The global Portable Medical Devices Market is estimated to be valued at US$ 75.26 Bn or Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Portable medical devices refer to handheld diagnostic and monitoring equipment used for detecting health issues. These devices offer advantages like convenience, ease of use and portability for patients. They play a vital role in remote patient monitoring and home healthcare.
Market key trends:
The market is witnessing rising demand for wireless and wearable devices owing to increasing preference for portable gadgets among consumers. Growing preference for self-monitoring and home healthcare is also favoring the adoption of portable medical devices. Moreover, technological advancements leading to integration of devices with Internet of Things (IoT) and artificial intelligence (AI) are enhancing functionality of portable devices. However, data security and privacy concerns could hamper market growth to some extent.
SWOT Analysis
Strength: Portable medical devices are compact in size, lightweight, easy to use and offer convenience for physicians and patients. They also increase access to care and efficiency of treatments.
Weakness: Portability comes at the cost of reduced functionality compared to larger stationary medical devices. Data security and privacy are also major concerns due to their wireless connectivity.
Opportunity: Growing geriatric population, increasing lifestyle diseases, and remote patient monitoring are driving demand for portable medical diagnostics. Wearable devices present growth opportunities due to the rise in fitness and wellness trend.
Threats: Stringent regulations around data usage and medical approvals delay market entry for new players. High investment in R&D also poses entry barriers. Technology obsolescence is a constant threat due to rapid innovations.
Key Takeaways
Global Portable Medical Devices Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases and growing demand for home healthcare.
Regional analysis: North America dominates the market currently due to supportive healthcare infrastructure and insurance policies that promote use of portable devices for remote patient monitoring in the region. Asia Pacific is expected to be the fastest growing market owing to rising healthcare spending, disease awareness and technological advancements in countries like China and India.
Key players operating in the portable medical devices market are Siemens Healthineers, Medtronic Inc., Omron Healthcare, Koninklijke Philips, Abbott Laboratories, Hologic Inc., General Electric (GE Healthcare), Fujifilm Holdings Corporation, Samsung Electronics Co. Ltd. (Samsung Healthcare), and Becton, Dickinson and Company, among others. Major players are focusing on portfolio expansion and strategic partnerships to consolidate their position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
