Global portable medical devices Industry to hit USD 163.84B by 2033

The global industry for portable medical devices is gearing up for a transformative journey, poised for substantial growth at a projected compound annual growth rate (CAGR) of 10.7% over the forecast period. By 2033, industry experts anticipate the market to achieve a remarkable milestone, reaching a market revenue of US$163.84 billion, a significant surge from the US$59.28 billion recorded in 2023.

This surge is not just a numerical advancement; it represents a paradigm shift in the healthcare sector’s approach to technology. The landscape of portable technology is experiencing a profound transformation, extending beyond conventional applications like smartphones and music players to revolutionize patient care. Innovations such as portable ultrasound machines are at the forefront, simplifying and enhancing healthcare practices.

The market growth can further be attributed to the accelerating demand for wearable electronics and portable medical devices, the surging geriatric population, and technological advancements. The ongoing technological upgrades in portable medical devices are projected to enhance their uptake over the forecast period. In August 2022, SmartCardia introduced a 7L cardiac monitoring patch. This new device incorporates remote patient monitoring with wearable medical technology to provide customized and predicted patient insights.

The rising demand for portable medical devices that allow constant monitoring during a patient’s stay is projected to boost the market growth. Additionally, the launch of technologically advanced systems to cater to the evolving demand of end users is brightening the growth prospects of portable medical devices.

Key highlights of the global portable medical devices industry:

• The United States is anticipated to be heading the market growth of portable medical devices. The market is driven by technical advances in embedded systems, sensors, and electronics, which are driving new developments in medical technologies.
• The China portable medical devices market is witnessing robust growth. The market growth can be attributed to the surging demand for portable medical devices to monitor the physical activities of the populace for early detection or prevention of diseases.
• The United Kingdom is predicted to witness healthy market development in the European region. The market is estimated to be propelled by the rising prevalence of cancer and the growing utilization of diagnostic systems. In addition to this, the growing incidence of diabetes and surging adoption of sophisticated therapeutics is projected to support market growth.

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