The global portable medical devices market was valued at USD 40.06 Billion in 2020 and expected to reach USD 85.05 Billion by 2027 and poised to grow at a CAGR of 11.35% during the forecast period from 2020 to 2027.
Rising adoption of image-guided therapy systems and advanced smart wearable coupled with the on-going trend of real-time and accurate monitoring anticipated to propel the market growth. Increasing awareness related to the benefits of portable devices, for example increased mobility, also attributed to surge the adoption rate of portable medical devices in medical centers and hospitals. Ongoing technological advancement in the field of medical facilities is one of the key factors that drive the market growth. Preference for less intrusive and portable medical technologies has flourished the demand for insulin pumps, oxygen concentrators, and image-guided therapy systems among other medical devices. Subsequently, manufacturers are focused towards developing innovative technologies that are wireless, compact, and user-friendly. In addition, technological advancements in embedded systems, sensors, and electronics combined with developments in medical devices anticipated to fuel innovations in the field of medical technologies that further boost the market growth.
Monitoring devices led the global portable medical devices market with a significant revenue share of around 50% in 2019. This is attributed to the increasing adoption of portable devices at healthcare centers. New product approval, technological advancement, and advantages such as mobility and compact design are some of the key factors that drive the market growth. For example, in 2016, the U.S. FDA passed an approval for Dexcom G5 mobile Continuous Glucose Monitoring (CGM) system for patients with type 2 and type 1 diabetes for real-time glucose monitoring in every five minutes.
Diagnostics segment encountered second-largest market value share in 2019 due to rising adoption of CT scan, x-ray, endoscopes, and handheld ultrasound systems among other diagnostic devices. Furthermore, significant developments in advanced imaging platforms that are smaller in size along with subsequent product approval are some of the factors that boost the market growth. For instance, in July 2018, U.S. FDA approved Sonon 300L of Healcerion, a handheld and application-based mobile ultrasound system that was designed for effective and efficient diagnosis in primary health centers.
However, smart wearable devices registered the highest growth rate of nearly 19% over the forecast period. This is attributed to the rising demand for wristband and other fitness monitoring devices for continuously monitoring long-term health of the consumer. Rising awareness for continuous health monitoring and increasing concern for health problems trigger the growth of smart wearable devices.
Based on application the market is segmented into Cardiology, Orthopedics, Gynecology, Urology, Gastrointestinal, Neurology, Others.
Based on application, gynecology expected to witness lucrative growth rate in the coming years. Increasing adoption of imaging technologies and other portable monitoring systems in the gynecology application propel its growth. For instance, Signostics developed Signos RT, a handheld ultrasound system that is used for real-time monitoring of the fetus. Other than this, significant growth in the new child birth rate per year is exponentially increasing that again triggers the need for advanced and portable monitoring systems in gynecology application. Adoption of advanced portable devices has also reduced the chances of birth defects that contributes as a key factor that fuel the demand for portable gynecology devices in the coming years.
In terms of revenue, North America dominated the global portable medical devices market accounting for nearly 41% of market value share in 2019. High rate of treatment, supportive government initiatives for before time diagnosis of diseases, and high adoption of technologically advanced devices are some of the major factors that drive the market growth. For instance, National Cancer Institute has initiated the Cancer Imaging Program to support and promote cancer-related clinical, basic, and translational research in imaging technology.
On the other hand, the Asia Pacific is anticipated to expand at the highest CAGR of nearly 12% during the analysis period. Prominent improvement in the treatment rate and healthcare infrastructure coupled with the increasing adoption of smart wearable devices in the region are some of the key factors that propel the market growth. For instance, Forbes quoted in the year 2018 that rising popularity of wearable technology, changing consumer lifestyle, and rising accessibility of these devices projected to surge the demand for smart wearables in India in the coming years.
Key Companies & Market Share Insights
The global portable medical devices market is dominated by the presence of major market players. These players adopt inorganic growth strategies such as mergers & acquisitions, collaboration, and partnership to strengthen their market footprint by developing novel and innovative solutions.
Some of the prominent players in the portable medical devices market include:
Scope of the Portable Medical Devices Market Report
|Market Size||USD 85.05 Billion by 2027|
|Growth Rate||CAGR of 11.35% From 2021 to 2027|
|Historic Data||2017 to 2020|
|Forecast Period||2020 to 2027|
|Segments Covered||Product, Application|
|Regional Scope||Asia Pacific, North America, Europe, Latin America, Middle East and Africa|
|Companies Mentioned||Samsung Group, General Electric Company, Koninklijke Philips N.V, VYAIRE, Nox Medical, OMRON Corporation, Medtronic Plc, and F. Hoffmann-La Roche Ltd.|
Segments Covered in the Report
This research study encompasses comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative intelligences, and prognoses of the market. This report presents breakdown of market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report comprises market division and its revenue valuation by categorizing it depending on product, application, and region:
By Regional Outlook
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