Published Date : 19 Oct 2023
The global portable medical devices market size was evaluated at USD 47.50 billion in 2022 and is expected to touch around USD 85.05 billion by 2027, growing at a noteworthy CAGR of 11.35% from 2022 to 2027.
The global portable medical devices market revolves around the production and distribution of medical devices that are designed to be used remotely. In the upcoming years, it is projected that an increase in chronic disease brought on by altered lifestyle, a preference for home healthcare, and an increase in the population of elderly people will all favorably affect the growth of the portable medical devices market.
A survey done by Cross Country Workforce Solutions Group (2022) suggested that 70% of the geriatric population prefer in-home care. Another important cause for the market expansion is the rising demand for wearable electronics and wireless medical devices. The widespread innovative technology and growing public knowledge of the advantages of portable devices are both factors in the general use of mobile medical devices in hospitals and other healthcare facilities.
|Market Revenue in 2023||USD 52.35 Billion|
|Projected Forecast Revenue by 2027||USD 85.05 Billion|
|Growth Rate from 2022 to 2027||CAGR of 11.35%|
|Largest Market||North America|
|Forecast Period||2022 to 2027|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
North America dominates the global portable device market. High penetration of portable diagnostic, therapeutic, and monitoring medical equipment for illness management is one of the main drivers of this region's growth. The burden of chronic disease and the number of elderly people is rising. For instance, the demand for portable medical gadgets is increasing quickly, along with the burden of chronic diseases like cancer and heart disease. The significant causes of death and disability in the U.S., according to the U.S. Center for disease control and prevention, are chronic diseases, including diabetes, cancer, and heart disease.
The portable device market in the U.S. includes a wide range of items, including smartphones, tablets, laptops, wearable technology, and more. Since 5G networks offer higher internet speeds and enhanced connectivity, which may open up new apps and experiences, it was anticipated that their rollout would have an effect on the market for portable devices. An increasing amount of attention was being paid to how electronic devices affected the environment, which prompted efforts to make them more recyclable and energy efficient.
In Canada, smartphones account for a sizable portion of the portable device market. Canadian consumers like popular companies like Apple, Samsung, and Google. Market characteristics included a high demand for flagship and mid-range cellphones and regular upgrades to the most recent models. Consumers and businesses in Canada continued to rely heavily on laptops. With a rising focus on performance and battery life, the market experienced a shift towards lighter, smaller, and more portable laptop designs. A sizable portion of the Canadian market comprised accessories for portable electronics, such as cases, screen protectors, chargers, and wireless headphones.
North America has several key players in the Portable medical device market, including Koninklijke Philips N.V., Hologic Inc., Medtronic, General Electric, OMRON Corporation, Samsung, and F. Hoffmann-La Roche Ltd.
Smaller, lighter, and more wearable portable medical equipment is now available in the market with advanced technological features. These include smart watches, activity monitors, and wearable medical devices that can track physical activities, monitor vital signs, and even identify medical issues. Remote patient monitoring is now possible because of advanced sensors and wireless connectivity, essential for managing chronic diseases. Healthcare professionals can get real-time information on a patient's condition while the patient can monitor their health data at home. Smart inhalers are intended to make drug management more accessible for those with respiratory disorders, including asthma and COPD.
Real-time information is provided via portable medical equipment, such as a home blood pressure monitor and wearable fitness tracker, that allows patients to monitor their health. By helping patients monitor their health and make wise decisions, this data empower patients. Patients may benefit from using portable gadgets as instructional resources. They give patient knowledge, suggestions, and feedback that might encourage them to follow their treatment plans and lead healthier lifestyles. The data produced by a patient's portable medical gadget should be theirs to own and control.
Scheduled maintenance is required to keep portable medical devices in top shape. Manufacturers frequently offer instructions for routine maintenance activities like cleaning, calibration, and software upgrades. Many mobile medical devices require software as a critical component. To guarantee data security, device performance, and compliance with evolving standards. This can be a complicated procedure for users. Additionally, lack of user knowledge impacts on the distribution of portable medical devices.
Important healthcare choices are frequently made using portable medical devices, including blood pressure, pulse, and glucose monitors. This accurate and consistent glucose data may result in misdiagnosis or ineffective therapy, which could harm patients. The healthcare sector places a high focus on patient safety. Manufacturers must apply strict quality control procedures during their products' planning, creation, and testing to preserve dependability and accuracy.
High-tech and portable medical gadgets that are both tiny and intelligent have been made possible by recent advances in miniaturization, sensor technology, and connection. These innovations make real-time vital sign monitoring, chronic disease management, and early health issue diagnosis possible. Large corporations, venture capitalists, and private equity firms have invested significantly in start-ups and businesses focusing on portable medical devices. Given the rising need for consumer health technologies, they see room for expansion in this industry.
Depending on economic development, government policy, and societal needs, healthcare infrastructure differs significantly from nation to nation. Developed nations' Healthcare systems frequently include hospitals, clinics, and cutting-edge medical facilities. In contrast, developing nations may have issues like insufficient healthcare infrastructure, a lack of healthcare specialists, and restricted access to medical care. The gap in healthcare access must be closed via portable medical equipment. They enable medical personnel to reach patients in rural or remote places, diagnose and treat patients promptly, and gather health information for telemedicine consultations.
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