USD 26.75 billion
Portable Medical Devices Market Size, Share, Growth Analysis, By Product(Diagnostic Imaging, CT, X-ray, Ultrasound), By Application(Gynecology, Cardiology, Gastrointestinal, Urology), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2544 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
97
|Figures:
80
Portable Medical Devices Market Insights
Global Portable Medical Devices Market size was valued at USD 26.75 billion in 2022 and is poised to grow from USD 29.77 billion in 2023 to USD 70.11 billion by 2031, growing at a CAGR of 11.3% in the forecast period (2024-2031).
In recent years, there has been a notable expansion and change in the global portable medical equipment market. Compact and easy-to-use medical gadgets catering to consumers as well as medical providers are included in this market segment.
The need for accessible and affordable healthcare solutions, rising chronic illness rates, growing healthcare awareness, and technology breakthroughs are the main factors propelling this market's expansion. Products like glucose meters, blood pressure monitors, pulse oximeters, wearable health trackers, and portable ultrasound machines are examples of portable medical gadgets. The benefit of real-time monitoring that these gadgets provide is the ease with which patients can keep tabs on their health concerns.
They also supply important data for diagnosis and treatment planning to medical experts. Because portable medical gadgets allow for remote monitoring and telemedicine, they have become increasingly popular as a result of the COVID-19 epidemic. This is because they have made in-person trips to healthcare facilities unnecessary. The aforementioned tendency is anticipated to persist beyond the epidemic, as it improves healthcare accessibility and alleviates pressure on healthcare systems.
However, the growth of the global portable medical devices market can possibly be stunted due to challenging factors such as issues with regulatory compliance and rising concerns about data privacy. Despite the probable disruption, any preemptive measures planned by the industry can ensure market growth remains on the upward trajectory.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Cardiology
Fastest Growth
Respiratory
Growth Rate
11.3% CAGR
Global Portable Medical Devices Market ($ Bn)
Country Share for North America Region (%)
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Portable Medical Devices Market Segmental Analysis
Market segmentation based on product includes Diagnostic Imaging, CT, X-ray, Ultrasound, Endoscope, Therapeutics, Insulin Pump, Nebulizer, Oxygen Concentrator, Image-guided Therapy Systems, Monitoring Devices, Cardiac Monitoring, Holter Monitors, Resting ECG System, Stress ECG Monitors, Event Monitoring Systems, ECG Management Systems, Neuromonitoring, EEG Machines, EMG Machines, ICP Monitors, MEG Machines, Cerebral Oximeters, Respiratory Monitoring, Capnographs, Spirometers, Peak Flow Meters, Fetal Monitoring, Neonatal Monitoring, Hemodynamic Monitoring Systems, Vital Sign Monitors, Smart Wearable Medical Devices. Based on Application, the market is divided into Gynecology, Cardiology, Gastrointestinal, Urology, Neurology, Respiratory, Orthopedics, Others. Regionally, the market is split into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Product
Monitoring devices have long been a leading category in the portable medical devices market. Numerous health factors, including blood pressure, glucose levels, heart rate, and oxygen saturation, are monitored by these devices. The aging population, the rising incidence of chronic illnesses, and the rising need for ongoing health monitoring are all factors contributing to this segment's dominance.
Conversely, the fastest-growing segment is anticipated to be diagnostic imaging. Within the portable medical devices market, the diagnostics category has demonstrated notable development potential. This section covers portable diagnostic equipment, including point-of-care testing devices, portable X-ray machines, and handheld ultrasound devices. The need for quick diagnostic solutions, particularly in rural or underserved areas, combined with technological improvements and growing awareness of early disease detection are some of the drivers driving this market's explosive expansion.
Analysis By Application
Historically, the field of cardiology has dominated the use of portable medical devices. Arrhythmias, hypertension, and heart disease are just a few of the heart-related disorders that these devices are used to monitor and diagnose. Devices frequently used in cardiology include cardiac event monitors, blood pressure monitors, and portable ECG monitors.
Conversely, one of the segments in the portable medical devices market that has grown the fastest is the respiratory sector. The demand for easy home-based monitoring and treatment options, as well as the growing prevalence of respiratory disorders (such as COPD and asthma), can be related to this trend. Nebulizers, pulse oximeters, and portable spirometers are a few of the equipment utilized for respiratory purposes.
Global Portable Medical Devices Market By Application
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Portable Medical Devices Market Regional Insights
North America has long held a leading position in the global portable medical devices market. Particularly in the United States, there is a substantial need for portable medical devices, a well-established healthcare infrastructure, and high healthcare spending. North America leads this market due in part to factors like a big aging population, rising chronic disease rates, and a strong emphasis on the implementation of healthcare technology.
The APAC region has sealed its place in the market as the fastest-growing segment. With rising disposable incomes, improved access to healthcare services, and growing healthcare awareness in countries like China, India, and Japan, the market has grown exponentially in the Asia-Pacific area. As a result of the region’s government making efforts to upgrade the healthcare system and reduce healthcare disparities, the region has contribute the the growth of the global portable medical devices market
Global Portable Medical Devices Market By Region
- Largest
- Fastest
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Portable Medical Devices Market Dynamics
Drivers
Technological Advancements:
- The ongoing technological breakthroughs in the industry have fueled the development of more advanced and portable medical gadgets. These advancements further market expansion by improving the performance, accuracy, and efficiency of these gadgets.
Rising Chronic Diseases:
- Since long-term diseases such as heart disease, diabetes, and respiratory conditions have become more common, the need for portable medical equipment that can be used for continual patient care and monitoring has risen. Thanks to these devices, medical professionals and patients alike can keep an eye on health concerns in real time.
Restraints
Regulatory Challenges:
- The inconvenience caused by approval procedures and regulatory procedures can slow down the release of new and advanced portable medical devices onto the market. Thus, producers have to follow intricate regulatory processes to get them onto the market, which can prove to be consuming, in terms of time and financing.
Data Privacy and Security Concerns:
- As portable medical devices become more connected to cellphones and the internet, concerns over data security and privacy of patient information have arised. The adoption of these devices can be inhibited due to unapproved access to private medical data or security lapses.
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Portable Medical Devices Market Competitive Landscape
The fierce competition in the global portable medical equipment market is driven by the technological improvements in the industry and the rising demand for convenient healthcare solutions. Industry giants like Medtronic, GE Healthcare, Siemens Healthineers, and Philips Healthcare have asserted dominance in the market, thanks to their global reach and wide range of product offerings. Multiple new and innovative companies have joined the competitive scene in addition to the renowned players and have disrupted that market with the introduction of novel technologies. These startups focus on meeting the changing demands of users by creating networked medical gadgets that are compact and yet intuitive.Businesses like Apple, Samsung, and Fitbit (now a part of Google) have also entered this market by adding health monitoring capabilities to their wearables. As medical device manufacturers and technology companies collaborate to develop state-of-the-art portable healthcare solutions, the competitive landscape is further molded by these partnerships and collaborations. Adherence to quality standards and regulatory compliance continue to be crucial for success in an ever-changing environment. Competition is anticipated to heat up as healthcare continues to move toward individualized and remote treatment, spurring additional innovation in portable medical devices.
Top Player’s Company Profile
- Medtronic, Inc. - United States
- Abbott Laboratories - United States
- GE Healthcare - United States
- Fresenius SE & Co. KGaA - Germany
- Stryker Corporation - United States
- Sysmex Corporation - Japan
- Natus Medical Inc. - United States
- Johnson & Johnson - United States
- Nipro Corporation - Japan
- Becton, Dickinson and Company (BD) - United States
- Boston Scientific Corporation - United States
- Sonova Holding AG - Switzerland
- Roche Diagnostics - Switzerland
- Masimo Corporation - United States
- 3M Healthcare - United States
- Bio-Rad Laboratories, Inc. - United States
- Terumo Corporation - Japan
- Zimmer Biomet Holdings, Inc. - United States
- Smith & Nephew PLC - United Kingdom
- Hologic Inc. - United States
- Getinge Group - Sweden
- Omrion Corporation - Japan
- ResMed Inc. - United States
- Philips Healthcare - Netherlands
- Siemens Healthineers - Germany
Recent Developments
- Samsung is an internationally recognized industry leader in technology and a Top 10 global brand. The internationally recognized company debuted a new product in February 2023. The Galaxy Watch4 is a wristwatch that can track sleep, heart rate, and blood oxygen levels.
- AliveCor is a medical device company that develops ECG hardware and software compatible with consumer mobile devices through AI. The company launched a new product in March 2023. KardiaBand is a wearable cardiac monitor, which has atrial fibrillation (AFib) detection features. This device helps in early detection of a stroke, potentially saving lives.
- Medtronic is a global leader in medical technology, services, and solutions, The international brand reported the date for its upcoming release in April 2023. The to-be-launched product is a new insulin pump called the MiniMed 780G. This pump will offer automatic delivery, which is a first in the industry. This will help patients with diabetes to have a better control on their sugar levels.
Portable Medical Devices Key Market Trends
- Remote Patient Monitoring (RPM) Devices: One of the continuous trends in the portable medical device market is the growing adoption of remote patient monitoring (RPM) gadgets. RPM devices started becoming popular in the COVID-19 pandemic, and have only risen in this context. This is because their remote capabilities were essential for less in-person analysis. These tools enable healthcare practitioners to keep an eye on general health, possible chronic illness, and patients’ vital signs remotely. We can expect this trend to only move forward in the market. This is because it saves money, improves patient outcomes and lowers hospital readmission expenses. These benefits have increased the adoption of these devices in the healthcare industry, leading to market growth.
- Miniaturization and Wearable Devices: The medical devices market was influenced by two trends. Those are the development of wearable portable devices and the decreasing size of these gadgets. These gadgets were getting lighter, more compact, and easier to use. Wearable fitness trackers, smartwatches that can monitor health, and even implanted gadgets are a few examples. The incorporation of sophisticated sensors and wireless communication capabilities into portable medical equipment enabled constant data gathering and instantaneous health tracking, enabling people to adopt a more proactive approach towards their well-being.
Portable Medical Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Our analysis of the global portable medical devices market shows that the industry has grown and changed significantly in recent years. A prominent feature of this dynamic market is the growing need for easily available and convenient healthcare solutions. Since they offer flexibility and mobility, portable medical devices are intended to improve patient care and monitoring. The aging population, the increasing incidence of chronic diseases, and the increased emphasis on preventative healthcare are major factors propelling the market's expansion. The use of portable devices for tracking vital signs, treating chronic illnesses, and promoting early diagnosis has increased as a result of these causes. Innovations in technology have been crucial in forming the commercial environment. The range of portable healthcare solutions has increased thanks to innovations like wearable fitness trackers, medical equipment that can be connected to smartphones, and portable diagnostic instruments. Furthermore, the COVID-19 epidemic has spurred the market's expansion by raising demand for portable devices used in telemedicine and remote patient monitoring. Nonetheless, industry participants continue to give significant weight to legislative obstacles, data security worries, and the requirement for strong interoperability standards. In light of the confluence of healthcare demands and technology, the global portable medical devices market is expected to rise steadily as the healthcare industry continues to change.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 26.75 billion |
| Market size value in 2031 | USD 70.11 billion |
| Growth Rate | 11.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Portable Medical Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Portable Medical Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Portable Medical Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Portable Medical Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Portable Medical Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Portable Medical Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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