Portable Medical Devices Global Market Report 2024

The portable medical devices market size has grown rapidly in recent years. It will grow from $50.59 billion in 2023 to $56.6 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The expansion observed in the historical period can be credited to the miniaturization of electronics, the rising prevalence of chronic diseases, an aging population, the adoption of telehealth and remote monitoring, and the increased utilization of point-of-care testing.

The portable medical devices market size is expected to see rapid growth in the next few years. It will grow to $85.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The anticipated growth in the forecast period can be attributed to global health pandemics, the integration of digital health, a rise in home healthcare, efforts to contain healthcare costs, and the adoption of wearable health technology. Key trends expected in the forecast period encompass advancements in battery technology, the integration of AI and machine learning, the development of smart inhalers and drug delivery devices, and the incorporation of augmented reality and blockchain technology in healthcare.

The anticipated increase in the prevalence of chronic diseases is set to drive the growth of the portable medical devices market in the coming years. Chronic diseases, defined as conditions persisting for a year or longer, requiring ongoing medical treatment and impacting daily activities, can be managed with the assistance of portable medical devices. These devices aid patients in tracking health-related conditions, particularly in post-acute, rehabilitation, and chronic cases. For example, the National Library of Medicine reported in January 2023 that the number of people aged 50 and older in the US with at least one chronic condition is projected to rise by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050, thereby driving the growth of the portable medical devices market.

The demand for advanced wearable devices is expected to further propel the portable medical devices market. Advanced wearable devices, electronic devices worn on the body that communicate with other devices to transmit or collect data, are transforming the market by providing real-time health monitoring, improved data accuracy, and increased patient engagement. Vicert reported in November 2022 that 533.6 million wearable devices were shipped in 2021, including watches, hearing aids, and other assistive devices. The wearables or earwear category is forecasted to grow to 105 million devices by 2023, contributing to the growth of the portable medical devices market.

Technological innovation is a prominent trend in the portable medical devices market, with major companies incorporating new technologies to maintain their market standing. In November 2022, Philips, a Netherlands-based conglomerate corporation, introduced the Compact 5000 series, a next-generation compact portable ultrasound solution. This system features Philips collaboration live secure real-time telemedicine software, facilitating communication for additional clinical expertise through voice, text, screen sharing, and video streaming. The Ultrasound Compact 5000 Series system, designed with an optional battery for 2.5 hours of scanning time and 20% faster power-up capabilities, aims to enhance accessibility to high-end cart-based ultrasound machines' diagnostic capabilities.

Major companies in the portable medical devices market are also focusing on product innovation, such as cardiac end-to-end patient monitoring solutions, to advance patient care, accuracy, and efficiency in remote cardiac monitoring. Cardiac end-to-end patient monitoring solutions involve comprehensive systems continuously tracking and analyzing heart-related data for real-time health status assessment and intervention. For example, in June 2021, LifeSignals launched the UltraLinQ Holter Service, a complete Wireless Holter Monitoring ECG Analysis and Reporting System. This cloud-based platform offers wireless ECG recording with clinical-grade wearable biosensors, enabling hospitals and clinics to provide extended Holter services to patients and generate reports within 36 hours through a flexible pay-per-use model.

In December 2021, GE Healthcare, a US-based medical technology company, acquired BK Medical for $1.45 billion, enhancing its real-time surgical visualization capabilities alongside pre- and post-operative ultrasound capabilities. This acquisition aims to provide a comprehensive solution across the entire continuum of care, from diagnosis to therapy and beyond, as BK Medical is a US-based manufacturer of global intraoperative imaging and surgical systems for various medical specialties.

Major companies operating in the portable medical devices market report are Cardinal Health Inc., Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd., Panasonic Holdings Corporation, Abbott Laboratories, Medtronic PLC, Siemens Healthcare Private Limited, Fujifilm Holdings Corporation, Becton, Dickinson and Company, Koninklijke Philips N.V., Stryker Corporation, Baxter International Inc., Infineon Technologies AG, Boston Scientific Corporation, Biotricity Inc., Grifols S.A, Terumo Corporation, Fresenius Kabi AG, GE HealthCare Technologies Inc., Hologic Inc., Dexcom Inc., QIAGEN GmbH, Nipro Corporation, Omnivision Technologies Inc., Shockwave Medical Inc., SARSTEDT GROUP, Morepen Laboratories Ltd., Omron Healthcare Inc., Natus Medical Incorporated, Samsung Healthcare, Pulsatom Health Care Pvt. Ltd.

North America was the largest region in the portable medical devices market in 2023. The regions covered in the portable medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the portable medical devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of portable medical devices include therapeutics, smart wearable medical devices, diagnostic imaging, monitoring devices, neuromonitoring, cardiac monitoring, respiratory monitoring, neonatal monitoring, fetal monitoring, and others. Therapeutics pertains to the branch of medicine focused on treating and caring for patients to prevent and treat diseases, as well as alleviate suffering from pain or injury. Various applications span cardiology, orthopedics, gynecology, urology, gastrointestinal, neurology, and others. These devices find application across diverse end-users, including hospitals, clinics, homecare patients, ambulatory care centers, surgical centers, and others.

The portable medical devices market research report is one of a series of new reports that provides portable medical devices market statistics, including portable medical devices industry global market size, regional shares, competitors with a portable medical devices market share, detailed portable medical devices market segments, market trends and opportunities, and any further data you may need to thrive in the portable medical devices industry. This portable medical devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The portable medical devices market consists of sales of portable devices including spirometers, pulse oximeters, nebulizers, and blood pressure monitors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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