Portable Medical Devices Market Forecasts from 2023 to 2028

The portable medical devices market is evaluated at US$39.591 billion for the year 2021 growing at a CAGR of 8.78% reaching the market size of US$71.355 billion by the year 2028.

The portable medical devices market is expected to develop as a result of factors like an increase in chronic diseases brought on by changing lifestyles, a desire for home healthcare, and an increase in the number of elderly people. In addition, one of the main drivers of market expansion is the rising demand for wireless medical devices and wearable electronics. The use of portable medical devices in hospitals and healthcare settings is also being aided by rising public awareness of the advantages of portable devices and the spread of smart technology.

Growing Prevalence of Health Diseases

The growing number of people suffering from health diseases worldwide is a key growth driver. For instance, according to the American Cancer Society 2022 data there were around 1.9 million new cancer diagnoses and 609,360 cancer-related deaths in the United States in 2022. As a result, an increase in cancer incidence increases the need for diagnostic imaging devices and is anticipated to propel market expansion. Additionally, according to the CDC estimates from July 2022 by 2030, 12.1 million Americans were anticipated to develop atrial fibrillation (AFib). As a result, given that individuals with this illness need ongoing monitoring, it is projected that the rising prevalence of AFib will accelerate the portable medical devices market expansion.

Technological Developments

The demand for home healthcare services is expected to increase due to technological improvements and would likely boost the market in emerging economies. The introduction of new technologies to enhance accuracy, usefulness, workflow, and accessibility are a few examples of technological advancements in portable medical devices that will increase usage and spur growth. For instance, in May 2022, Samsung introduced The GM85 Fit, a new portable digital radiography instrument with a user-centric design for effective and efficient patient care. In January 2022, ClariusMobile Health introduced a third-generation product range of high-performance portable wireless ultrasound scanners for all medical specialties.

North America is Anticipated to Grow Significantly

The high adoption of technology and increased penetration of advanced devices in the country is increasing the demand for portable medical devices in the region. The diagnostic imaging segment is one of the leading segments in the United States as it covers a wide range of medical services, such as ultrasound, X-ray, and MRI. There is a large increase in chronic diseases in the country increasing the need for portable medical devices in the U.S. For instance, as per the American Cancer Society in 2022, in the United States, 1.9 million new cases were registered in the country and 6,09,360 cancer-related deaths were anticipated by the ACS. The rising cases of such diseases in the country coupled launch of technologically advanced devices in the U.S. is increasing the market share of the U.S. in the portable medical device market.

Major Market Player

• Medtronic is a well-known medical technology company that develops a wide range of medical devices and therapies to improve patient outcomes. In the context of portable medical devices, particularly mechanical ventilation, their strategy revolves around creating innovative, user-friendly, and technologically advanced solutions to address various medical needs, especially in critical care situations such as the COVID-19 pandemic.

Key Market Developments

• Wipro GE Healthcare, a leader in medical technology and digital solutions, announced the launch of a new generation of wireless scanners called the Revolution Aspire CT (Computed Tomography) scanner in April 2022.
• In October 2022, Max Ventilator released innovative medical gadgets to meet the growing demand for portable medical devices in healthcare.
• Mobvoi Inc. released its first heart health monitoring wristwatch, the TicWatchGTH Pro, in March 2022 in collaboration with the global health tech business CardieX. The watch also uses sensors to track high-fidelity sensing points from the wrist and finger to offer information on general and vascular health.

Biocorp and Novo Nordisk signed a partnership agreement in October 2022 and started the marketing of Mallya, in Japan. The Mallya smart sensor, which is included with the Novo Nordisk FlexTouch insulin pens, is used to track blood sugar levels.

• in August 2022, SmartCardia introduced the 7L patch, a 7-lead cardiac monitoring patch. This cutting-edge patch monitor employs artificial intelligence (AI) to combine remote patient monitoring with wearable medical equipment to provide personalized patient insights.

Segmentation:

By Component

• Sensors
• Microprocessors/Microcontrollers
• IC's

By Application

• Medical Therapeutics
• Fitness and Wellness
• Diagnosis
• Monitoring

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others