Global portable medical devices market to reach USD 77.01B by 2028

As per Zion Market Research study, The global portable medical devices market was worth around USD 47.73 billion in 2021 and is estimated to grow to about USD 77.01 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.30 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Key industry insights & finding of the portable medical devices market reports:

• As per the analysis shared by our research analyst, the portable medical devices market is expected to grow annually at a CAGR of around 8.30% (2022-2028).
• Through the primary research, it was established that the portable medical devices marketwas valued approximately USD 47.73 Billion in 2021 and is projected to reach to roughly USD 77.01 Billion by 2028.
• North America is expected to have the largest share of the global portable medical devices market.
• North American mobile medical device industry. Additionally, favorable government initiatives and developments in advanced medical equipment reimbursement rules will boost the portable medical equipment market ahead.

Portable medical devices market: Overview
Wireless networking and thin product design are no longer limited to smartphones and music players. Still, they are also reshaping the healthcare industry, thanks to the ever-changing environment of portable gadgets. Researchers are developing new devices such as portable ultrasound equipment to simplify and improve patient care. Preference for less intrusive medical technology and portability has shifted focus to insulin pumps, oxygen concentrators, and other portable medical equipment, which are reshaping the mobile medical device market.

The portable medical devices market is predicted to grow fast in the following years due to increased demand for mobile medical devices and wearable electronics, an increase in the senior population, and technological improvements.

Industry Dynamics:
Portable medical devices market: Growth dynamics
Drivers: Rise in health and fitness education, accompanied by the introduction of new technology.
Advanced analytics and predictive modelling applications enable healthcare organizations to treat each patient individually to achieve the best possible outcomes. Analytics have increasingly been used to personalize cancer and other disease treatments. In this regard, the UK’s National Health Service (NHS) announced a five-year initiative to sequence the genomes of large group of people. A new company called Genomics England Limited was formed to carry out this project, and a huge amount has been set aside for it. This project’s findings will be applied to the treatment and research of cancer and other rare diseases.

Restraints: Inaccurate results and fluctuations in data.

Memory problems, erroneous results, and data variations are varied restrictions that can impact the growth of the portable medical devices industry.

Global portable medical devices market: Segmentation

• The global portable medical devices market is segregated based on product, application, end-use, and geography.

Based on product type, The global portable medical devices market has been segmented by CT scans, neonatal monitoring, diagnostic imaging X-rays, endoscopes, insulin pumps, image-guided therapy systems, nebulizers, ultrasound, smart wearable medical devices, stress monitoring devices, oxygen concentrators, and cardiac monitoring. During the forecast period, the smart wearable medical device category is expected to grow the fastest.

By application, the global portable medical devices market is divided into medical treatments, diagnostic and health, fitness and wellness, monitoring, and others. The monitoring sector accounted for the most significant market value share due to the increasing adoption rate of monitoring equipment such as cardiac and neuromonitoring devices, vital sign monitoring, and foetal and neonatal monitoring. Furthermore, major improvements in smaller advanced platforms, as well as subsequent product approvals, are propelling market expansion.

By end-use, homecare is likely to grow greatly in the forecast time based on end-use. Because of their low cost and safety, home care products are becoming increasingly popular. Also, because of escalating hospital expenditures and the cost-effectiveness of home care goods, home care is an excellent choice for many people.

List of key players of portable medical devices market:

• Samsung Group
• General Electric Company
• Koninklijke Philips N.V
• VYAIRE
• Nox Medical
• OMRON Corporation
• Medtronic Plc
• F. Hoffmann-La Roche Ltd.

Regional dominance:

• North America is expected to have the largest share of the global portable medical devices market.

In 2021, North America is expected to have the largest share of the global portable medical devices market. This could be because the healthcare business spends a lot of money on research and development. This element will aid the growth of the North American mobile medical device industry. Additionally, favorable government initiatives and developments in advanced medical equipment reimbursement rules will boost the portable medical equipment market ahead.

Global portable medical devices market is segmented as follows:
Portable medical devices market: By product outlook (2022-2028)

• CT Scan
• Neonatal Monitoring
• Diagnostic Imaging X-Ray
• Endoscopes
• Insulin Pumps
• Image-Guided Therapy Systems
• Nebulizer
• Ultrasound
• Smart Wearable Medical Device
• Stress Monitoring Devices
• Oxygen Concentrator
• Cardiac Monitoring

Portable medical devices market: By application outlook (2022-2028)

• Medical Therapeutics
• Diagnosis Health
• Fitness & Wellness
• Monitoring
• Others

Portable medical devices market: By end users outlook (2022-2028)

• Hospitals
• Ambulatory Surgery Centres
• Homecare
• Others

Portable medical devices market: By region outlook (2022-2028)
North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

Zion Market Research