July 25, 2024
Portable Medical Devices Market

Portable Medical Devices Market: Growing Demand For Portable Medical Devices To Drive Market Growth

Market Overview:

Portable medical devices refer to small, lightweight, and easy-to-use medical devices that are designed for personal use and can be easily carried by patients. These devices offer numerous advantages, including convenience, portability, and real-time monitoring, which enhance patient care and improve treatment outcomes. The increasing prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and respiratory disorders, is driving the demand for portable medical devices. Additionally, the growing geriatric population and the need for early diagnosis and continuous monitoring of various health conditions are further fueling the market growth.

Market Key Trends:

One key trend shaping the portable medical devices market is the integration of advanced technologies such as artificial intelligence (AI) and Internet of Things (IoT). AI-enabled portable medical devices can effectively analyze patient data, provide real-time insights, and assist in making accurate diagnoses. These devices can also facilitate telemedicine and remote patient monitoring, enabling healthcare professionals to remotely monitor patients’ health and provide timely interventions. The integration of IoT in portable medical devices allows seamless connectivity, data sharing, and remote access to patient health data, enhancing the overall healthcare experience. These technological advancements are expected to drive market growth and revolutionize patient care in the coming years.

The global Portable Medical Devices Market Demand is estimated to be valued at US$ 75.26 billion in 2023 and is expected to exhibit a CAGR of 10.2% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Porter’s Analysis

Threat of New Entrants: The threat of new entrants in the portable medical devices market is relatively low. The market is highly regulated, requiring significant investments in research and development, manufacturing capabilities, and regulatory approvals. Existing players have established strong brand recognition and customer loyalty, making it difficult for new entrants to gain market share.

Bargaining Power of Buyers: The bargaining power of buyers is moderate. While there are a large number of buyers in the market, they have limited options when it comes to portable medical devices. The high cost of switching to alternative solutions and the critical nature of these devices give some bargaining power to buyers, but they are still largely dependent on the offerings of the key market players.

Bargaining Power of Suppliers: The bargaining power of suppliers is relatively high in the portable medical devices market. The market relies on a diverse range of inputs, including electronic components, sensors, batteries, and software. Suppliers with unique or patented technologies have more leverage in negotiations, allowing them to charge higher prices or establish exclusive partnerships with key players.

Threat of New Substitutes: The threat of new substitutes in the portable medical devices market is low. These devices provide unique functionalities and are specifically designed for medical applications. While there may be alternative healthcare solutions, such as traditional healthcare services or non-portable medical devices, they cannot fully replace the convenience and accessibility offered by portable medical devices.

Competitive Rivalry: The competitive rivalry in the portable medical devices market is high. There are a number of key players operating in the market, including 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. These companies compete fiercely for market share through continuous innovation, technological advancements, and strategic partnerships.

Key Takeaways

The global portable medical devices market is expected to witness significant growth over the forecast period due to increasing demand for convenient and accessible healthcare solutions. The market is characterized by a moderate threat of new entrants, moderate bargaining power of buyers, a relatively high bargaining power of suppliers, a low threat of new substitutes, and high competitive rivalry.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the portable medical devices market. The region has well-established healthcare infrastructure, a high adoption rate of new technologies, and favorable reimbursement policies. Additionally, the presence of key market players in North America further contributes to its dominance in the market.

Key players operating in the portable medical devices market include 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. These companies have a strong market presence and are continuously investing in research and development to stay ahead of the competition.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it