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

Portable Medical Electronic Products Market Size and Trends

The global portable medical electronic products market is estimated to be valued at USD 83.10 Billion in 2024 and is expected to reach USD 157.11 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031. Rising disposable incomes and increases health awareness among the global population are the major factors driving the demand for portable medical devices.

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The market is witnessing rising demand for personalized and wireless medical devices due to the increasing preference for home healthcare among patients. Technological advancements enabling miniaturization and improved portability of devices along with growing telemedicine and remote patient monitoring trends are expected to boost the demand for portable medical electronic products over the forecast period.

Growing Demand for Remote Patient Monitoring

The healthcare industry has undergone rapid transformation in recent years with advanced medical devices and technologies revolutionizing patient care. One such area that has witnessed tremendous growth is remote patient monitoring which utilizes connected medical devices, apps, and platforms to monitor patients outside of conventional clinical settings. The traditional model of patients visiting healthcare facilities for routine checkups and treatments is steadily being replaced with remote monitoring solutions that allow  the continuous tracking of vital signs and symptoms in the comfort of one's own home.

This shift is being driven by a number of factors such as the increasing preference among physicians and patients for less invasive treatment procedures and shorter hospital stays. Remote monitoring provides an improved follow up mechanism post treatment by facilitating close checks on recovery progress from the home without re-admission. It also enables earlier detection of deteriorations in health conditions through constant data transmission to provider portals. For elderly patients or those with limited mobility, remote care cuts down on unnecessary travel while still maintaining follow ups. The cost benefits from reduced hospitalization are proving attractive for both individuals as well as insurance providers.

The ongoing COVID-19 pandemic has further accelerated the widespread adoption of remote care practices. As social distancing became important, remote patient monitoring helped bridge the gap and continue essential care. It allowed higher risk individuals and those recovering from COVID-19 infections to be closely watched without physical visits. Telehealth consultations integrated with the home use of connected devices formed a viable alternative to in-person consultations. Going forward, remote monitoring is expected to remain an integral part of healthcare even post pandemic by facilitating affordable chronic care management. For instance, in February 2022, Healthnet Global, a subsidiary of Apollo Hospitals, launched Automaid, an advanced in-patient room automation system designed for remote patient monitoring and triaging.

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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).