PORTABLE MEDICAL ELECTRONIC PRODUCTS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Rising Prevalence of Chronic Diseases

Non-communicable or chronic diseases have emerged as a major public health challenge globally in recent decades. Long term conditions like diabetes, cardiovascular disease, respiratory diseases, and cancer now account for the bulk of mortality worldwide. According to the WHO, chronic illness will contribute significantly to the worldwide disease burden with billions of people requiring long term treatment and management. The aging population, sedentary lifestyles, and risk factors like obesity have led to a steady rise in chronic disease incidence rates in developed as well as newly industrializing nations.

This uptick presents both a financial as well as patient care burden for healthcare systems with demand for resources increasing in parallel. Chronic conditions require the consistent monitoring of symptoms and adherence to medication schedules or treatment plans on an ongoing basis. Traditional clinical settings alone cannot manage such high patient volumes requiring lifelong care.

Remote monitoring technology addresses a critical need to enhance disease management at reduced costs. It allows physicians to detect irregularities that could indicate complications and intervene in a timely manner. This helps avoid expensive emergency admissions and bridge gaps in rural access to care. Moreover, continuous digital engagement and education of patients through such tools improves adherence to treatment over the long run. Chronic conditions are projected to continue rising which will further cement the role of portable connected healthcare solutions. For instance, in May 2023, WHO’s latest World Health Statistics report warns of the growing threat of non-communicable diseases (NCDs), which could account for 86% of deaths by 2050 if current trends continue. The report also highlights the impact of COVID-19, which has stalled progress towards global health goals and reversed gains in areas like malaria and tuberculosis. Despite these challenges, global life expectancy has increased from 67 years in 2000 to 73 years in 2019, though the pandemic has deepened healthcare inequalities. The WHO calls for greater investment in health systems to achieve Sustainable Development Goals (SDGs).