by The global Portable Medical Devices Market is estimated to be valued at US$ 75.26 Bn or Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Portable medical devices refer to small, lightweight, and handheld medical equipment used for patient monitoring, diagnostics, and therapeutics. They provide healthcare solutions through early detection and treatment without requiring hospital admission. Some key portable medical devices include glucose meters, ECG monitors, blood pressure monitors, pulse oximeters, digital thermometers, apnea and sleep monitors, neurological monitors, and wearable injectors.
These devices offer various advantages such as convenience, mobility, real-time monitoring, cost-effectiveness, and time-saving capabilities. They help manage chronic diseases remotely without extensive hospitalization. The need for portable devices is growing owing to the rising prevalence of diseases, increasing geriatric population, and growing demand for home healthcare services. Self-monitoring and technological advancements are also fueling industry expansion.
Market key trends:
One of the major trends in the market is the growing adoption of wearable medical devices. Devices such as smartwatches, wristbands, and patches integrated with sensors and connectivity capabilities are becoming popular for continuously tracking vital health parameters. For instance, wearable BP monitors such as QardioCore allow remote monitoring of blood pressure while being mobile or stationary. The growth in wearable technology enables the shift of care from hospital to home settings.
Another key trend is the increasing integration of portable medical devices with smartphones and tablets. Connected medical devices offer remote data transmission and reporting through wireless connectivity and mobile applications. This allows real-time monitoring of biometric data by physicians and healthcare providers anywhere. For example, iHealth’s blood pressure monitors and thermometers synchronize readings with iOS and Android devices for easy sharing and analysis of health metrics over time. The convergence of mobile technologies with portable medical equipment enhances patient care and management.
Porter’s Analysis
Threat of new entrants: New entrants may face high costs associated with R&D required for product innovation in portable medical devices. Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many established brands offering a variety of medical devices. Bargancing power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and commoditization of parts used in device manufacturing. Threat of new substitutes: Threat of substitution is moderate as new technologies can disrupt existing medical device market but require significant investments. Competitive rivalry: Intense competition exists between major players to gain market share through new product launches and innovation.
Key Takeaways
Global Portable Medical Devices Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing investment from key players and advancement in technology.
Regional analysis: North America dominates the portable medical devices market currently. However, Asia Pacific is expected to witness fastest growth over the forecast period driven by growing demand and increasing healthcare expenditure in China and India.
Key players: Key players operating in the portable medical devices market are Siemens Healthineers, Medtronic Inc., Omron Healthcare, Koninklijke Philips, Abbott Laboratories, Hologic Inc., General Electric (GE Healthcare), Fujifilm Holdings Corporation, Samsung Electronics Co. Ltd. (Samsung Healthcare), and Becton, Dickinson and Company, among others. These players are focusing on new product launches and strategic collaborations to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
