London, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Greater emphasis on enhanced patient experience, and growing effort of medical facilities to improve accessibility of advanced medical equipment collectively account for impressive revenue growth of portable medical devices market. A newly published report of Fairfield Market Research suggests that with spiraling global demand for continuous patient monitoring, and growing prominence of remote patient monitoring systems will fuel market growth to a large extent. Up from an estimation revenue worth US$57.3 Bn in 2022, global portable medical devices market is foreseen to approach the valuation of US$97 Bn toward the end of 2027.
Although increasing market fragmentation, growing medical device miniaturization, and intensifying competition over pricing continue to restrict the pace of market growth, the report spots ample opportunities for portable medical devices market participants across facilities like home care centers, hospice centers, and elderly care homes. A continuous stream of revenue generation opportunities also exists in the consistently climbing rate of hospitalization.
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Key Research Insights
- Global portable medical devices market value is poised for 9.2% growth between 2022 and 2027
- Diagnostics and monitoring continue to represent the dominant segment in portable medical devices market with an estimated market share of 44% by 2027
- An approximately US$9.8 Bn market of Asia Pacific awaits fastest growth pace through 2027, possibly reaching 19.8 Bn
Insights into Segmental Analysis
Global COVID-19 pandemic has brought continuous monitoring and diagnostics in the limelight, in turn influencing the sales of portable medical devices worldwide. Diagnostics and monitoring will remain the top performing segment of portable medical devices market. The segment currently accounts for more than US$25 Bn in revenue and by the end of 2027, this category is likely to account for an approximate revenue share of 44% in the market. Moreover, by application-wise analysis, the report reveals dominance of cardiology, further followed by gynecology, and neurology.
Key Report Highlights
- The proliferating trend of home healthcare, continuous monitoring, and remote patient monitoring are collectively providing a favourable environment for market growth
- The rise of intelligent portable medical devices is playing out as a major booster to revenue growth of portable medical devices market
Insights into Regional Analysis
North America, the leading region, will most likely account for revenue of more than US$36 Bn in the market by 2027. Asia Pacific has been anticipated to showcase phenomenal growth in market attractiveness despite continued dominance of North America, and Europe. The report indicates nearly 10.4% growth for Asia Pacific’s portable medical devices market through the end of 2027 and attributes the same to the briskly advancing medical industry, and rising affordability of premium medical products across the region. Improved healthcare expenditure of governments will also act as a major catalyst for expansion of portable medical devices market in Asia Pacific, especially China, India, and a few others that are in the bandwagon of medical tourism. Opportunities will further arise, says the report, as the region witnesses emergence of high-potential demographics that are untapped yet and can afford high-value medical products. Competitive pricing remains the epicentre of strategic developments by brands across the region, which is also expected to drive the portable medical devices market here.
Key Market Players
The global portable medical devices market report covers some of the leading players steering competition landscape. Omron, Medtronic PLC, GE Healthcare, Siemens Healthcare, Philips, Roche Diagnostics, Shimadzu, and Canon are some of the significant players that have subject to thorough strategic analysis and profiling in the report.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2027 | |
| Market Size in 2022 | US$57.3 Bn | |
| Estimated Market Size in 2027 | US$96.9 Bn | |
| CAGR | 9.2% | |
| Key Players | Omron, Medtronic PLC, GE Healthcare, Siemens Healthcare, Philips, Roche Diagnostics, Shimadzu, Canon | |
Market Segmentation
Product Type
- Diagnostics and Monitoring
- Therapeutic
- Surgical
- Others
Application Type
- Cardiology
- Gynaecology
- Orthopaedics
- Neurology
- Others
- Beauty Spas
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
- Asia Pacific
Leading Companies
- Medtronic Plc
- Omron
- Canon
- Shimadzu
- Philips Healthcare
- GE Healthcare
- Siemens Healthcare
- Others
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Product-wise Analysis
- Application-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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