PORTABLE MEDICAL DEVICES MARKET ANALYSIS

The global portable medical devices market was valued at US$ 68.28 Bn in 2022 and is forecast to reach a value of US$ 148.7 Bn by 2030 at a CAGR of 10.2% between 2023 and 2030. The global portable medical devices market is experiencing strong growth due to the rise in burden of chronic diseases and rise in preference for home healthcare. Moreover, the outbreak of COVID-19 and rise in adoption of portable medical devices is expected to boost the growth of the market. However, factors such as high cost of portable medical devices and security concerns are expected to hamper growth of the portable medical devices market.

Global Portable Medical Devices Market: Regional Insights

Based on geography, the global portable medical devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the increase in prevalence of chronic diseases, growing geriatric population, rise in preference for home healthcare, and increasing demand for wearable devices in the region. For instance, with the rise in burden of chronic diseases, such as heart disease and cancer, the demand for portable medical devices is also increasing rapidly. According to the U.S. Centers for Disease Control and Prevention, chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States.

Europe and Asia Pacific are also expected to witness robust growth in the global portable medical devices market due to the rise in burden of chronic diseases, rise in preference for home healthcare, growing geriatric population, and the outbreak of COVID-19 in these regions. For instance, several medical devices manufacturers took up the pandemic as a challenge and came up with innovative medical devices. The Government of India through its Centre for Augmenting WAR with COVID-19 Health Crisis initiative scouted, evaluated, and supported promising ventilator, respiratory aids and other equipment from 5 companies who have now taken their products to deployment stage.

Figure 1. Global Portable Medical Devices Market Share (%), By Region, 2023

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Global Portable Medical Devices Market Drivers:

Rise in burden of chronic diseases to drive market growth

One of the key factors expected to propel the growth of the global portable medical devices market over the forecast period is the rise in burden of chronic diseases worldwide. For instance, with the increase in prevalence of chronic disease, such as cardiovascular disease, cancer, and diabetes, the demand for portable medical devices is also increasing. In February 2022, AliveCor announced the launch of (the Food and Drug Administration approved) KardiaMobile Card, a slimmest, most convenient personal electrocardiogram (ECG) device ever created. At the size of a standard credit card, KardiaMobile Card fits easily into any wallet (for instant feedback on heart health anytime, anywhere) and delivers a medical-grade, single-lead ECG in 30 seconds.

Rise in preference for home healthcare to propel market growth

Another major factor which is driving the growth of the global portable medical devices market is the rise in preference for home healthcare owing to growing geriatric population. For instance, in November 2022, Iveda announced the launch of the IvedaCare, an AI-driven assistant for safety, security, and elderly care. It is the first scientifically validated at-home AI Caregiver service. The patented software learns users’ lifestyle preferences in order to make informed decisions around health and security, effectively reducing false alarms and providing unparalleled peace of mind to caregivers using the advanced technology.

Global Portable Medical Devices Market Opportunities:

The outbreak of COVID-19 is expected to provide significant growth opportunities for players in the portable medical devices market. For instance, healthcare companies responded swiftly to the outbreak of COVID-19 by offering a significant number of medical equipment for remote patient monitoring. In April 2020, the FDA granted Abbott and Dexcom permission to deploy continuous glucose monitoring devices in hospitals to decrease contact with patients and remotely manage their health. Moreover, the pandemic had a positive impact on the sales due to the increased sales volume of the devices across countries worldwide.

Rise in adoption of portable medical devices due to rise in awareness among people regarding the benefits of portable devices is expected to offer significant growth opportunities for players in the global portable medical devices market. For instance, with the rise in technological advancements in portable devices (such as the incorporation of new technology in the device to enhance its utility, ease of access, accuracy, and workflow), the adoption of the portable devices is also increasing. In August 2022, SmartCardia launched their 7L patch, a 7-lead cardiac monitoring patch. The patch provide predictive and personalized patient insights through remote monitoring.

Global Portable Medical Devices Market Trends:

Increase in number of surgical procedures is a recent trend

Portable devices have made it possible to improve diagnostics at primary healthcare level, provide care at home, and resulted in improved health outcomes and patient satisfaction. Rising awareness among the population regarding the benefits of portable medical devices and the proliferation of smart/advanced technologies in portable devices is contributing to the adoption of portable medical devices in hospital and healthcare settings worldwide. This trend is expected to continue over the forecast period, driving the growth of the market.

Rise in adoption of imaging equipment is another trend

Diagnostic imaging equipment covers a wide array of medical devices used for diagnostic purposes such as X-ray, MRI, and ultrasound, among others, and these devices have a range of applications in a variety of medical fields, such as oncology, orthopedic, gynecological, and more. Thus, with the increase in burden of chronic diseases (as these devices are used to diagnose chronic diseases) and technological advancements in diagnostic imaging devices, the adoption of portable diagnostic imaging equipment or devices is also increasing. This trend is also expected to continue during the forecast period, driving the growth of the market.

Global Portable Medical Devices Market Restraints:

High cost of devices to hinder growth of the market

One of the key factors expected to hamper growth of the global portable medical devices market is the high cost of portable medical devices. The high cost of portable medical devices, which adds to the economic burden on patients and hospitals, is a crucial determining factor in the adoption of clinical or home-based applications. In India, the price of portable X-ray machine ranges between INR 2 lakh to INR 50 Lakh. Furthermore, logistics issues as well as high maintenance, repair, and calibration expenses are key obstacles to the use the portable medical devices.

Security concerns to hamper the growth of the market

Another factor which is hampering the growth of the global portable medical devices market is the security concerns. For instance, wireless medical devices are susceptible to several risks, including information gathering, impersonation, patient tracking, relaying assaults, denial-of-service attacks, and more. These threats violate the integrity, confidentiality, and available properties of portable medical devices. Moreover, the subject of cybersecurity defence is more complex and richer than purely technological one. Furthermore, portable medical devices are protected from cybersecurity vulnerabilities, but their access to current computer networks rose in the recent years.

Figure 2. Global Portable Medical Devices Market Share (%), By Product, 2023

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Global Portable Medical Devices Market Segmentation:

The global portable medical devices market report is segmented into Products, End User, and Geography.

Based on Products, the market is segmented into Diagnostic Imaging, Monitoring Devices, and Other Products. Out of which, Diagnostic Imaging Segment is expected to dominate the portable medical devices devices market over the forecast period and this is attributed to the rise in burden of chronic disease, as they are used to diagnose these diseases.

Monitoring Devices Segment is also expected to witness significant growth in the near future and this is owing to the increase in adoption of portable monitoring devices worldwide.

Based on End User, the market is segmented into Hospitals, Physician Offices, Homecare Settings, and Other End Users. Out of which, Hospitals Segment is expected to dominate the market over the forecast period and this is attributed to the outbreak of COVID-19.

Homecare Settings Segment is also expected to witness significant growth in the near future and this is owing to increasing awareness among people about the benefits of portable devices.

Global Portable Medical Devices Market: Key Developments

In August 2022, CardiAI Inc. announced the launch of its brand new 24-hour ambulatory blood pressure monitoring system. BPAro is a compact, portable, self-monitoring blood pressure device that uses Bluetooth for wireless data collection.

In July 2022, Fujifilm Europe launched a new flexible, hybrid C-arm and portable X-ray machine. The device, FDR Cross, is designed to offer high-quality fluoroscopic and static X-ray images during surgery and other medical procedures.

In March 2022, Mobvoi Inc., in partnership with global health tech company CardieX, launched its first heart health monitoring Smartwatch, the TicWatch GTH Pro. The watch also uses sensors to provide insights into general and arterial health through high-fidelity sensing points that track both from the wrist and through the finger.

In April 2022, Biotricity launched its FDA-cleared, wireless wearable cardiac monitoring device, Biotres. Biotres serves as a three-lead device designed to continuously record ECG data for early detection of cardiac arrhythmias, disrupting the conventional one-lead patch Holter monitor.

In January 2022, Clarius Mobile Health announced the launch of a third-generation product line of high-performance handheld wireless ultrasound scanners for all medical specialists.

In December 2021, EagleView Ultrasound launched its wireless portable ultrasound device, which provides much freedom for ultrasound imaging and makes point-of-care solution more affordable.

Global Portable Medical Devices Market: Key Companies Insights

The global portable medical devices market is highly competitive. This is attributed to the rise in adoption of portable medical devices owing to increase in consumer awareness, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global portable medical devices market are Siemens Healthineers, Medtronic Inc., Omron Healthcare, Koninklijke Philips NV, Abbott Laboratories, Hologic Inc., General Electric (GE Healthcare), Fujifilm Holdings Corporation, Samsung Electronics Co. Ltd. (Samsung Healthcare), and Becton, Dickinson and Company, among others.

*Definition: Portable medical devices are electronic equipment used for monitoring, operating, and managing a wide variety of medical conditions. Portable devices have revolutionized the way in which people monitor and determine their own health and wellbeing.