The global portable medical devices market is predicted to register a CAGR of 10.7% over the forecast period, as per FMI’s analysis. The industry’s market valuation is anticipated to increase from US$ 59.28 billion in 2023 to US$ 163.84 billion by 2033 end.
The portable medical devices industry is poised to grow at a healthy pace over the forecast period due to their increasing demand to efficiently manage health in remote settings. Many new companies in the marketplace are providing inventive, new portable products. For instance, Walnut Medical, a Mohali-based firm in India, developed 5L & 10L portable medical-grade oxygen concentrators, which are based on pressure swing adsorption (PSA) technology, in 2021. This system offers an oxygen purity level of above 96 percent at a pressure of 55-75 kph. The system gained enormous growth during the pandemic.
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The market growth can further be attributed to the accelerating demand for wearable electronics and portable medical devices, the surging geriatric population, and technological advancements. The ongoing technological upgrades in portable medical devices are projected to enhance their uptake over the forecast period. In August 2022, SmartCardia introduced a 7L cardiac monitoring patch. This new device incorporates remote patient monitoring with wearable medical technology to provide customized and predicted patient insights.
The rising demand for portable medical devices that allow constant monitoring during a patient’s stay is projected to boost the market growth. Additionally, the launch of technologically advanced systems to cater to the evolving demand of end users is brightening the growth prospects of portable medical devices.
Key Highlights of the Portable Medical Devices Industry:
- The United States is anticipated to be heading the market growth of portable medical devices. The market is driven by technical advances in embedded systems, sensors, and electronics, which are driving new developments in medical technologies.
- The China portable medical devices market is witnessing robust growth. The market growth can be attributed to the surging demand for portable medical devices to monitor the physical activities of the populace for early detection or prevention of diseases.
- The United Kingdom is predicted to witness healthy market development in the European region. The market is estimated to be propelled by the rising prevalence of cancer and the growing utilization of diagnostic systems. In addition to this, the growing incidence of diabetes and surging adoption of sophisticated therapeutics is projected to support market growth.
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Latest Market Developments in the Portable Medical Devices Market Landscape:
- In October 2022, Biocorp, which is a French company that specializes in the development, design, and manufacturing of inventive medical devices, declared the signing of a strategic partnership with Novo Nordisk. This partnership aims to commercialize Mallya, a smart sensor, firstly in Japan. This smart sensor directly links to the insulin pens of Novo Nordisk FlexTouch and is applicable for blood glucose monitoring.
- In October 2022, GenWorks, a Bengaluru-based start-up, which was formerly a Wipro GE-invested company, introduced a new portable device, BrasterPro, for breast cancer screening. This portable device is radiation-free, easy to use, and relies on a contact-based screening process.
Key Market Segmentation for Portable Medical Devices Market
By Product:
- Diagnostic Imaging
- CT
- Ultrasound
- X-ray
- Endoscope
- Therapeutics
- Nebulizer
- Insulin Pump
- Image-guided Therapy Systems
- Oxygen Concentrator
- Monitoring Devices
- Cardiac Monitoring
- Resting ECG System
- Stress ECG Monitors
- Holter Monitors
- Event Monitoring Systems
- Electrocardiography (ECG) Management Systems
- Neuromonitoring
- Electroencephalography (EEG) Machines
- Intracranial pressure (ICP) Monitors
- Electromyography (EMG) Machines
- Cerebral Oximeters
- Magnetoencephalography (MEG) Machines
- Respiratory Monitoring
- Spirometers
- Capnographs
- Peak Flow Meters
- Fetal Monitoring
- Hemodynamic Monitoring Systems
- Neonatal Monitoring
- Vital Sign Monitors
- Cardiac Monitoring
- Smart Wearable Medical Devices
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By Application:
- Gynecology
- Gastrointestinal
- Urology
- Neurology
- Cardiology
- Respiratory
- Orthopedics
- Others
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 9-years.
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