The Global Portable Medical Devices Industry is on the brink of a transformative journey, poised for substantial growth with a projected Compound Annual Growth Rate (CAGR) of 10.7% over the forecast period. By 2033, industry experts anticipate the market to achieve a remarkable milestone, soaring to a market revenue of US$163.84 billion. This surge marks a significant leap from the US$59.28 billion recorded in 2023, signaling a paradigm shift in the healthcare sector’s approach to technology.
This numerical advancement is not merely an economic feat; it represents a profound transformation in the healthcare sector’s utilization of technology. The portable medical devices industry is undergoing a revolutionary change, extending its influence beyond conventional applications such as smartphones and music players to redefine patient care.
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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 Global 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 Global Portable Medical Devices Industry 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 the Global Portable Medical Devices Industry
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
- Capnography
- 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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