The global Portable Medical Devices Market is projected to expand at a CAGR of 10.7% during the forecast period. The market is estimated to generate market revenue of USD 163.84 billion by 2033, increasing from USD 59.28 billion in 2023.
With the ever-changing landscape of portable gadgets, wireless networking, and small product designs are no longer restricted to smartphones and music players but are also redefining the healthcare industry.
To simplify and enhance patient care, researchers are developing new goods such as portable ultrasound machines. Preference for less intrusive medical technologies and portability has shifted the attention towards insulin pumps, oxygen concentrators, etc., which are changing the facet of the portable medical devices market for the better.
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Regulatory approval is estimated to continue to be an important milestone for portable diagnostic medical devices market participants.
The approval of the United States Food and Drug Administration (FDA), which governs the marketing of portable medical devices, is a critical aspect.
FDA clearance is provided once the device has been proven to be reasonably effective and safe to use. Manufacturers of portable medical devices and portable vital signs monitor seek FDA clearance since it is an important part of the product's entire distribution.
Aptatek Biosciences, Inc. is one of the firms that received FDA approval for its PKU test system, a portable vital signs monitor, which is used for checking phenylalanine levels in the blood in real-time.
The FDA has also approved PixCell Medical's HemoScreen hematological analyzer. Governments in developing countries are stepping forward to deploy portable medical devices to make significant advances. The administration of Makati City, in the Philippines, is taking measures to buy automated external defibrillators and a portable ultrasound machine for use as first-aid equipment.
HeartSine Technologies, the industry leader in portable medical devices, created the Public Access Defibrillators. Furthermore, with GE Healthcare, one of the top competitors in the portable medical device market, investing in Asia Pacific's key nations, such as China, the area is poised for enormous growth in the future years.
| Attribute | Details |
|---|---|
| Portable Medical Devices Industry Value in 2033 | USD 163.84 billion |
| Portable Medical Devices Industry CAGR (2023 to 2033) | 10.7% |
The market is estimated to attain a market value of USD 59.28 billion by 2023. Over the historical period, the portable medical devices industry has been propelled by the surging adoption of image-guided therapy systems and superior-quality smart wearables.
Going forward, the latest trend of precise and real-time monitoring is projected to foster market development. The elevating awareness about the many benefits of portable medical devices, one of which includes heightened mobility, is also pushing the adoption of portable medical devices.
By 2033, the market is estimated to attain USD 163.84 billion, expanding at a CAGR of 10.7% in the forecast period. Future Market Insights analyses top trends against the given time duration:
| Year | Expected Valuation |
|---|---|
| 2025 | USD 72.64 billion |
| 2028 | USD 98.55 billion |
| 2032 | USD 147.99 billion |
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Based on product, monitoring devices are estimated to account for the dominant market share over the forecast period. This segment is expected to be governed by various factors, such as new product approvals, technological advancements, mobility, and compact design.
In the same category, the diagnostic imaging segment is projected to position itself as the second leading segment. The growth of the diagnostic imaging segment can be attributed to the rising adoption of CT scans, X-rays, endoscopes, and handheld ultrasound systems, among other systems by health professionals.
Additionally, the segment growth is projected to be propelled by the development of technologically advanced imaging platforms, and product approvals.
The surging demand for wristbands and fitness bands for long-term constant health monitoring is propelling the segment growth of smart wearable medical devices.
The segment is projected to witness significant growth over the forecast period. Additionally, the increasing focus on preventive healthcare and surging adoption of technically advanced devices are predicted to contribute towards market growth.
The gynecology segment is anticipated to witness healthy growth over the forecast period. Many companies are coming forward to develop new, advanced systems for gynecology and obstetrics. In September 2022, Koninklijke Philips N.V. announced the arrival of the new addition of the FetView reporting and image-sharing software for gynecology/ obstetrics (GYN/OB).
This software will offer a user-friendly platform for a physician to patient and physician-to-physician communication.
The United States portable medical devices market holds a prominent share of the market. Regional growth is accelerated by rapid advancements in technology and a huge pipeline of innovation underway.
Additionally, factors such as an increasing number of treatments and favorable government initiatives to diagnose diseases in their nascent stage are projected to boost market growth.
For instance, National Cancer Institute initiated the Cancer Imaging Program, which intends to promote and support cancer-associated basic, translational, and clinical research in technology and imaging. The program also aims to develop, apply, and integrate such imaging solutions for the clinical management of cancer.
China portable medical devices market is projected to be a significant market over the forecast period, in terms of CAGR. The market is influenced by the expanding healthcare infrastructure and accelerating treatment rates.
In addition to this, the rise in the adoption of smart wearables due to their surging popularity, accessibility, and changing consumer lifestyle, is expected to boost market development in the country.
In July 2022, the Center for Medical Device Evaluation (CMDE) of the National Medical Products Administration (NMPA) issued new guidance to review medical device software in China. By addressing the country’s unique product standards, the manufacturers can benefit from this new guidance.
The United Kingdom portable medical devices market is expected to be driven by the high rate of adoption of diagnostic, therapeutic, and monitoring systems for disease management.
The surging number of geriatric patients and consequently increasing burden of chronic illnesses is further promoting the application of portable medical devices in healthcare settings. Moreover, the increasing adoption of technologies like insulin pumps and continuous glucose monitoring is projected to augment market development.
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| Start-up | Description |
|---|---|
| Designers Charrette | The company was founded in 2019, in New Delhi, India. The start-up develops portable solutions to address cold chain medicines mainly diabetic patients. |
| Reperio Health, Inc. | The company commenced its operations in 2020 and is situated in Portland, United States. The firm offers an FDA-approved health test kit, which allows users to monitor their health. The health kit checks crucial biometric indicators, like cholesterol, blood pressure, and resting heart rate, among others. |
Portable medical device market participants are given cutting-edge platforms in addition to new product advancements, to advance market growth.
For instance, in October 2018, COOPERSURGICAL, INC., introduced the CooperGenomics PGTaiSM technology platform and endometrial receptivity test. Leading companies' continued efforts are predicted to drive innovation in the portable medical devices market.
Prominent companies operating in the portable medical devices market are as follows:
| Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million/ billion for Value |
| By Product | Diagnostic Imaging, Therapeutics, Monitoring Devices, Smart Wearable Medical Devices |
| By Application | Gynecology, Cardiology, Gastrointestinal, Urology, Neurology, Respiratory, Orthopedics, Others |
| By Region | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Players | Koninklijke Philips N.V; Hologic, Inc.; General Electric; Medtronic; OMRON Corporation; Samsung; F. Hoffmann-La Roche Ltd |
India, Japan, and China dominate the Asian market.
The United States, Japan, and China dominate the global market.
The market is valued at USD 59.28 billion in 2023.
The market is estimated to reach USD 163.84 billion by 2033.
The key players include Hologic, Inc., General Electric, and Medtronic.
1. Executive Summary | Portable Medical Devices Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Diagnostic Imaging 5.2. Therapeutics 5.3. Monitoring Devices 5.4. Smart Wearable Medical Devices 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Gynaecology 6.2. Cardiology 6.3. Gastrointestinal 6.4. Urology 6.5. Neurology 6.6. Respiratory 6.7. Orthopaedics 6.8. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. HeartSine Technologies LLC 15.2. Hologic 15.3. Physio Control 15.4. Cooper Surgical 15.5. GE Healthcare 15.6. Sorin Group 15.7. Schiller AG 15.8. Zoll Medical 15.9. Cardiac Science 15.10. Philips 16. Assumptions & Acronyms Used 17. Research Methodology
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Portable Medical Devices Market
