Portable Medical Devices Market to Reach $100 Billion by 2027

Robust growth is forecast for the global portable medical devices market over the next six years, as Precedence Research is predicting the sector to expand 8.5 percent annually to reach $100 billion by 2027. Portable medical devices use sensor and other advanced wireless technologies to monitor real-time health of the patient.

Portable medical devices are used for wide range of applications such as respiratory, cardiac, and fitness and wellness that include respiratory products for example continuous positive airway pressure (CPAP) machines and apnea monitors, electrocardiogram monitors to monitor heart, insulin infusion pumps and 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.

A 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 lifestyles have resulted in the rise of several health disorders that will fuel the market’s growth.

In 2019, North America dominated the global portable medical devices market with noticeable revenue share of approximately 42 percent. 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 percent of value share in the overall market. Degradation of air quality along with other crucial diseases are 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 wearables such as smart wristbands for real-time monitoring the personal health.

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, mergers and acquisitions, and joint ventures 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.

In 2019, North America led the global portable medical devices market. 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 to boost 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 percent 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 19 percent 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 applicationsled the global portable medical devices market with considerable revenue share of nearly 35% in 2019. 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.