February 23, 2024
Portable Medical Devices Market

Rising Adoption of Home Healthcare to Open Up New Avenues for the Portable Medical Devices Market

The 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 lightweight diagnostic and monitoring equipment designed for home healthcare and point-of-care applications. Some key portable medical devices include blood glucose monitors, ECG monitors, blood pressure monitors, pulse oximeters, peak flow meters, hearing aids, and fetal monitors. These devices offer convenience of use, portability, and real-time monitoring capabilities, thereby supporting independent living and preventive healthcare.

Market Dynamics:
Drivers:
Growing geriatric population and rising incidence of chronic diseases such as diabetes, cardiovascular diseases, and respiratory diseases has increased the demand for self-monitoring medical devices for home healthcare. According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of all deaths globally in 2020.
Advancements in wearable medical devices integrated with connectivity features allows continuous health monitoring and data transmission to physicians for timely diagnosis and treatment. This is expected to support early disease detection and management.

Growing focus on telehealth and remote patient monitoring during the COVID-19 pandemic has boosted the adoption of portable medical devices for virtual consultations and management of non-critical patients at home. This trend is likely to continue in the post pandemic era as well.

Segment Analysis

The portable medical devices market is dominated by the home healthcare segment. This segment accounts for over 45% share of the overall market due to the increasing preference for home monitoring and treatment of chronic diseases. With the increasing prevalence of lifestyle diseases and healthcare costs, patients are opting for home-based care which is driving the demand for portable medical devices for home use.

PEST Analysis

Political: Regulations related to data security and privacy in portable medical devices are increasing which manufacturers have to comply with. This increases compliance costs.

Economic: Rising healthcare costs are encouraging the shift from hospital-based care to home healthcare. This is driving demand for portable medical devices. The high disposable incomes in developed markets also support market growth.

Social: Changing lifestyles and increased prevalence of lifestyle diseases are boosting demand for remote monitoring devices for management of chronic conditions. The growing geriatric population prone to disabilities also drives use of portable devices.

Technological: Integration of technologies like artificial intelligence, cloud connectivity and miniaturization in devices is improving their functionality. This is expanding applications of portable devices.

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 preference for home healthcare and remote patient monitoring. The market size for portable medical devices is estimated to reach US$ 175.48 Bn by 2030 from US$ 75.26 Bn in 2023.

North America dominates the portable medical devices market currently due to supportive reimbursement policies for home healthcare devices and higher healthcare expenditure. However, Asia Pacific is expected to witness the highest growth during the forecast period supported by rising medical tourism, healthcare infrastructure expansion and growing medical device companies in countries such as China, India and Japan.

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 product launches and geographic expansions to strengthen their market position.

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