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

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).

The fierce competition in the 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 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. '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'

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.

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.

North America has long held a leading position in the 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.