Portable Medical Devices Market Size Will Achieve USD 80.6 Billion by 2030 growing at 8.5% CAGR - Exclusive Report by Acumen Research and Consulting

LOS ANGELES, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The Global Portable Medical Devices Market Size is anticipated to reach USD 80.6 Billion by 2030, registering at a CAGR growth of 8.5% over the forecast period.

Portable Medical Devices Market Report Key Highlights

• Global portable medical devices market size was USD 39.3 billion in 2021 and is expected to grow at CAGR of 8.5% from 2022 to 2030

• North America portable medical devices market is expected to lead with more than 40% market share

• According to the World Aging Report 2019, over 53 million of the U.S. population is over 65 years old

• Asia-Pacific portable medical devices market is expected to grow over 11% CAGR during the forecast period from 2022 to 2030

• Among applications, neuropathic pain occupied more than 50% of the total market share

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Report Coverage:

Pharmaceutical Manufacturing is the process of manufacturing pharmaceutical drugs and these can be broken down into individual operations such as blending, filtration, compression, heating, granulation, encapsulation, tableting, shearing, coating, and drying. The overall pharmaceutical manufacturing industry is experiencing major innovations and alternations due to Modern scientific and technological advances that are quickening the discovery and expansion of innovative pharmaceuticals with improved therapeutic activity and fewer side effects.

COVID-19 Impact on the Global Portable Medical Devices Market Revenue

The impact of COVID-19 on portable medical devices was both negative and positive throughout 2022 and 2021. With the postponement of non-emergent surgeries in hospitals and other healthcare service providers, the portable medical device industry experienced a major fall. In addition to that, strict government regulation on social distancing, lockdowns, and supply-chain all held down the portable medical devices industry's growth. However, many portable medical devices such as X-rays, computed tomography (CT) scanning systems, portable aspirators, portable ultrasound, and mobile radiographic digital equipment all were in high demand during this period, thereby slightly leveling the negative impact of coronavirus (COVID-19) pandemic on portable medical devices industry.

Portable Medical Devices Market Dynamics

The growing adoption of technologically advanced smart devices is propelling the portable medical device market growth. The growing base of the elderly population along with the rising prevalence of chronic disorders is another factor that is fueling the portable medical devices market share. The growing use of wearables and increasing homecare treatments are some of the market trends in the industry. However, the rising cost of these devices and lack of awareness in emerging countries are some of the factors that are affecting the portable medical devices market value.

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Portable Medical Devices Market Segmentation

The portable medical device market is segmented based on product, application, and region.

By product, the market is segmented as diagnostic imaging, therapeutics, monitoring devices, respiratory monitoring, and among others. By application, the market is segregated into gynecology, cardiology, gastrointestinal, urology, and others.

Based on the product, monitoring devices will hold the largest market share in the forecast period. Technological advancements, fast new product approvals, and benefits associated related to designs such as compact designs and mobility are among the few factors that contribute to segmental growth. Further, by application, the cardiology segment is projected to hold the second largest market share. The rising prevalence of cancer and the surge in the utility of diagnostic imaging coupled with image-guiding therapy systems are the key factors attributed to the segmental growth of the application.

Portable Medical Devices Market Regional Outlook

North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the portable medical devices market industry.

North America is dominating the market of portable medical devices in the past and will continue its trend in the forthcoming years. In the past, North America recorded a market share of 40.8% and is projected to continue a similar trend in the coming years. The factor that attribute to regional growth involves rising prevalent cases of chronic diseases like asthma and chronic obstructive pulmonary disorder (COPD). This led to high demand for portable medical devices resulting in the growth of the regional market.

Additionally, high adoption of tech advanced medical devices, high treatment rates, and rising government involvement for early diagnosis of the disease is among the few prominent factors that contribute to its fullest regional market growth. In March 2020, Prime Minister announced Canada’s plan to mobilize industry to fight COVID-19. The new plan introduced implements new measures to directly support businesses to rapidly scale up the production or re-tool their manufacturing lines to develop products made in Canada to counterattack COVID-19. The products involved are critical health and safety supplies and equipment, involving personal protective equipment (PPP), sanitization products, diagnostic and testing products, and disease tracking technology.

On the other hand, Asia-Pacific regional market will witness a fast pace in the coming years owing to the strong demand for portable medical devices market. It is expected that the APAC market will grow to its fullest by recording a significant CAGR of 11.2% in the coming years. Improvement in treatment rates, consistent development in healthcare infrastructure, and a surge in the adoption of smart wearables are the prominent factors responsible for the growth of the Asia-Pacific portable medical devices market. In October 2020, the Union State Minister of India announced the launching of the INR 10,000 crore NCDC Ayushman Sahakar Fund for the creation of healthcare infrastructure by cooperatives.

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Portable Medical Devices Market Players

Some of the leading portable medical device companies are Cooper Surgical, Koninklijke Philips N.V, General Electric Company, Medtronic, OMRON Corporation, Samsung, Sorin Group, Schiller AG, and F. Hoffmann-La Roche Ltd., among others.

Some of the key observations regarding the portable medical devices industry include

• In June 2020, Koninklijke Philips N.V., a pioneer in health technology announced the launching of a new product Lumify with Reacts handheld tele-ultrasound solution for its commercial availability in Japan. The company received clearance from Japan's healthcare authority to introduce the ultrasound solution for compatible handheld devices. The portability of Lumify introduces a powerful diagnostic solution for the hospitals enabling them to use ultrasound imaging for bedside diagnosis and to monitor medical conditions.

• In December 2019, F. Hoffmann-La Roche Ltd and GE Healthcare announced the launching of the new product NAVIFY Tumor Board 2.0, the first collaborative product. Incorporating medical imaging viewing and strong capabilities with patient data, the product enables tumor boards-multidisciplinary teams that determine treatment plans for cancer patients to have a more comprehensive view of each patient in one place.

• In June 2020, OMRON Corporation, Japan, announced the launching of a new product name, the FH Series Vision System". The product is the industry's first detection AI technology that identifies defects without learning samples. This AI technology reproduces human sensibility and the techniques of skilled inspectors for reliable defect detection, automating human-based vision, and visual inspection.

Questions Answered By This Report

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