Global Portable Medical Devices Market Is Likely To Grow At A CAGR Value Of Around 6.20% By 2028

The global Portable Medical Devices Market was worth around USD 47.73 billion in 2021 and is estimated to grow to about USD 77.01 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.30 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

With the ever-changing environment of portable gadgets, wireless networking and slim product design are no longer limited to smartphones and music players but are also transforming the healthcare industry. Researchers are creating new products, such as portable ultrasound equipment, to simplify and improve patient treatment.

Preference for less intrusive medical technology and portability has turned emphasis to insulin pumps, oxygen concentrators, and other portable medical devices, which are changing the face of the mobile medical devices market. The portable medical devices market is expected to  expand rapidly in the next years as a result of rising demand for portable medical devices and wearable electronics, an increase in the senior population, and technological advancements.

The global Portable Medical Devices market is segregated based on product, application, End- Use, and region. Based on product type, The global portable medical devices market has been divided into CT scans, neonatal monitoring, diagnostic imaging X-rays, endoscopes, insulin pumps, image-guided therapy systems, nebulizers, ultrasound, smart wearable medical devices, stress monitoring devices, oxygen concentrators, and cardiac monitoring, among others. The smart wearable medical device category is predicted to grow the quickest during the projection period. This is due to the increasing demand for wristbands and other fitness monitoring equipment to continuously track consumers' long-term health. The growing awareness of continuous health monitoring and attention to health issues has resulted in the proliferation of smart wearable gadgets.

Based on application, the Global Portable Medical Devices Market is segmented into medical therapeutics, diagnosis health, fitness & wellness, monitoring, etc. The monitoring sector accounted for the most significant market value share due to the increasing adoption rate of monitoring equipment such as cardiac and neuromonitoring devices, vital sign monitoring, and foetal and neonatal monitoring. Furthermore, significant advancements in smaller advanced platforms and subsequent product approvals are driving the market growth.

Based on end-use, home care is expected to rise significantly in the projected period. Home care products are becoming increasingly popular because of their low cost and safety. Home care is an excellent solution for many people due to rising hospital costs and the cost-effectiveness of home care goods. The portable medical device market is growing with the rapid development of home healthcare and applications such as post-operative care, chronic disease management, and fitness benefit.

In 2021, North America is estimated to hold the most significant share of the global portable medical devices market. This can be due to the substantial expenditure on research and development operations in the healthcare sector. This factor will help the mobile medical devices market in North America grow. Furthermore, favourable government initiatives and advancements in advanced medical equipment reimbursement regulations will propel the portable medical equipment market forward. 

Europe is likely to be closely followed by North America, both of which are expected to enjoy significant growth in the near future. This expansion is mainly fuelled by the region's high per capita income and developed healthcare infrastructure.  

Due to rising spending in the medical sector, Asia Pacific expects opportunistic growth during the projection period. The region's healthcare centres have grown exponentially in recent years. Furthermore, the high population density made for a significant potential opportunity in the portable medical devices industry.

Among the market's top companies are Samsung Group, General Electric Company, Koninklijke Philips N.V, VYAIRE, Nox Medical, OMRON Corporation, Medtronic Plc, and F. Hoffmann-La Roche Ltd.

Recent developments:

• In December 2020, Koninklijke Philips N.V. bought BioTelemetry to enhance its remote care solutions. Koninklijke Philips N.V. developed the abdominal aortic aneurysm model in January 2021, offering clinicians a more patient-friendly option than the existing standard of care for managing abdominal aortic aneurysms.
• In January 2021, Smith and Nephew partnered with Movemedical to increase its inventory automation solutions and improve client experience.
• Vyaire Medical acquired Acutronic Medical Systems, the designer and manufacturer of neonatal breathing devices, in 2018.

Browse the full “Portable Medical Devices  Market By Product(CT scans, neonatal monitoring, diagnostic imaging X-rays, endoscopes, insulin pumps etc), By Application (medical therapeutics, diagnosis health, fitness & wellness, monitoring, etc), By End-Use (Hospitals, Homecare, Ambulance Surgery Centres & Others) and By Geography – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/portable-medical-devices-market

Portable Medical Devices market is segmented as follows:

By Product

• CT Scan
•  Neonatal Monitoring
• Diagnostic Imaging X-Ray
•  Endoscopes
•  Insulin Pumps
•  Image-Guided Therapy Systems
•  Nebulizer
•  Ultrasound
• Smart Wearable Medical Device
•  Stress Monitoring Devices
•  Oxygen Concentrator
•  Cardiac Monitoring
•  Others

By Application

• Medical Therapeutics
• Diagnosis Health
• Fitness & Wellness
• Monitoring
• Others

By End- Use

• Hospitals
• Ambulatory Surgery Centres
• Homecare
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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