Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Portable Medical Devices Market Size, Share & Trends Analysis Report By Product (Diagnostic, Monitoring, Therapeutics, Smart Wearable Devices), By Application, By Region, And Segment Forecast, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global portable medical devices market size is expected to reach USD 146.4 billion by 2030 to expand at a CAGR of 11.30% from 2023 to 2030.
Companies Mentioned
- General Electric Company
- OMRON Corporation
- VYAIRE
- Samsung
- Koninklijke Philips N.V.
- Medtronic
- F. Hoffmann-La Roche Ltd
- Nox Medical
The growing adoption of technically advanced image-guided therapy systems and smart wearables, combined with an increasing demand for real-time and continuous monitoring, is expected to drive the market. Increasing awareness about the benefits of wearables, such as enhanced mobility, has also been attributed to an increase in the acceptance of portable medical devices in healthcare facilities.
Technological advancements and rising demand for home healthcare services are anticipated to drive the market in developing economies. Technological improvements in portable medical devices such as the introduction of new technologies to improve accuracy, utility, workflow, and convenience of access will raise the adoption, hence driving growth.
In May 2022, Samsung announced the launch of a new portable digital radiography device, the GM85 Fit, which features a user-centric design for effective and efficient patient care. In December 2021, Nox Medical announced the launch of a Nox A1s PSG system that features the flexibility to use from hospital to home and product enhancements to its precursor, Nox A1.
There is a paradigm shift in people's choice toward home healthcare services as a result of the increase in economic burden and rise in the population of people aged 60 and above. In March 2021, Shimmer, a global pioneer in wearable technology applications, introduced Verisense Pulse+, a new sensor for the Verisense platform that includes a photoplethysmography sensor, a galvanic skin response sensor, and an inertial measurement unit.
In addition to measuring the activity and sleep patterns of clinical trial participants, the device may also assess heart rate, oxygen saturation, and emotional responses. Therefore, the shift toward homecare settings is expected to increase the need for portable medical equipment.
Moreover, the outbreak of COVID-19 has extended the role of portable medical devices in the healthcare trade. Portable technologies have always been critical for both healthcare professionals and patients in effectively managing health in remote settings. Medical device manufacturers such as Masimo's revenue increased by 18.1% in 2020, owing to the increase in the global sales of patient monitoring systems during the pandemic. These aforementioned factors played a crucial role in increasing product demand during COVID-19.
Portable Medical Devices Market Report Highlights
- In terms of product, the monitoring devices segment dominated the portable medical devices market in 2022. Technological advances, new product approvals, and benefits, such as compact design & portability, are factors driving the segment growth.
- Based on application, the other segment which includes application areas such as oncology, thoracic, vascular, and metabolic, dominated the global market in 2022. Increasing cancer prevalence and the rising use of imaging & image-guided treatment systems are among the key factors contributing to this growth.
- The cardiology segment is expected to hold the second-largest market share in 2022. Portable cardiology devices are gaining popularity in recent times due to the growing prevalence of cardiovascular diseases globally and the rising preference for minimally invasive or noninvasive treatment of these diseases.
- North America is estimated to dominate the market throughout the forecast period. High acceptance of technologically advanced devices, government initiatives to aid early detection of diseases, and high treatment rates are among the few drivers of the market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 208 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $63 Billion |
| Forecasted Market Value (USD) by 2030 | $146.4 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology And Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Outlook
3.1.2 Related/Ancillary Market Outlook
3.1.2.1 Vital Signs Monitoring Devices Market
3.1.2.2 Patient Monitoring Devices Market
3.1.2.3 Medical Imaging Market
3.2 Market Dynamics
3.2.1 Market Driver Analysis
3.2.1.1 Technological Advancements
3.2.1.2 Rising Adoption Of Wearable Devices
3.2.1.3 Shift Toward Homecare Settings
3.2.2 Market Restraint Analysis
3.2.2.1 High Cost Of Devices And Inadequate Reimbursement Policies In Emerging Countries
3.2.2.2 Product Recall & Safety Concerns
3.3 Portable Medical Devices Market Business Analysis Tools
Chapter 4 Portable Medical Devices Market: Product Type Analysis
4.1 Portable Medical Devices Market Product Type Movement Analysis, 2022 & 2030
4.2 Segment Dashboard
4.3 Market Size & Forecasts And Trend Analysis, 2018 To 2030 For The Product Type
Chapter 5 Portable Medical Devices Market: Application Analysis
Chapter 6 Portable Medical Devices Market: Regional Analysis
Chapter 7 Competitive Analysis
For more information about this report visit https://www.researchandmarkets.com/r/jbg65l
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