Portable Medical Devices Market Share, Size, Growth Report, 2028

Portable Medical Devices Market: Industry Perspective

The global portable medical devices market size was worth around USD 47.73 billion in 2021 and is predicted to grow to around USD 77.01 billion by 2028 with a compound annual growth rate (CAGR) of roughly 8.30% between 2022 and 2028.

The report analyzes the global portable medical devices 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 portable medical devices industry.

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Portable Medical Devices Market: Overview

Portable medical devices are diagnostic and curative devices that are convenient, easy to handle, and reduce healthcare expenditure. Some of the significant portable devices include electrocardiographs, pacemakers, monitors, defibrillators, and dialyzers. The inclination of the healthcare industry towards the ease of handling devices has resulted in the miniaturization of medical devices at a large scale.

Medical devices embedded with portable technologies are trending in the global healthcare industry. Furthermore, growing opportunities in home care telemedicine, connectivity, and remote monitoring sectors are providing new platforms for the portable medical devices market. Grants provided by the government for the technological advancement of portable devices are further fuelling the demand for portable medical devices in the global market

Wireless networking and thin product design are no longer limited to smartphones and music players. Still, they are also reshaping the healthcare industry, thanks to the ever-changing environment of portable gadgets. Researchers are developing new devices such as portable ultrasound equipment to simplify and improve patient care. Preference for less intrusive medical technology and portability has shifted focus to insulin pumps, oxygen concentrators, and other portable medical equipment, which are reshaping the mobile medical device market.

The portable medical devices market is predicted to grow fast in the following years due to increased demand for mobile medical devices and wearable electronics, an increase in the senior population, and technological improvements.

COVID-19 Impact Analysis:

The COVID-19 disease has created a massive market for medical equipment and is a significant driver in the healthcare industry. This has resulted in a quick increase in the demand for all portable healthcare equipment. This sickness restricts the use of any device by far too many individuals to prevent the virus from spreading and coming into touch with them. As a result, there is a high need for portable health equipment in hospitals, clinics, COVID centers, and homes.

During this epidemic, essential products such as oximeters, portable oxygen cylinders, and Glucometers have produced a commercial boom. As a result, COVID-19 has become one of the most important marketplaces for portable devices and serves as excellent market care.

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Portable Medical Devices Market: Growth Drivers

Rise in health and fitness education, accompanied by the introduction of new technology.

The rise in health and fitness education and the introduction of new technologies such as the Internet of Things (IoT), Big Data, and analytics in medical devices are important factors driving market expansion. Furthermore, a stressful and hectic lifestyle has resulted in the rise of many health conditions, fueling the market's expansion. 

Portable Medical Devices Market: Restraints

Inaccurate results and fluctuations in data

Memory problems, erroneous results, and data variations are varied restrictions that can impact the growth of the portable medical devices industry.

Portable Medical Devices Market: Segmentation

The global Portable Medical Devices market is segregated based on product, application, end-user, and region.

Based on product type, The global portable medical devices market has been segmented by 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, cardiac monitoring, and others. During the forecast period, the smart wearable medical device category is expected to grow the fastest.

By application, the global portable medical devices market is divided into medical treatments, diagnostic and health, fitness and wellness, monitoring, and others. 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 fetal and neonatal monitoring. Furthermore, major improvements in smaller advanced platforms, as well as subsequent product approvals, are propelling market expansion.

By end-users, homecare is likely to grow greatly in the forecast time based on end-use. Because of their low cost and safety, home care products are becoming increasingly popular. Also, because of escalating hospital expenditures and the cost-effectiveness of home care goods, home care is an excellent choice for many people.

Portable Medical Devices Market: Report Scope

Portable Medical Devices  Market: Regional Analysis

North America is projected to dominate the global market

In 2021, North America is expected to have the largest share of the global portable medical devices market. This could be because the healthcare business spends a lot of money on research and development. This element will aid the growth of the North American mobile medical device industry. Additionally, favorable government initiatives and developments in advanced medical equipment reimbursement rules will boost the portable medical equipment market ahead.

Portable Medical Devices  Market: Competitive Landscape

The global portable medical devices market is dominated by players like:

• Samsung Group
• General Electric Company
• Koninklijke Philips N.V
• VYAIRE
• Nox Medical
• OMRON Corporation
• Medtronic Plc
• F. Hoffmann-La Roche Ltd.

The global 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-User

• Hospitals
• Ambulatory Surgery Centers (ASCs)
• 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 the Middle East & Africa