Portable Medical Devices Market - Global Industry Analysis (2019 - 2021) - Growth Trends and Market Forecast (2022 - 2027)

Accessibility in healthcare delivery and remote patient monitoring have risen to the priority agenda of healthcare providers. As key stakeholders in global health strive to enhance the patient experience by promoting efficient access to medical equipment, the demand for portable medical devices has been on a steady rise. Portable medical devices have proven to be an excellent solution, especially for patients with limited mobility and those who reside in remote regions of the world. Seeing the rising demand for portable medical devices, prominent players in the portable medical devices market are pursuing robust R&D endeavors. Advancements in emerging technologies are also boding well for the design and development of intelligent portable medical devices. In the near future, the collective influence of these trends is expected to expand the global portable medical devices market.

The publisher finds that the revenue worth of the global portable medical devices market will reach US$57.3 Bn in 2022. Between the forecast period 2022 to 2027, the market is poised to mature at a sound CAGR of 9.2%. This growth outlook suggests that the portable medical devices market is ripe with new opportunities.

Key Highlights and Trends

• By 2027, the portable medical devices market is set to touch a total market valuation of US$96,930.4 Mn owing to major growth drivers such as digital transformation in the healthcare sector, competitive pricing, and sustained demand for continuous patient monitoring
• By product type, with a total contribution of nearly 44% by 2027, the diagnostics and monitoring segment is anticipated to dominate the portable medical devices market
• Between 2022 to 2027, the Asia Pacific is set to witness the fastest CAGR of 10.4% in the portable medical devices market. In 2021, APAC’s total market share stood at US$9.8 Bn which is expected to soar to US$19.8 Bn by 2027

Growing Demand for Continuous Patient Monitoring to Open New Revenue Streams

The surging demand for continuous monitoring and diagnostics solution has emerged as the foremost growth driver in the portable medical devices market. With portable medical, HCPs are now better positioned to take well-informed actions for their patients, while keeping a check on patients’ bodily functions. In the upcoming years, this trend, coupled with DX in healthcare and robust adoption of emerging medical tech, is set to substantially increase the demand for portable medical equipment. The demand for modern portable medical devices is also increasing in a variety of caregiving settings including old age home, home health care, and palliative care. The rising adoption of these devices by a diverse and large population base is projected to emerge as a significant contributor to revenue generation.

North America to Emerge as a Leader

The presence of major market players, higher disposable income, increase in demand for home healthcare services, and higher prevalence of chronic health conditions have positioned North America as the leading player in the portable medical devices market. In terms of value, the region is set to reach an overall market value of US$36.7 Bn by 2027. On the other hand, the Asia Pacific is predicted to emerge as the fastest growing portable medical devices market amid rising consumer awareness and household income.

Prominent Market Players

Key market entities in the portable medical devices market include Omron, Siemens Healthcare, Medtronic PLC, and Philips among others.