The size of the portable medical devices market in the APAC region is predicted to be growing at a CAGR of 8.42% from 2023 to 2028.
Medical devices traditionally used in hospitals and clinics have evolved and become more portable and have created new opportunities for their use in-home health care. Portable medical devices are used for various applications, such as cardiac, endoscopy, glucose monitoring, laser equipment, respiratory, dermatology, fitness, and wellness devices. The stressful and hectic lifestyle has led to the rise of various health disorders, which are again driving the market's growth. According to the United Nations report, the world population aged 60 and over stood at 988 million in 2019, more than double the number in 1980, when there were 384 million older people in the world. The number of seniors is estimated to double again by 2050 when it reaches nearly 2.15 billion. The number of people aged 80 and over is estimated to triple between 2019 and 2050, from 139 million to 429 million.
Increased awareness of health and fitness and the advent of new technologies such as the Internet of Things, Big Data, and medical device analytics are the main drivers of the escalation of market growth. In addition, low-cost sensor technologies, ease of use, low power consumption, and reliability are essential for portable medical devices that provide patient comfort. Moreover, the popularity of home care facilities, high disposable income, and advanced healthcare infrastructure have further contributed to the market growth in this region.
However, regulatory changes are likely to increase costs associated with developing new products and providing services to patients. Factors such as R&D cost for launching new products and the presence of several players may cause severe competition with complex technical knowledge. Untimely and interruptive product launch delays and additional expenses incurred due to strict and complicated approval processes increase the revenues related to new product development and distribution, which has a negative impact on the growth of the APAC portable medical devices market. In addition, specific device-related issues like inaccurate results, loss of data, and battery-related troubles may challenge the market growth.
This research report on the APAC portable medical devices market has been segmented and sub-segmented into the following categories:
By Product:
By End-User:
By Country:
Geographically, the Chinese regional market is anticipated to record the most attractive growth over the forecast period in the APAC region due to increased investment in health infrastructure, high incidence of chronic illnesses, approval of new products, advancements in technology, and improved treatments for critical illnesses. Moreover, the greater use of portable medical devices in hospitals, nursing homes, recreational centers, and home environments is beneficial for accurate real-time monitoring, better diagnosis, and a reasonable prognosis of various conditions in the elderly population.
Japan is projected to have the highest CAGR over the studied period. The market growth can be attributed to the increasing consumer awareness of health monitoring, growing adoption of wearable devices in healthcare facilities, products with better mobility and compact design for intelligent medical devices, and a healthy lifestyle.
There is a high demand for compact and smart medical devices in APAC regions such as India, Taiwan, Singapore, and Australia.
KEY MARKET PLAYERS:
Companies playing a leading role in the APAC portable medical devices market profiled in this report are Medtronic Inc., AliveCor Inc., Koninklijke Philips N.V., AgaMatrix Inc., Cisco Inc., Nike Inc., AirStrip Technologies Inc., LifeWatch AG, BioTelemetry Inc., IHealth Lab Inc., LifeWatch AG, Fitbit, Samsung Group, General Electric Company, and OMRON Corporation.
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