One of the key focus areas of any economy’s healthcare system is ensuring widespread healthcare delivery. As several health conditions can severely limit a patient’s ability to commute, portable medical devices are able to ensure the outreach of healthcare services. Portal medical devices can refer to a portable variant of a wide range of medical devices including blood pressure monitors, ECGs, glucose monitors, CT machines, insulin pumps, and even X-ray devices. Market players have been able to develop sophisticated portable medical devices that allow healthcare professionals to remotely monitor patients, communicate with them, and oversee the overall treatment procedure. With rapid advancements in technologies such as 5G, IoT, and AI, the utility and scope of such devices are expected to grow exponentially. Such factors are poised to stimulate long-term growth in the global portable medical devices market.
As of 2022, Fairfield Market Research observed that the value of the global portable medical devices market stood at US$57.3 Bn. This figure is projected to grow at a robust CAGR of 9.2% and reach US$96.9 Bn in 2027. The growth patterns in the forecast period of 2022-2027 indicate that the market will be brimming with business opportunities.
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High Disposable Incomes and Soaring Medical Expenditure to Facilitate Market Expansion
The growing demand for diagnostic and monitoring portable devices is expected to sustain the market growth in the projection period. Meanwhile, the burgeoning medical tourism activities across the globe are also creating favourable market conditions. With overall economic development across the globe, the disposable incomes of the consumers are also growing which enhances their ability to access more sophisticated portable medical devices. Lately, many consumers in the economically stronger sections prefer to utilise healthcare services in their homes. The market players are also dedicating significant resources to developing user-friendlier products alongside investing in aggressive marketing tactics. This has filled the market with products in varying price ranges. All these factors are collaboratively augmenting growth in the global portable medical devices market.
North America and Europe to Dominate Portable Medical Devices Market Owing to High Competition between Major Market Players
North America and Europe are two of the major portable medical devices market regions. Both the regions have an array of synonymous factors contributing to such fruitful market conditions. This includes the presence of robust healthcare infrastructure, high medical expenditure, affordable reimbursement policies, and higher consumer awareness. Moreover, many major market players are actively participating in these regions, providing a steady influx of R&D and marketing investments. On the other end of the globe, Asia Pacific is projected to emerge as the fastest-growing portable medical devices market. It is expected to grow from its 2021 valuation of US$9.8 Bn and reach US$19.8 Bn by 2027 in the forecast period of 2022-2027.
Key Market Players
Some of the prominent market entities competing in the global portable medical devices market include Canon, Shimadzu, Omron, GE Healthcare, Philips, Roche Diagnostics, Medtronic PLC, and Siemens Healthcare. The market players are expected complete on the basis of providing high value products at an affordable price bracket.
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