Portable Medical Devices Market To Attain CAGR 10.5% By 2032

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According to DataHorizzon Research, the portable Medical Devices Market size was valued at USD 60.9 Billion in 2022 and is expected to have a market size of USD 164.1 Billion by 2032 with a CAGR of 10.5%.

Fort Collins, Colorado, Oct. 04, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research published a report titled, “Portable Medical Devices Market Size, Growth, Share, Statistics Report, By Product (Monitoring Devices, Diagnostic Imaging, smart wearable devices and Other Products), By Application, By End-User, By Region Forecasts, 2023-2032.”           

According to DataHorizzon Research, the portable Medical Devices Market size was valued at USD 60.9 Billion in 2022 and is expected to have a market size of USD 164.1 Billion by 2032 with a CAGR of 10.5%.

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The global report offers a comprehensive market analysis and detailed insights at global and regional levels. As daily routines change, chronic diseases are becoming more common. There is an increasing demand for healthcare services that can be provided at home. Wearable electronics and wireless medical devices are becoming more popular, which is great news for the healthcare industry. People are also starting to recognize the benefits of portable devices and are eager to adopt smart technologies. This is especially true in hospitals and other healthcare settings.

Various factors, including home healthcare trends, have fueled the demand for portable medical devices. As the population ages and healthcare costs rise, more and more people are turning to home healthcare as a cost-effective alternative. Portable medical devices are key to this trend, enabling patients to manage their health conditions from the comfort of their homes. This reduces the need for hospitalization and improves patient outcomes. Moreover, there is a growing emphasis on preventive care, with individuals actively managing their health. Portable medical devices play a crucial role in this regard, making it easy for individuals to monitor their health status and take proactive measures to prevent the onset of diseases.

The worldwide demand for portable medical devices is fueled by the extensive adoption of wearable devices and the expansion of portable technologies. In real-time, wearable technology enables patients to monitor their vitals, including pulse rate, blood pressure, body temperature, and physical activities. By utilizing remote patient monitoring with a wearable, healthcare expenditures can be reduced by analyzing body kinematics, performance, and other physical parameters. This opens up numerous productive prospects for the development of portable medical devices.

Medical technology has advanced significantly, and one of the most important innovations is the creation of portable medical devices. These devices are designed for easy transportation and use in various settings, including hospitals, clinics, and even homes. They are usually small and lightweight, making them highly portable and easy to handle. Some common examples of portable medical devices include blood glucose meters, blood pressure monitors, pulse oximeters, thermometers, nebulizers, and electrocardiogram (ECG) machines. These devices are often battery-operated or rechargeable; some are even equipped with wireless communication capabilities, allowing remote monitoring and data transfer. The portability and convenience of these devices make them extremely helpful in monitoring and managing health conditions in various settings, including remote or underserved areas. With their ability to provide accurate and reliable health data, portable medical devices have become essential to modern healthcare.

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Report Snapshot:

Report Title Portable Medical Devices Market
Market Size in 2022 USD 60.9 Billion
Market Size by 2032 USD 164.1 Billion
CAGR from 2023 to 2032 10.5%
Largest Market North America
Forecast Period 2023 to 2032
Historic Period 2021
Base Year 2022
Report Scope & Coverage Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors
By Product Monitoring Devices, Diagnostic Imaging, smart wearable devices, and Other Products
By Application Cardiology, Orthopedics, Gynecology, Urology, Gastrointestinal, Respiratory, Neurology, and Others
By End-User Hospitals, Physician Offices, Homecare Settings, and Other End-users
Region North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Countries Covered U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others
Major Market Players General Electric, BD, Medtronic, F. Hoffmann-La Roche Ltd, TERUMO BCT, INC., SAMSUNG, Terumo Corporation, NIPRO, QIAGEN, Medical s.r.l., Fresenius Kabi AG, Grifols, S.A, Micsafe SARSTEDT AG & Co. KG, Retractable Technologies, Inc., FL MEDICAL s.r.l.

Segmentation Overview:

The portable medical devices market has been by product, end user, and geography.

The current market for portable medical devices is largely dominated by monitoring devices designed to accurately measure critical health indicators such as blood pressure, heart rate, and oxygen saturation levels. These devices are incredibly versatile and can be easily utilized in various settings, including hospitals, clinics, and homes. Additionally, diagnostic devices play a vital role in identifying and diagnosing various medical conditions, diseases, and infections, making them an indispensable tool for healthcare professionals and patients.

The medical application market is divided into several segments, each serving a specific purpose. These segments include Cardiology, Orthopedics, Gynecology, Urology, Gastrointestinal, Respiratory, Neurology, and Others. Among these segments, Gynecology is expected to witness remarkable growth opportunities. This is due to the utilization of advanced portable devices and imaging technologies that have significantly reduced the incidence of congenital disabilities. A great example of such a device is Signostics’ Signos RT, a handheld ultrasound device used for real-time fetal monitoring. Its effectiveness and ease of use have made it a valuable tool in Gynecology.

The world of portable medical devices is divided by geographical boundaries, and the need for such medical equipment can vary greatly depending on the healthcare infrastructure, regulatory environment, and patient demographics within different regions. That being said, North America has been estimated to hold the largest market share for portable medical equipment. This is due to the high adoption rates of technologically advanced devices, the high cure rates available, and the various government support schemes that aim to detect diseases early on. As a result, the United States is currently leading the portable medical device market in North America.

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Industry Trends and Insights:

  • Nipro introduces the D2F™ Pre-fillable Glass Syringe System – Silicone Oil-Free, a drug delivery option for silicone oil-sensitive drugs. It meets the highest quality standards of the pharmaceutical industry.
  • The FDA has cleared Terumo’s Reveos Automated Whole Blood Processing System for use in the United States. This innovative device can efficiently process whole blood, separating it into vital platelets and other necessary components within a single cycle. As a result, this technology significantly enhances the supply of crucial patient resources, improving the overall quality of patient care.

Portable Medical Devices Market Report Highlights:

  • The portable medical devices market size is expected to have a market size of USD 164.1 billion with a CAGR of 10.5% by 2032. As chronic diseases are more common, the need for home healthcare increases. Wearable electronics and wireless medical devices are becoming more popular, particularly in hospitals. Portable medical devices allow patients to manage their health conditions from home, reducing the need for hospitalization and improving outcomes. They also enable individuals to monitor their health status and prevent diseases. The extensive adoption of wearable and portable technologies fuels the demand for portable medical devices. They are small, lightweight, and battery-operated or rechargeable, making them highly portable and helpful in managing health conditions in various settings.
  • Portable medical devices dominate the market, measuring health indicators in various settings. Diagnostic devices are essential for identifying medical conditions.
  • The medical application market has segments like Cardiology, Orthopedics, Gynecology, Urology, Gastrointestinal, Respiratory, Neurology, and Others. Gynecology is expected to grow due to advanced portable devices like Signostics’ Signos RT, a handheld ultrasound for real-time fetal monitoring.
  • Due to high adoption rates and government support, North America leads the portable medical device market. The US is at the forefront.
  • Some of the prominent players in the global portable medical device market report include General Electric, BD, Medtronic, F. Hoffmann-La Roche Ltd, SAMSUNG, Terumo Corporation, NIPRO, QIAGEN, Medical s.r.l., Fresenius Kabi AG, Grifols, S.A, Micsafe SARSTEDT AG & Co. KG, Retractable Technologies, Inc., FL MEDICAL s.r.l.

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Portable Medical Devices Market Report Segmentation: 

Portable Medical Devices Market, By Product (2023-2032)

  • Monitoring Devices
  • Diagnostic Imaging
  • Smart Wearable Devices
  • Other Products

Portable Medical Devices Market, By Application (2023-2032)

  • Cardiology
  • Orthopedics
  • Gynecology
  • Urology
  • Gastrointestinal
  • Respiratory
  • Neurology
  • Others

Portable Medical Devices Market, By End-User (2023-2032)

  • Hospitals
  • Physician offices
  • Homecare Settings
  • Other End-users

Portable Medical Devices Market, By Region (2023-2032)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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