PORTABLE MEDICAL DEVICES MARKET ANALYSIS

Portable Medical Devices MarketSize and Trends

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 Trends:

Increase in number of surgical procedures is a recent trend

Portable devices have made it possible to improve diagnostics at the 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.