing and control viral spread. Patients suffering from COVID – 19 need to monitor blood oxygen level and heart rate regularly. Hence, it is expected to increase the demand of portable medical devices during the forecast period.

Technological advancement, new product approval, and advantages such as mobility & compact design are some of the vital factors that drive the portable devices market. For example, in July 2018, the US FDA approved Healcerion’s Sonon 300L, an app-based handheld mobile ultrasound system designed for effective diagnosis in primary health centres.

Some of the key players operating in the portable medical devices industry are Medtronic, General Electric Company, Abbott, KONINKLIJKE PHILIPS N.V, Omron Healthcare, Inc., Natus Medical Incorporated, Maxim Integrated, Omni Vision Technologies, Inc., Infineon Technologies AG, F. Hoffmann-La Roche Ltd., Siemens Healthcare, Philips Healthcare, Renesas Electronics Corporation, Roche Diagnostics, and CareFusion Corporation.

Key Findings:

Based on the type, Smart wearable medical devices segment is expected to observe the fastest growth during the forecast period due to increasing awareness about continuous health monitoring and increasing attention towards health issues. Key portable medical devices include diagnostic devices, monitoring devices, therapeutic devices, and smart wearable devices. Key potable diagnostic devices include CT, X-ray, Ultrasound, and Endoscope.
Based on application, monitoring segment accounted for the largest share of the portable medical devices market in 2020 and is expected to maintain significant share during the forecast period. Fitness and wellness segment is expected to propel the market at the highest rate in coming years.
Based on end-use, the home care segment is projected to observe the fastest growth during the forecast period due to cost efficiency and patient convenience. Additional, increasing awareness about smart wearable devices and portable monitoring devices in recent times is expected to accelerate the segment growth. The portable medical devices market is further segmented into hospitals, ambulatory surgery centres, homecare, and others.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America held the largest share of the portable medical devices market in 2020. However, the Asia Pacific region is expected to observe the fastest growth during the forecast period.