Market Challenges And Opportunities

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 the growth of the portable medical devices market.

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 the burden of chronic diseases worldwide. For instance, with the increase in prevalence of chronic diseases, 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 the 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 a 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 provides predictive and personalized patient insights through remote monitoring.

Global Portable Medical Devices Market Restraints:

High cost of devices to hinder the growth of the market

One of the key factors expected to hamper the 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 a portable X-ray machine ranges between INR 2 lakh to INR 50 Lakhs. Furthermore, logistics issues as well as high maintenance, repair, and calibration expenses are key obstacles to the use of 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