Portable Medical Devices Market Size to Surpass US$ 85.1 Bn

Portable Medical Devices Market Size to Surpass US$ 85.1 Bn

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OTTAWA, June 30, 2021 (GLOBE NEWSWIRE) — The global portable medical devices market size was valued at USD 37.2 Billion in 2019. Medical devices are used traditionally in the hospitals and clinics has evolved and become more portable and creating new opportunities for the use in the home healthcare. The portable medical devices market is anticipated to grow with a significant rate in the forecasting period. Portable Medical Devices use sensor and other advanced wireless technologies to monitor real-time health of the patient. They are used for wide range of applications such as respiratory, cardiac, and fitness & wellness that include respiratory products for example continuous positive airway pressure (CPAP) machines and apnea monitors, electrocardiogram monitors to monitor heart, insulin infusion pumps & Blood glucose meters to measure diabetes, blood pressure monitors, ultrasound devices, and pulse oximeters. Low-cost sensor technologies, repeatability, low power consumption, and reliability are some of the critical elements for portable medical devices that provide comfort to patients.

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Market Restraints

These devices related issues such as memory problems, inaccurate results and fluctuations in data are major restraints for growth of the portable medical devices market.

Challenges

  • R&D Cost for new product launch
  • High initial investment cost
  • Presence of multiple players
  • Technical Expertise

Growth Factors

Rise in health and fitness awareness coupled with advent of new technologies such as Internet of Things (IoT), Big Data, and analytics in medical devices are the key factors that escalate the market growth. Furthermore, stressful and hectic lifestyle has resulted in the rise of several health disorders that again fuel the growth of the market.

COVID-19 poses a driver for the industry

The COVID-19 disease has created a huge market for the medical equipment and is the key driver for the healthcare sector. This has led to the rapid rise in the demand of all the portable healthcare equipment as this disease restricts the use of any device by too many people to prevent from spreading and coming in contact with the virus. And this has made a great demand of portable health devices at hospitals, clinics, COVID centres and at homes. During this pandemic, the basic devices like oximeter, portable oxygen cylinders, Glucometer have created a boom in the market. Therefore, COVID-19 has become one of the greatest markets of portable devices and proves as a perfect care for the market.

Report Highlights

  • In 2019, North America led the global portable medical devices market with significant revenue share of approximately 42%. The prime factor supporting the growth of the region high treatment rates, high adoption of advanced medical devices, and favorable government initiatives for early detection of disease. Further, the region has well-developed healthcare infrastructure along with high consumer spending on medical facilities again propel the market growth.
  • The Asia Pacific expected to offer the most attractive growth over the analysis period due to increasing investment in healthcare infrastructure along with improvement in the treatment rate of critical diseases. In addition, the region experience increasing awareness among consumers related to health monitoring and healthy lifestyle also anticipated boosting the market growth of portable medical devices in the region.
  • By product, monitoring devices led the global portable medical devices market with a significant revenue share of around 50% in 2019. This is attributed to the increasing adoption of portable devices at healthcare centers. New product approval, technological advancement, and advantages such as mobility and compact design are some of the key factors that drive the market growth. On the other side, smart wearable devices registered the highest growth rate of nearly 14.56% over the forecast period due to the rising demand for wristband and other fitness monitoring devices for continuously monitoring long-term health of the consumer.
  • Based on application, other application segment that consists of musculoskeletal, oncology, vascular, thoracic, and metabolic applications led the global portable medical devices market with considerable revenue share of nearly 36% in 2020. Besides this, gynecology expected to witness lucrative growth rate in the coming years. Increasing adoption of imaging technologies and other portable monitoring systems in the gynecology application propel its growth.

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Regional Snapshots

In 2019, North America dominated the global portable medical devices market with noticeable revenue share of approximately 42%. This is mainly due to favorable government initiative to early diagnose disease and treat them. In addition, attractive insurance policies, technological advancement, and encouraging reimbursement are the other major factors responsible for the significant market growth in the region. Rising incidences of respiratory diseases due to habitual smoking and increasing problem of pollution has triggered the number of patients in the area that again escalates the demand for portable and advanced medical devices for proper diagnosis and treatment. Similarly, Europe is the other prime contributor in terms of revenue. Europe and North America together accounted for nearly 75% of value share in the overall market. Degradation of air quality along with other crucial diseases is the major cause to drive the application of portable medical devices in the region.

On the other hand, the Asia Pacific seeks opportunistic growth during the forecast period due increased spending in the medical sector. In past few years, the region has encountered exponential growth in the healthcare centers. Further, large concentration of population accounted for significant growth opportunity to the portable medical devices market. In addition, rising concern for health and fitness propel the demand for smart wearable’s such as smart wristbands for real-time monitoring the personal health.

Key Players & Strategies

The global portable medical devices market is dominated by the presence of significant market leaders. These market leaders adopt inorganic strategies such as partnership, collaboration, merger & acquisition, and joint venture to strengthen their footprint in the market. These players also focus primarily on the development of novel and innovative products to compete with rapid changing consumer demand. For instance, on April 26, 2018, Vyaire Medical acquired Acutronic Medical Systems, a manufacturer and developer of neonatal ventilation equipment.

Some of the key players operating in the market are Samsung Group, General Electric Company, Koninklijke Philips N.V, VYAIRE, Nox Medical, OMRON Corporation, Medtronic Plc, and F. Hoffmann-La Roche Ltd. among others.

Market Segmentation

By Product

  • Therapeutics
  • Smart Wearable Medical Devices
  • Diagnostic Imaging
  • Monitoring Devices
  • Neuromonitoring
  • Cardiac Monitoring
  • Respiratory Monitoring
  • Neonatal Monitoring
  • Fetal Monitoring
  • Vital Sign Monitors
  • Hemodynamic Monitoring Systems

By Application

  • Cardiology
  • Orthopedics
  • Gynecology
  • Urology
  • Gastrointestinal
  • Neurology
  • Others

By Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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