Europe Portable Medical Devices Market

Europe Portable Medical Devices Market Size (2022 to 2027)

The European portable medical devices market is predicted to grow at a healthy CAGR of 6.38% from 2022 to 2027 and value USD 20.12 billion in 2022 to USD 27.40 billion by 2027.

Factors such as the growing demand for real-time analysis, diagnostics, and monitoring and the increasing demand for healthcare services from emergencies across the EU region are primarily predicted to boost the demand for portable medical devices in Europe. Furthermore, enabling access to patient data across various platforms and increasing demand for smart wearable devices is expected to provide new growth opportunities for players operating in the portable medical devices market in the European region. Furthermore, the increase in health care spending significantly affects the development of new diagnostic tests and new surgical tools. Hence, the vast expenditure on healthcare is a favorable factor to the growth of the European portable medical devices market.

Researchers are creating revolutionary products, such as wearable medical devices, with the idea of ​​simplifying and improving patient care. For instance, researchers at the University of Geneva collaborated with hospitals in Madrid, Barcelona, and Seville to produce a diagnostic test that measures traumatic brain injury using a single drop of blood. Scientists at the University of Glasgow have made similar revolutions. They developed a device that takes a patient's reading and transfers it to a smartphone, making it an exceptional addition to the European portable medical devices market. The launch of new products is an excellent opportunity for the players operating in the portable medical devices market in the European region.

However, the increasing number of recalls by significant market players around the world is expected to restrict the demand for medical devices, which could jeopardize the future growth of the European medical devices market.

Impact of COVID-19 on the European portable medical devices market:

The COVID-19 outbreak has had a positive impact on the healthcare industry market. To prevent the spread of the virus, health centers and patients prefer to avoid physical visits to hospitals. Additionally, stay-at-home warnings have led to a surge in-home health care. This includes patients who monitor their health and participate in telemedicine to address other health issues. Therefore, the indirect impact of COVID-19 on the medical device market has subsequently increased the demand for wearable medical devices. Remote patient monitoring equipment, blood glucose monitoring equipment, oxygen level monitor, and insulin pumps are among the most demanded devices. These factors have positively impacted the industry and are likely to continue to grow at a significant rate during the forecast period.

This research report on the European portable medical devices market has been segmented and sub-segmented into the following categories.

By Product:

• Diagnostic Imaging
• Monitoring Devices
  • Cardiac Monitoring
  • Neuromonitoring
  • Respiratory Monitoring
  • Others
• Others

By End-User:

• Hospitals
• Physicians’ offices
• Homecare Settings
• Others

By Country:

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Regionally, In Europe, the German portable medical devices market is expected to account for the most significant share during the forecast period. The region's growth's major factors are high treatment rates, high adoption of advanced medical devices, and supportive government initiatives for early disease detection. In addition, the region has a well-developed healthcare infrastructure coupled with increased consumer spending on medical facilities, which is again driving the market's growth.

The UK portable medical devices market is expected to be growing at a promising rate during the forecast period. This is mainly due to the favorable government initiative to diagnose and treat diseases early. In addition, attractive insurance policies, technological advancements, and encouraging reimbursements are the other major factors responsible for the significant growth of the market in the region. The increased incidence of respiratory illnesses due to habitual smoking and the growing contamination problem has resulted in the number of patients in the region, increasing the demand for wearable and advanced medical devices for proper diagnosis and treatment. The degradation of air quality and other critical illnesses is the leading cause of portable medical devices in the region.

KEY MARKET PLAYERS:

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 are some of the noteworthy companies in the European portable medical devices market.