Portable Medical Devices

Portable Medical Devices Market Size Valuation Will Reach to USD 85.1 Billion by 2027 Portable Medical Devices Market - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027

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[150+ Pages Report] The portable medical devices market size in terms of value is projected to reach $ 85.1 billion by 2027, at a CAGR of 11.35% between 2020 and 2027, according to a 2021 study by Precedence Research, the Canada based market insight company.

The study provides the overall revenue of the global portable medical devices market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.

The global portable medical devices market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the portable medical devices industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

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.

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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.

Scope of the Portable Medical Devices Market Report

Report Coverage Details
Market Size USD 85.1 Billion by 2027
Growth Rate CAGR of 11.35% From 2021 to 2027
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2020 to 2027
Segments Covered Product, Application
Regional Scope Asia Pacific, North America, Europe, Latin America, Middle East and Africa
Companies Mentioned Samsung Group, General Electric Company, Koninklijke Philips N.V, VYAIRE, Nox Medical, OMRON Corporation, Medtronic Plc, and F. Hoffmann-La Roche Ltd.

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

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.

Top Players Contending in the Market:

The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global portable medical devices market are as follows:

  • Samsung Group
  • General Electric Company
  • Koninklijke Philips N.V
  • VYAIRE
  • Nox Medical
  • OMRON Corporation
  • Medtronic Plc

Market Segmentation

By Product

  • Therapeutics
    • Nebulizer
    • Insulin Pump
    • Image-guided Therapy Systems
    • Oxygen Concentrator
  • Smart Wearable Medical Devices
  • Diagnostic Imaging
    • X-ray
    • CT
    • Endoscope
    • Ultrasound
  • Monitoring Devices
  • Neuromonitoring
    • Electromyography (EMG) Machines
    • Electroencephalography (EEG) Machines
    • Intracranial pressure (ICP) Monitors
    • Cerebral Oximeters
    • Others
  • Cardiac Monitoring
    • Resting ECG System
    • Event Monitoring Systems
    • Holter Monitors
    • Stress ECG Monitors
    • ECG Management Systems
  • Respiratory Monitoring
    • Spirometers
    • Capnographs
    • Peak Flow Meters
  • Neonatal Monitoring
  • Fetal Monitoring
  • Vital Sign Monitors
  • Hemodynamic Monitoring Systems

By Application

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

Regional Segmentation

  • North America (U.S. and Canada)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Some of the key highlights of the report are:

  • Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
  • Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
  • Competitive Landscape Analysis – Some of the leading companies operating in the portable medical devices market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

Why should you invest in this report?

If you are aiming to enter the global portable medical devices market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for portable medical devices are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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