The size of the global portable medical devices market is predicted to be growing at a CAGR of 7.2% during the forecast period.
Medical equipment with the ability to move is known as portable medical devices. Healthcare providers are finding it difficult to meet demand as the cost of medical gadgets rises. With the help of portable medical devices, Healthcare practitioners may quickly diagnose and treat patients from anywhere. This portal medical device includes the blood pressure monitor, blood glucose meter, pulse oximeter, cardiac monitor, neurological monitor, heart rate meter, ECG monitor, peak flow meter, sleep apnea meter, blood pressure monitor, smart wearables, diagnostic imaging devices, and many others.
MARKET DRIVERS:
The increasing prevalence of diseases is primarily driving the growth rate of the global portal medical devices market.
For a few years, there has been an increase in the number of instances of heart disease, diabetes, hypertension, respiratory illness, and related morbidity and death rates. These rising instances need the adoption of user-friendly, self-monitoring equipment. Individuals can use portable medical devices to diagnose their health. For example, a smartwatch captures data about a heartbeat, which might be used to treat or prevent cardiac problems. As a result, there is a strong need for portable medical devices as their popularity grows. According to the IDF Diabetes Atlas Ninth Edition 2019, about 463 million people (20-79 years) worldwide have diabetes. This figure is predicted to rise to 700 million by 2045, with 79 % of diabetic adults living in low- and middle-income countries. According to the World Health Organization, hypertension affects an estimated 1.13 billion people worldwide, with the majority (two-thirds) residing in low- and middle-income countries. Cardiovascular diseases (CVDs) are the leading cause of mortality globally, claiming the lives of an estimated 17.9 million people each year. According to the WHO, 65 million people suffer from moderate to severe chronic obstructive pulmonary disease (COPD), while 334 million people have asthma. These situations can be addressed with the aid of portable medical devices. As these gadgets based on nutrition, lifestyle, personal healthcare record (PHR), well-being, and personal guidance systems give health information and prescription reminders via a single SMS or online medications, they become increasingly popular.
The rising adoption rate further drives the global portable medical devices market.
Smart wearables have become an integral element of daily life in this digitalization era. In sensors and embedded systems, these mobile devices are outfitted with wireless, small, and user-friendly technology. Smart sensors in smart wearables gather activity data and vital biometrics. The data is transmitted to AI-powered smartphone apps that can help users with their overall health and performance. Patients can also move around while utilizing mobile healthcare equipment to collect data on their mobility, heart rate, respiration rate, and temperature. As a result, the United States sold an estimated 20.1 million smartwatches in 2019. According to Statista, yearly smartwatch sales are increased from 9 million units in 2016 to over 22 million in 2020, as these gadgets gain in popularity. Furthermore, because of mobility concerns, mobile diagnostics equipment is used. These gadgets serve as a bridge between healthcare providers and patients, providing imaging, treatment, and diagnostics. Mobile ultrasound, X-ray, MRI, CT, and PET equipment are commonly used in emergency departments because they allow for rapid tests without the need to transfer the patient, saving time, which is critical in these situations. As a result, the portable medical devices market is growing.
MARKET RESTRAINTS:
The high cost of devices may restrain the growth rate of the global portable medical devices market during the forecast period. Despite the various benefits of portable medical devices, the cost of these devices might often deter use. Ultrasound machines, for example, cost between 2 lakh - 6 lakh rupees, whereas smartwatches cost between 4000 to 30,000 rupees. As a result, some hospitals, tiny and medium-sized hospitals, opt for traditional equipment. In addition, patients are apprehensive about spending so much money on a smartwatch. They believe that regular visits are the best choice. As a result, the market for portable medical devices is developing at a slower rate.
Impact of COVID-19 on the global portable medical devices market:
COVID-19 increases the demand for portable medical devices. COVID-19 makes chaos all over the world. This instability demands the use of mobile healthcare instruments that can be moved simply from one location to another. In the covid – 19 scenario, health monitoring sensors have acquired a lot of traction. In these situations, the need for pulse oximeters increases. Since identifying COVID-19 cases in the United States, the purchase of at-home pulse oximeters, which are easily available at drugstores and online merchants, has grown by more than 500 %. Just like this, all vital sign monitoring sales have soared in the current pandemic crisis.
In addition, early diagnosis of infectious illness is critical for reducing disease spread by promoting self-isolation and early treatment. As a result, the number of smartwatches utilized for pre-symptomatic diagnosis of coronavirus illness increases in 2019. (COVID-19). According to studies from leading medical and academic institutions such as Mount Sinai Health System in New York and Stanford University in California, devices such as the Apple Watch, Garmin, and Fitbit watches can predict whether an individual is positive for COVID-19 even before they are symptomatic or the virus is detectable by tests. Consequently, the worldwide wearables industry grew by 14.5 % owing to the coronavirus pandemic, according to Statista.
Furthermore, with the increasing prevalence of coronavirus infections, prompt and accurate diagnosis has become critical. Therefore, the use of portable x-ray, CT scanners, and MRI scanners is rapidly increasing. For example, the government also supports hospitals; for example, WHO and Germany's Federal Ministry of Health have given portable X-Ray equipment to the Karl Heusner Memorial Hospital Authority (KHMHA) for use at the COVID-19 Critical Care Unit.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2020 to 2026 |
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Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Covered |
By Product, End-User & Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global portable medical devices market has been segmented and sub-segmented based on product, end-user & region.
Portable Medical Devices Market – By Product:
Portable Medical Devices Market – By End-User:
Portable Medical Devices Market - By Region:
KEY MARKET PARTICIPANTS:
A few of the dominating companies operating in the global portable medical devices market profiled in this report 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, OMRON Corporation.
These players adopt inorganic growth strategies such as mergers & acquisitions, collaboration, and partnership to strengthen their market footprint by developing novel and innovative solutions.
RECENT MARKET DEVELOPMENTS:
