Portable Medical Devices Market

Global Portable Medical Devices Market Size (2024 to 2029)

The global portable medical devices market is predicted to grow at a CAGR of 7.2% during the forecast period and be worth USD 108.46 billion by 2029 from USD 76.61 billion in 2024.

Global Portable Medical Devices Market Drivers:

The growing aging population significantly contributes to the portable medical devices market growth.

The WHO says the worldwide population of 60 years of age and above are expected to reach 1.4 billion by 2030, which is also one in every six people. The aged population is likely to be prone to various chronic diseases and needs regular health monitoring to avoid meeting risks; therefore, using portable medical devices. WHO says hearing loss, cataracts, refractive errors, back and neck pain and osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, and dementia are shared among the aging population. Portable medical devices such as blood glucose monitoring devices and portable oxygen concentrators are convenient devices for aged people to monitor and manage diseases from their homes. The demand for portable medical devices is likely to increase with the growing aging population, and the same is expected to result in the market's growth rate.

The growing adoption of technological advancements such as A.I., ML, IoT, and Big Data to manufacture effective portable medical devices is anticipated to fuel the market's growth rate. The market participants are leveraging the technology to manufacture medical devices that are small in size, user-friendly and accurate in results. Currently, portable medical devices such as pulse oximeters and blood glucose monitoring devices have come down to the size where they can fit in a pocket or purse and connects with mobile phones. Furthermore, with the integration of technological developments such as sensors, A.I., ML, and cloud computing in portable medical devices, their efficacy and reliability have been improved dramatically, due to which the adoption of these devices is increasing among people.

In addition, the growing population suffering from chronic diseases worldwide is anticipated to fuel the market's growth rate. The Centers for Disease Prevention and Control (CDC) says six in ten adults in the U.S. suffer from one chronic disease, and four in ten adults in the U.S. suffer from more than one chronic disease. Furthermore, increasing support from various governments, rising consumer demand levels for portable medical devices, and growing adoption of remote patient monitoring are estimated to favor the market's growth rate.

Global Portable Medical Devices Market Restraints:

High costs associated with portable medical devices are primarily hampering the market growth. Some of the portable medical devices are pricey and not affordable to some people, which is negatively impacting the adoption of these devices. Furthermore, reimbursement policies and standardization issues are necessary for market growth. In addition, poor awareness levels among people regarding the benefits associated with portable medical devices are inhibiting market growth. Furthermore, factors such as data privacy issues and regulatory issues are impeding the portable medical devices market.

Impact of COVID-19 on the portable medical devices market:

The demand for portable medical devices has accelerated due to the COVID-19 pandemic. To limit the spread of the coronavirus, many governments have announced lockdowns and imposed restrictions on traveling. Due to this, it has become difficult for people to go the hospitals or clinics for their medical needs. As a result, people have adopted remote patient monitoring, home healthcare, and telemedicine as alternatives. Due to this, the demand for portable medical devices such as blood glucose monitoring devices and pulse oximeters has significantly spiked. During the COVID-19 pandemic, many people have taken advantage of digital health and sought medical assistance, which has helped the portable medical devices market to a considerable extent. During the forecast period, the global portable medical devices market is anticipated to register a promising CAGR.

Portable medical devices are for patients to use outside hospitals or clinics. Healthcare centers adopt these devices in some parts of the world, but the usage of these devices is mainly limited to people. Some examples of portable medical devices include blood glucose monitoring devices, pulse oximeters, nebulizers, and portable oxygen concentrators. Using these devices, patients can easily keep a check on their health condition. The usage of these devices is high among people suffering from diseases such as diabetes, COPD, and others that require continuous health monitoring. The adoption of portable medical devices is expected to grow significantly in the coming days. The recent COVID-19 positively impacted the portable medical devices market growth.

REPORT COVERAGE:

This research report on the global portable medical devices market has been segmented and sub-segmented based on product, end-user & region.

Global Portable Medical Devices Market By Product:

• Diagnostic Imaging 
• Monitoring Devices 
  • Cardiac Monitoring 
  • Neuro-Monitoring 
  • Respiratory Monitoring 
  • Others 
• Others 

Based on product, the monitoring devices segment captured almost 50% of the global portable medical devices market share in 2023, and the domination of the segment is expected to continue during the forecast period. The increasing adoption of monitoring devices primarily drives the segment's growth. Increasing product approvals for monitoring devices is another significant attribute driving segmental growth. In addition, the growing adoption of technological developments to manufacture effective monitoring devices is fueling the segment's growth rate.

On the other hand, the diagnostic imaging segment is expected to showcase a healthy CAGR during the forecast period. This is because the adoption of diagnostic imaging is growing, primarily resulting in segmental growth.

Global Portable Medical Devices Market – By End-User:

• Hospitals
• Physicians' offices
• Homecare Settings
• Others

Based on end-user, the homecare settings segment had the largest share of the global market in 2023 and is anticipated to showcase significant domination during the forecast period. Due to the growing hospital costs, many people worldwide prefer to seek medical assistance from home, promoting the segment's growth. In addition, the adoption of portable home care medical devices has been growing consistently over the last few years. These devices are cost-friendly and affordable, resulting in growing adoption and segment growth.

Global Portable Medical Devices Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American portable medical devices market was the largest regional segment worldwide in 2023 and held 42.7% of the global market share. During the forecast period, the domination of the North American region is estimated to continue. The presence of favorable initiatives from the North American countries is fueling the regional market growth. In addition, the availability of technologically well-developed portable medical devices is boosting the market growth in North America. Furthermore, increasing awareness among people for early disease diagnosis and the growing patient count suffering from various diseases are supporting the growth rate of the North American market. As a result, the U.S. held a significant share of this region, followed by Canada in 2022.

Europe portable medical devices market captured a substantial share of the global market in 2023 and is expected to occupy a considerable share during the forecast period. The presence of key market participants, a growing population suffering from chronic diseases, and increasing adoption of technological developments to manufacture advanced medical devices propel regional market growth. Germany had the largest share of the European market in 2023. The U.K. is another potential regional market in Europe and is expected to hold a considerable share of the European market during the forecast period.

APAC portable medical devices market occupied a considerable share of the global portable medical devices market in 2023 and is anticipated to grow at the fastest CAGR during the forecast period. The healthcare infrastructure of the APAC region is experiencing consistent developments, which is expected to fuel the growth rate of the APAC market. Furthermore, the growing trend of wearable medical devices is further expected to promote regional market growth. In addition, the growing aging population, increasing population suffering from respiratory diseases, and rising disposable income are contributing to the growth of the APAC market during the forecast period. In 2023, China accounted for the largest share of the APAC market. On the other hand, India and Japan are anticipated to hold a considerable share of the APAC market during the forecast period.

The portable medical devices market in Latin America is anticipated to showcase a steady CAGR in the coming years. Brazil led the Latin American market in 2022, followed by Mexico and Argentina. The growing awareness regarding the advantages associated with portable medical devices in Brazil propels the market growth in this country.

The portable medical devices market in MEA had a moderate share in the worldwide market in 2022 and is anticipated to have better occupancy in the global market during the forecast period.

KEY MARKET PLAYERS:

Companies such as Medtronic Inc., AliveCor Inc., Koninklijke Philips N.V., AgaMatrix Inc., Cisco Inc., Nike Inc., AirStrip Technologies Inc., LifeWatch AG, BioTelemetry Inc., IHealth Lab Inc., LifeWatch AG, Fitbit, Samsung Group, General Electric Company, OMRON Corporation are currently playing a dominating role in the global portable medical devices market and profiled in this report.

RECENT MARKET HAPPENINGS:

• In June 2021, DetelPro launched one of the cheapest pulse oximeters called DetelPro Oxy10, which is easy to use and has an LED display to view the results.
• In May 2020, Technimount System, a company that manufactures mounting solutions for portable medical devices, announced their launch of Bracket Pro Serie® for Ventilators.
• In August 2018, CareTaker Medical, a digital health firm, announced its C.E. Certification for Caretaker4 Wireless Vital Signs Monitor.