Portable Medical Devices Market Size, Trends, Growth, Report 2021-2027

The global portable medical devices market is expected to reach valuation around US$ 85.05 Billion by 2027 from valued at US$ 40.06 Billion in 2020, growing at a CAGR of 11.35% from 2021 to 2027.

Growth Factors

Wireless networking and compact product design are no longer limited to smartphones and music players, but are also transforming the healthcare industry, due to ever changing world of portable electronics. Researchers are developing new products such as portable ultrasound equipment to simplify and improve patient care. Preference for less intrusive medical technology and portability has turned emphasis to oxygen concentrators, insulin pumps, and other portable medical devices, which are improving the portable medical devices market.

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The portable medical devices market expansion is expected to be fueled by rising use of technologically advanced smart wearables and therapeutic systems as well as continued trends of accurate and precise monitoring. The rapid use of portable medical devices in healthcare settings and hospitals can also be linked to rising knowledge of the advantages of portable medical devices such as enhanced mobility.

In the upcoming years, the rising prevalence of chronic disorders, combined with the increase of preventative healthcare is predicted to boost the market for portable medical devices. Disease burden is increasing due to a growing senior population, environmental factors, and changing lifestyles. The fitness gadget demand is predicted to rise in response to a growing desire to track people’s physical activity in order to diagnose or prevent disorders early.

Due to the recent trend of downsizing, the adoption of portable medical devices for homecare settings is rising at a rapid pace. Due to their low cost and safety, home care products have become increasingly popular. Homecare has been a popular choice for many people due to rising hospital costs and the cost-effectiveness of homecare items. With the rise of in-home healthcare, which encompasses applications such as chronic diseases management, post-operative care, and fitness, the portable medical devices market is growing during the forecast period.

Furthermore, the rising popularity of home care patient settings, modern healthcare infrastructure, and high disposable income have all aided the growth of the portable medical devices market during the projection period.

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Report Highlights:

• Based on the product, the monitoring devices segment dominated the global portable medical devices market in 2020 with highest market share. The factors such as new product approvals, technological improvements, and benefits such as small design and portability.
• Based on the application, the gynecology segment dominated the global portable medical devices market in 2020 with highest market share. The gynecological application’s rise is fueled by the increasing adoption of imaging technology and other portable monitoring systems.
• North America is the largest segment for portable medical devices market in terms of region. Among the primary reasons driving the portable medical devices market’s growth are widespread acceptance of technologically improved equipment, supportive government initiatives for diseases early detection, and high treatment rates.
• Asia-Pacific region is the fastest growing region in the portable medical devices market. The rise of the regional market can be attributed to improving treatment rates and healthcare infrastructure as well as the use of smart wearables.

Future of Portable Medical Devices Market

Due to the increasing need for portable medical devices and wearable electronics, the rise in the senior population, and technological improvements, the portable medical devices market will experience rapid expansion in the coming future.

COVID-19 Impact Analysis:

• The COVID-19 pandemic’s global impact has been unprecedented and devastating, with medical devices adoption rates falling across all areas as a result of the pandemic.
• On the other hand, the emergence of COVID-19 epidemic had a beneficial impact on the portable medical devices market, as the number of instances of the disease increased, encouraging patients to choose portable medical equipment to care for themselves at home.
• Furthermore, during the early months of the pandemic, hospitals all across the world experienced a severe lack of medical supplies.
• The portable medical devices market is likely to benefit from an increase in demand for at-home treatment procedures, which is expected to continue in the coming years.

Key Developments in the Marketplace:

• In 2018, Vyaire Medical purchased Acutronic Medical Systems, a neonatal breathing device inventor and producer.
• Smith and Nephew collaborated with Movemedical in January 2021 to expand its inventory automation solutions and improve customer experience.
• Koninklijke Philips N.V. acquired BioTelemetry in December 2020 to expand its remote care offerings.
• The abdominal aortic aneurysm model was introduced by Koninklijke Philips N.V. in January 2021, providing physicians with a more patient-friendly solution than the current standard of care for managing abdominal aortic aneurysm.

Market Key Players:

• Samsung Group
• General Electric Company
• Koninklijke Philips N.V
• VYAIRE
• Nox Medical
• OMRON Corporation
• Medtronic Plc

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