The global portable medical devices market is poised for substantial growth, with an estimated revenue of US$57.3 billion by the end of 2022. Fairfield Market Research forecasts a robust CAGR of 9.2% during the period from 2022 to 2027, culminating in a market value of US$96.9 billion by the end of 2027.
Key Highlights from the Report:
- Continuous Monitoring Solutions: Portable medical devices are gaining traction across various healthcare settings, including home care, ambulatory care, small clinics, healthcare check-up hubs, and hospice/palliative care. These devices, often reliant on cloud-based data storage and connectivity, offer real-time monitoring, data sharing, and decision-making capabilities, contributing to their growing popularity.
- Post-Pandemic Boost: The COVID-19 pandemic has accelerated the adoption of continuous monitoring and diagnostic solutions, providing a significant impetus to the portable medical devices market.
Market Overview:
The global portable medical devices market is experiencing robust growth due to the increasing demand for continuous monitoring solutions, especially in the wake of the COVID-19 pandemic. These devices are equipped with features such as real-time monitoring, data sharing, and notifications for abnormal readings, enhancing patient care.
Driving Factors:
- Continuous Monitoring Demand: The rising need for continuous monitoring and diagnostics is driving the adoption of compact and user-friendly portable medical devices, including blood pressure monitors, continuous glucose monitors, ECGs, automated insulin pumps, and portable imaging devices.
- Post-Pandemic Healthcare: The pandemic has heightened the demand for remote healthcare services and the need to reduce hospital admissions, further boosting the portable medical devices market.
Challenges:
- Market Evolution: The constant evolution of portable medical devices, including miniaturization and price competition, presents challenges to market growth.
- Market Fragmentation: The markets fragmentation poses challenges in terms of standardization and competition.
Key Market Segments:
- Regional Growth: North America and Europe are leading the market due to the presence of major players, higher spending capacity, government incentives, and awareness of remote healthcare services. Asia Pacific is expected to witness the fastest growth, driven by medical tourism, affordability, and a growing patient population.
- Market Players: Key market players include Medtronic PLC, Siemens Healthcare, GE Healthcare, Philips, Omron, Roche Diagnostics, Canon, and Shimadzu. These players are focusing on innovation and expanding their geographic coverage.
Browse Global Portable Medical Devices Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2027 [ 2023 UPDATE Available – Forecast 2023-2030*] (By Product Type, By Application Type, By Geography, Leading Companies): https://www.fairfieldmarketresearch.com/report/portable-medical-devices-market
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COMTEX_440952020/2840/2023-09-26T03:12:43