Portable Medical Devices Market Size to Surpass US$ 148.7 Billion by 2030, Report by Coherent Market Insights

Burlingame, June 30, 2023 (GLOBE NEWSWIRE) -- The global portable medical devices market was valued at US$ 68.28 Billion in 2022 and is forecast to reach a value of US$ 148.7 Billion by 2030 at a CAGR of 10.2% between 2023 and 2030. Portable medical devices refers to a long range of diagnostic devices, which can be utilized outside the settings of healthcare. These tools comprise medical devices from thermometers and stethoscopes to at-home pregnancy tests and point-of-care ultrasound machines. Along with this, increasing number of patients are shifting to mobile constant glucose monitors as well as image-guided therapy systems. With the features such as remote monitoring and treatment of patients, the efficiency of outpatient ambulatory care services has increased with time, and is offering.

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Key Trends and Analysis of the Global Portable Medical Devices Market:

Increasing demand for portable diagnostic imaging devices is trending in the market. This trend is expected to support growth of the global portable medical devices market over the forecast period. Diagnostic imaging equipment include various types of medical devices such as X-ray, ultrasound, MRI, and others. Diagnostic devices have applications in orthopedic, oncology, gynecology, and gastro fields. Due to increasing burden of chronic diseases, demand for diagnostic imaging devices is increasing, which is further driving growth of the market.

Global Portable Medical Devices Market – Drivers

Rise in old age population and prevalence of chronic disease to boost the market growth

There is an increase in geriatric population all over the world. For instance, as per the American Cancer Society 2022 report, nearly 1.9 million people in the U.S. were likely to get cancer and over 500,000 people suffered from critical illness which led to increased mortality from cancer in the region. Due to increasing cancer cases and high mortality rate, the use of health monitoring equipment is likely to increase among the population affected by cancer. Thus, these factors are in turn driving the demand for portable medical devices, which is expected to drive growth of the market over the forecast period.

Scope of the Report:

Increasing product approvals by regulatory authorities to fuel the market growth

The U.S. Food and Drug Administration (FDA) approval governing the marketing of portable medical devices is an important factor. When a device is proven to be safe and reasonably effective, it receives clearance from the FDA. As this FDA clearance is a vital part of entire distribution of a product, manufacturers of portable medical devices seek the approval from the authority. With increasing approval of new products from such authorities, the global portable medical devices market is anticipated to gain significant growth in the coming future.

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Global Portable Medical Devices Market – Restrain

Stringent regulations by governments to hinder the market growth

Factors such as stringent government regulations, high cost involved in renovation and maintenance, and issues regarding design and compatibility are expected to hinder growth of the global portable medical devices market over the forecast period. In rural regions, the market faces challenges around connectivity issues and security concerns associated with portable devices. Moreover, government regulations for development of such devices differ from region to region. This in turn affects the manufacturing process of these devices. Thus, this factor is further expected to hinder growth of the market in the coming future.

Global Portable Medical Devices Market – Opportunities

Increasing technological developments in medical field is anticipated to bring growth opportunities in the global portable medical devices market. The ongoing technological development is significantly impacting the market. Due to growing preference for portable as well as less intrusive medical devices, the demand for image-guided therapy systems, oxygen concentrators, and insulin pumps is increasing rapidly. Thus, manufacturers are focusing on development of novel innovative technologies that are wireless, small in size, and user-friendly. This in turn is creating lucrative opportunities in the global market.

Global Portable Medical Devices Market - Key Developments

In October 2022, GenWorks, an Indian startup introduced a novel portable device, BrasterPro designed for breast cancer screening. The new devices is radiation free that relies on contact-based screening process.

In February 2021, Koninklijke Philips N.V. introduced a portable monitoring kit designed with advanced software, Medical Tablet designed for remote management of patient. This product is designed for clinicians to help them remotely monitor a larger number of patients during emergencies.

In August 2022, Medtronic and BioIntelliSense announced to have formed partnership for the circulation of multi-parameter wearables in the U.S.

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Key Market Takeaways:

Global portable medical devices market is expected to exhibit a CAGR of 10.2% during the forecast period. The portable medical devices market is growing rapidly in response to the increasing adoption of wearable devices among other portable technologies. These devices are capable of tracking physical activities of patients in real-time. Use of these devices is increasing in remote patient monitoring, as it cuts down the healthcare cost.

On the basis of Products, Diagnostic Imaging Segment is expected to dominate the market during the forecast period and this is attributed to the increasing prevalence of chronic diseases all over the world, leading to growing need for portable diagnostic imaging devices.

On the basis of End User, Hospitals Segment is expected to dominate the market during the forecast period and this is attributed to the outbreak of COVID-19 pandemic. With increasing burden of COVID-19 patients on hospitals, the demand for portable medical devices increased in hospitals.

On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in penetration of therapeutic, diagnostic, and monitoring portable medical devices in the region for disease management. With growing burden of chronic diseases along with rising old age population, the demand for these medical devices is increasing, further driving growth of the market across the region.

Competitive Landscape:

Key players operating in the global portable medical devices market include Becton, Dickinson and Company, Siemens Healthineers, Samsung Electronics Co. Ltd. (Samsung Healthcare), Medtronic Inc., Fujifilm Holdings Corporation, Omron Healthcare, General Electric (GE Healthcare), Koninklijke Philips NV, Hologic Inc., and Abbott Laboratories

Detailed Segmentation:

Global Portable Medical Devices Market, By Products:

• Diagnostic Imaging
• Monitoring Devices
• Other Products
  

Global Portable Medical Devices Market, By End User:

• Hospitals
• Physician Offices
• Homecare Settings
• Other End Users

Global Portable Medical Devices Market, By Region

• North America
  • By Country:
    • U.S.
    • Canada
• Latin America
  • By Country:
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
• Europe
  • By Country:
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
• Asia Pacific
  • By Country
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
• Middle East
  • By Country:
    • GCC Countries
    • Israel
    • Rest of Middle East
• Africa
  • By Country/Region:
    • South Africa
    • Central Africa
    • North Africa

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