Portable Medical Devices Global Market 2024 - Growth Analysis, Business Opportunities, Future Trends, Developments And Forecast To 2033

The portable medical devices market size has grown rapidly in recent years. It will grow from $50.59 billion in 2023 to $56.6 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to miniaturization of electronics, increasing chronic diseases, aging population, telehealth and remote monitoring, point-of-care testing.

The portable medical devices market size is expected to see rapid growth in the next few years. It will grow to $85.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to global health pandemics, digital health integration, increased home healthcare, healthcare cost containment, wearable health tech adoption. Major trends in the forecast period include advancements in battery technology, ai and machine learning integration, smart inhalers and drug delivery devices, integration of augmented reality, blockchain technology in healthcare.

Market Overview -
Portable medical devices refer to any device intended to be used alone or in combination for a medical purpose. Portable medical devices include any instrument, equipment, implement, machine, appliance, implant, reagent for in vitro usage, software, material, or other similar or related items that are easy to carry.

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Rising Prevalence Of Chronic Diseases Fuels Growth In The Portable Medical Devices Market
The growing prevalence of chronic diseases is expected to propel the growth of the portable medical devices market going forward. Chronic diseases are described generically as problems that persist a year or longer, need continuing medical treatment, and interfere with everyday activities. Portable medical devices assist patients suffering from chronic diseases track their health-related conditions, such as physiological conditions in post-acute, rehabilitation, and chronic cases. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least one chronic condition would increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Therefore, the growing prevalence of chronic diseases drives the portable medical devices market.

Competitive Landscape -
Major companies operating in the portable medical devices market report are Cardinal Health Inc., Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd., Panasonic Holdings Corporation, Abbott Laboratories, Medtronic PLC, Siemens Healthcare Private Limited, Fujifilm Holdings Corporation, Becton, Dickinson and Company, Koninklijke Philips N.V., Stryker Corporation, Baxter International Inc., Infineon Technologies AG, Boston Scientific Corporation, Biotricity Inc., Grifols S.A, Terumo Corporation, Fresenius Kabi AG, GE HealthCare Technologies Inc., Hologic Inc., Dexcom Inc., QIAGEN GmbH, Nipro Corporation, Omnivision Technologies Inc., Shockwave Medical Inc., SARSTEDT GROUP, Morepen Laboratories Ltd., Omron Healthcare Inc., Natus Medical Incorporated, Samsung Healthcare, Pulsatom Health Care Pvt. Ltd.

Advancing Portable Ultrasound Solutions Enhance Portable Medical Devices Market
Technological innovation is a key trend gaining popularity in the portable medical devices market. Major companies operating in the portable medical devices market are adopting new technologies to sustain their position in the market. For Instance, in November 2022, Philips, a Netherland-based conglomerate corporation, launched the Compact 5000 series of a next-generation compact portable ultrasound solution. This innovative system is featured with Philips collaboration live secure real-time telemedicine software that can call on additional clinical expertise via confident voice, text, screen sharing, and video streaming from anywhere with a mobile or internet connection and aims to increase accessibility to the diagnostic capabilities of high-end cart-based ultrasound machines. The Ultrasound Compact 5000 Series system is tailored with an optional battery to provide 2.5 hours of scanning time and 20% faster power-up capabilities. It is made to provide shared services for various medical specialties, such as cardiovascular, obstetrics and gynecology, point-of-care, and general imaging.

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Key Segments -
The portable medical devices market covered in this report is segmented -
1) By Product: Therapeutics, Smart Wearable Medical Devices, Diagnostic Imaging, Monitoring Devices, Neuromonitoring, Cardiac Monitoring, Respiratory Monitoring, Neonatal Monitoring, Fetal Monitoring, Other Products
2) By Application: Cardiology, Orthopedics, Gynecology, Urology, Gastrointestinal, Neurology, Other Applications
3) By End-User: Hospitals, Clinics, Homecare Patient, Ambulatory Care Centers, Surgical Centers, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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