The Global Portable Medical Devices Market is estimated to be USD 57.4 Bn in 2020 and is expected to reach USD 105.6 Bn by 2027, growing at a CAGR of 9.1% during the forecast period (2020-2027).
Medical devices are used conventionally in the clinics and hospitals, these devices have evolved and become more portable and are creating new opportunities for the use in the home healthcare. Portable medical devices are wireless tools which are to improve and simplify the patient-care, especially in rural areas. Modern lifestyles have caused many diseases, and medical science has found a way to combat these diseases. Portable devices play an important role in monitoring and managing healthcare for the majority of patients. There are various portable medical devices on the market, and various next-generation devices are under development.
The portable medical devices market is projected to grow with a significant rate during the forecast period owing to factors such as, increasing demand for the real-time analysis, diagnosis, & monitoring and rising demand for emergency healthcare services across the globe. Rising demand for wearable electronics is another propelling factor for the growth of the target market. However, growing demand for smart wearable devices owing to increased awareness about health is anticipated to create more growth opportunities for the players operating in the portable medical devices industry. The key technical challenges are related to hardware, operating systems, and device connections.
Based on product type, the global portable medical devices market has been segmented into CT scan, neonatal monitoring, diagnostic imaging X-ray, endoscopes, insulin pumps, image-guided therapy systems, nebulizer, ultrasound, smart wearable medical device, stress monitoring devices, oxygen concentrator, and cardiac monitoring, others.
The smart wearable medical device segment is expected to observe the fastest growth during the forecast period. This is attributed to the growing demand for wristbands and other fitness monitoring equipment to continuously monitor the long-term health of consumers. Increasing awareness of continuous health monitoring and increasing attention to health issues have led to the growth of smart wearable devices.
The Global Portable Medical Devices Market is segmented into medical therapeutics, diagnosis health, fitness & wellness, monitoring, others. Increasing adoption rate of monitoring equipment such as cardiac and neuromonitoring devices, vital sign monitoring, fetal and neonatal monitoring, the monitoring segment accounted for the largest market value share. In addition, major developments in smaller advanced platforms and subsequent product approvals are some of the factors driving the market growth.
Based on end-use, home care segment is witnessing significant growth during the forecast period. This is due to recent miniaturization trends. Home care products are becoming more and more popular due to their low price and safety. Increasing hospital costs and the cost-effectiveness of home care products make home care an ideal choice for many people. With the vigorous development of home healthcare, the portable medical devices market is rising, including applications such as post-operative care, chronic disease management, and fitness.
North America accounted for the largest share of the global portable medical devices market in 2020 and is expected to maintain its dominance during the forecast period. This can be attributed to the substantial investment in research and development activities carried out in the healthcare sector. This factor will support the growth of the portable medical devices market in North America. In addition, favourable government initiatives and improvements in advanced medical equipment reimbursement policies will accelerate the growth of the portable medical equipment market.
Europe is expected to be followed closely by North America, and is expected to see significant growth in the near future. This growth is mainly driven by the high per capita income and developed healthcare infrastructure in the region.
Company Profiles and Competitive Intelligence
Outbreak of COVID-19 has positively affected the market of healthcare industry. To avoid the spread of virus, healthcare facilities and patients prefer to avoid physical visits to hospitals. Moreover, Stay-at-home warnings sparked a huge surge for at-home medical care. This includes patients monitoring their own health and participating in telemedicine to solve other healthcare problems. Thus, the indirect impact of COVID-19 on the medical device market subsequently increased the demand for portable medical devices. Remote patient monitoring equipment, glucose monitoring equipment, oxygen level monitoring device, and insulin pumps are among the devices that have increased demand. All these factors impacted the industry positively and further likely to grow with the significant rate during the forecast period.
|1||Breakthrough of COVID 19 increases the need of at-home medical care to avoid physical contacts||Positive|
|2||With the growing demand across the world, several companies are investing in the portable medical devices||Positive|
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