by The global portable medical devices market size is valued at USD 69.30 billion in 2024 and is expected to surpass around USD 202.52 billion by 2034 with a CAGR of 11.32%.
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Key Points
- The North American region emerged as the market leader in portable medical devices, holding 39.39% of the share in 2024.
- Asia Pacific is anticipated to experience the fastest growth, with a CAGR of 12.5% in the coming years.
- Monitoring devices accounted for the highest share of 49% in the product category in 2024.
- The gynecology segment is set to grow at a remarkable CAGR throughout the forecast timeline.
Market Drivers
The portable medical devices market is primarily driven by the increasing prevalence of chronic diseases and the growing demand for home healthcare solutions. The rising elderly population, which requires continuous monitoring and care, is further propelling the adoption of these devices. Technological advancements in wireless connectivity, miniaturization, and artificial intelligence have enhanced device efficiency, making them more user-friendly and accessible. Additionally, the growing awareness of preventive healthcare and the expansion of telemedicine services are boosting the market’s growth.
Market Opportunities
The market presents significant opportunities with the increasing integration of IoT and AI in medical devices, allowing real-time patient monitoring and data analysis. The expansion of wearable medical technology and smart healthcare solutions is expected to drive further adoption. Emerging economies are also providing lucrative opportunities due to improving healthcare infrastructure and rising healthcare expenditure. Furthermore, strategic collaborations between technology companies and healthcare providers are fostering innovation in the industry.
Market Challenges
Despite the strong growth potential, the market faces several challenges, including high device costs and stringent regulatory requirements. Many portable medical devices require approvals from healthcare authorities, which can delay product launches and increase development costs. Cybersecurity concerns regarding patient data privacy and potential hacking threats pose additional challenges. Limited reimbursement policies for certain portable medical devices in various regions can also hinder market growth.
Regional Insights
North America holds the largest market share due to its advanced healthcare infrastructure, high adoption of innovative medical technologies, and strong presence of key industry players. The Asia Pacific region is expected to witness the fastest growth, driven by increasing healthcare investments, rising chronic disease cases, and technological advancements. Europe also holds a significant share, supported by a growing aging population and favorable government initiatives promoting remote patient monitoring solutions.
Portable Medical Devices Market Companies
The global portable medical devices market is dominated by the presence of major market players. These players adopt inorganic growth strategies such as mergers & acquisitions, collaboration, and partnership to strengthen their market footprint by developing novel and innovative solutions.
- Samsung Group
- General Electric Company
- Koninklijke Philips N.V
- VYAIRE
- Nox Medical
- OMRON Corporation
- Medtronic Plc
Latest Announcements
- At Pittcon 2024 held in San Diego, US, Richard Crocombe, Principal of Crocombe Spectroscopy Consulting, talked about how wearable health and fitness technology devices are the future of healthcare.
- In July 2024, Molbio’s Truenat technology received global accolade at the 77th World Health Assembly at Geneva. Sriram Natarajan, Founder and CEO of Molbio, where he stressed that the Molbio’s commitment to innovation and excellence, and a drive to create impactful solutions has resonated on a global scale, which he is extremely proud of.
Recent Developments
- In December 2024, the Bureau of Indian Standards (BIS) announced that they will prioritizing development of standards for 214 crucial medical devices. This will be application for devices that set for phased completed by December 2025.
- In June 2024, the US Army Medical Evaluation Test Activity conducted a test of three field portable ultrasound devices. These portable devices are small, lightweight and mobile; they have been approved by the FDA.
- In March 2024, Johnson Matthey Plc (JM) announced that it has signed an agreement to sell 100% of its medical device business (MDC) to Montagu Private Equity (Montagu) for a high cash consideration of USD 7 million.
- In May 2023, OMRON Healthcare India announced their collaboration with AliveCor to launch portable monitoring devices for ECG in India.
- In August 2023, Bonatra launched Wearable Smart Rings. These rings are designed to continuously monitor a range of health parameters, such as sleep score, sleep duration, and readiness score.
Market Segmentation
This research study encompasses comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative intelligences, and prognoses of the market. This report presents breakdown of market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report comprises market division and its revenue valuation by categorizing it depending on product, application, and region:
By Product
- Therapeutics
- Nebulizer
- Insulin Pump
- Image-guided Therapy Systems
- Oxygen Concentrator
- Smart Wearable Medical Devices
- Diagnostic Imaging
- X-ray
- CT
- Endoscope
- Ultrasound
- Monitoring Devices
- Neuromonitoring
- Electromyography (EMG) Machines
- Electroencephalography (EEG) Machines
- Intracranial pressure (ICP) Monitors
- Cerebral Oximeters
- Others
- Cardiac Monitoring
- Resting ECG System
- Event Monitoring Systems
- Holter Monitors
- Stress ECG Monitors
- ECG Management Systems
- Respiratory Monitoring
- Spirometers
- Capnographs
- Peak Flow Meters
- Neonatal Monitoring
- Fetal Monitoring
- Vital Sign Monitors
- Hemodynamic Monitoring Systems
By Application
- Cardiology
- Orthopedics
- Gynecology
- Urology
- Gastrointestinal
- Neurology
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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