Portable Medical Devices Market Size, Share, Growth Report 2030

Portable Medical Devices  Market: Industry Prospective

The global Portable Medical Devices Market was worth around USD 47.73 billion in 2021 and is estimated to grow to about USD 77.01 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.30 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Portable Medical Devices Market: Overview

Wireless networking and thin product design are no longer limited to smartphones and music players. Still, they are also reshaping the healthcare industry, thanks to the ever-changing environment of portable gadgets. Researchers are developing new devices such as portable ultrasound equipment to simplify and improve patient care. Preference for less intrusive medical technology and portability has shifted focus to insulin pumps, oxygen concentrators, and other portable medical equipment, which are reshaping the mobile medical device market.

The portable medical devices market is predicted to grow fast in the following years due to increased demand for mobile medical devices and wearable electronics, an increase in the senior population, and technological improvements.

COVID-19 Impact:

The COVID-19 disease has created a massive market for medical equipment and is a significant driver in the healthcare industry. This has resulted in a quick increase in the demand for all portable healthcare equipment. This sickness restricts the use of any device by far too many individuals to prevent the virus from spreading and coming into touch with them. As a result, there is a high need for portable health equipment in hospitals, clinics, COVID centers, and homes. During this epidemic, essential products such as oximeters, portable oxygen cylinders, and Glucometers have produced a commercial boom. As a result, COVID-19 has become one of the most important marketplaces for portable devices and serves as excellent market care.

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Portable Medical Devices Market: Growth Drivers

Rise in health and fitness education, accompanied by the introduction of new technology.

The rise in health and fitness education and the introduction of new technologies such as the Internet of Things (IoT), Big Data, and analytics in medical devices are important factors driving market expansion. Furthermore, a stressful and hectic lifestyle has resulted in the rise of many health conditions, fueling the market's expansion. 

Portable Medical Devices Market: Restraints

Inaccurate results and fluctuations in data

Memory problems, erroneous results, and data variations are varied restrictions that can impact the growth of the portable medical devices industry.

Portable Medical Devices Market: Segmentation

The global Portable Medical Devices market is segregated based on product, application, end-user, and geography.

Based on product type, The global portable medical devices market has been segmented by CT scans, neonatal monitoring, diagnostic imaging X-rays, endoscopes, insulin pumps, image-guided therapy systems, nebulizers, ultrasound, smart wearable medical devices, stress monitoring devices, oxygen concentrators, and cardiac monitoring. During the forecast period, the smart wearable medical device category is expected to grow the fastest.

By application, the Global Portable Medical Devices Market is divided into medical treatments, diagnostic and health, fitness and wellness, monitoring, and others. The monitoring sector accounted for the most significant market value share due to the increasing adoption rate of monitoring equipment such as cardiac and neuromonitoring devices, vital sign monitoring, and foetal and neonatal monitoring. Furthermore, major improvements in smaller advanced platforms, as well as subsequent product approvals, are propelling market expansion.

By end-use, homecare is likely to grow greatly in the forecast time based on end-use. Because of their low cost and safety, home care products are becoming increasingly popular. Also, because of escalating hospital expenditures and the cost-effectiveness of home care goods, home care is an excellent choice for many people.

Report Scope:

Portable Medical Devices  Market: Regional Landscape

In 2021, North America is expected to have the largest share of the global portable medical devices market. This could be because the healthcare business spends a lot of money on research and development. This element will aid the growth of the North American mobile medical device industry. Additionally, favorable government initiatives and developments in advanced medical equipment reimbursement rules will boost the portable medical equipment market ahead.

Portable Medical Devices  Market: Competitive Landscape

The market's top companies are Samsung Group, General Electric Company, Koninklijke Philips N.V, VYAIRE, Nox Medical, OMRON Corporation, Medtronic Plc, and F. Hoffmann-La Roche Ltd.

The Portable Medical Devices market is segmented as follows:

By Product

• CT Scan
•  Neonatal Monitoring
• Diagnostic Imaging X-Ray
•  Endoscopes
•  Insulin Pumps
•  Image-Guided Therapy Systems
•  Nebulizer
•  Ultrasound
• Smart Wearable Medical Device
•  Stress Monitoring Devices
•  Oxygen Concentrator
•  Cardiac Monitoring
•  Others

By Application

• Medical Therapeutics
• Diagnosis Health
• Fitness & Wellness
• Monitoring
• Others

By End-Use

• Hospitals
• Ambulatory Surgery Centres
• Homecare
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa