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Portable Medical Devices Market - Forecasts from 2021 to 2026

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  • 107 Pages
  • July 2021
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5397946
The global portable medical devices market is evaluated at US$ 33.418 billion for the year 2019 growing at a CAGR of 8.57% reaching the market size of US$59.433 billion by the year 2026.

Portable medical devices are capable of communicating with both physicians and patients through wireless connectivity. These devices have long battery life and share powerful data processing capabilities. Major factors fueling the demand for these devices are the integration of the healthcare industry with information technology, the internet of things, technological advancement, aging population, urbanization, and increasing awareness. Strong support by various governments and a preference for low-cost medical facilities due to rising healthcare costs is spurring up the demand for portable medical devices.

The pace of population aging around the world is increasing dramatically across the globe. According to the United Nations Report, the global population aged 60 years or over has been numbered 962 million in 2017, more than twice as large as in 1980 when there were 382 million older persons worldwide. The number of older persons is expected to double again by 2050 when it is projected to reach nearly 2.1 billion. Globally, the number of persons aged 80 years or over is projected to increase more than threefold between 2017 and 2050, rising from 137 million to 425 million. Therefore, the increasing use of portable medical devices in the healthcare industry is beneficial for accurate real-time monitoring, diagnosis, and tailored treatment of conditions in the older population.

Furthermore, a rise in health and fitness awareness coupled with the advent of new technologies such as the Internet of Things (IoT), big data, and analytics in medical devices are the key factors that escalate the market growth. Furthermore, stressful and hectic lifestyles have resulted in the rise of several health disorders that will fuel the market's growth. The industry is also expected to witness strong growth mainly due to the rising incidents of chronic diseases, increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world, and a growing elderly population.

The market has been significantly driven by the increasing health expenditures done by several governments in order to enhance the technological advancements in the sector.

The advent of COVID-19 had a positive impact on the portable medical devices market given the rise in the cases from the disease which encouraged the patients to opt for potable medical devices so as to take care of themselves at home. Moreover, in the initial months of the pandemic, hospitals around the globe faced an immense shortage of medical equipment. The rise in the demand for at-home treatment techniques is expected to be a tailwind to the market and the trend is anticipated to be followed in the coming years as well. Shelter-in-place warnings sparked a huge surge for at-home medical care. This includes patients monitoring their health and taking part in telemedicine for other healthcare issues. Thus, an indirect impact of COVID-19 on the medical equipment market was an increased demand for portable medical devices. Remote patient monitoring devices, glucose monitoring devices, and insulin pumps are among the devices that have increased in demand.

Increasing remote patient monitoring is expected to fuel the market during the forecast period.

The essential and healthcare workers are the most vulnerable to coronavirus infections due to their required proximity to potential coronavirus patients. Wearable technology may potentially help in these regards by providing symptoms prediction, real-time remote monitoring and contact tracing, etc. Also, in 2020, researchers in Washington developed a stamp-sized device, consisting of a suite of sensors, including ones that record blood oxygen levels and body temperature, an advance that can be used to catch early symptoms and signs of COVID-19 and monitor patients as the illness progresses.

In April 2020, the Scripps Research Translational Institute started the DETECT (Digital Engagement & Tracking for Early Control & Treatment) Study, which uses devices such as Garmin, Fitbit, and Apple Watch, among others, for recording activity, heart rate, and sleep data and matching it with symptom reports submitted by participants to track potential cases of COVID-19. Early results from the study showed that Fitbits can predict COVID-19 in 78% of the 14 patients studied. The process in which patients can use a mobile medical device to perform a routine test and send this data to healthcare professionals in real-time is known as remote patient monitoring (RPM). The implementation of remote patient monitoring may improve the management of chronic disorders by measuring critical risk indicators, such as blood pressure and glucose. RPM has several advantages for hospitals and end-users, such as a reduction in extended hospitalization, low cost of healthcare, and fewer doctor appointments. This can also help lower the costs associated with the treatment of chronic disorders.

Market Segmentation:

By Component

  • Sensors
  • Microprocessors/Microcontrollers
  • IC's

By Application

  • Medical Therapeutics
  • Fitness And Wellness
  • Diagnosis
  • Monitoring

By Geography

  • North America
  • USA
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • Germany
  • France
  • UK
  • Others
  • Middle East & Africa
  • Saudi Arabia
  • UAE
  • Others
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
  • Thailand
  • Indonesia
  • Others
Frequently Asked Questions about the Portable Medical Devices Market

What is the estimated value of the Portable Medical Devices Market?

The Portable Medical Devices Market was estimated to be valued at $33.42 billion in 2019.

What is the growth rate of the Portable Medical Devices Market?

The growth rate of the Portable Medical Devices Market is 8.5%, with an estimated value of $59.43 billion by 2026.

What is the forecasted size of the Portable Medical Devices Market?

The Portable Medical Devices Market is estimated to be worth $59.43 billion by 2026.

Who are the key companies in the Portable Medical Devices Market?

Key companies in the Portable Medical Devices Market include Texas Instruments, Renesas Electronics Corporation, On Semiconductor Corporation, Medtronic, Infineon Technologies, NXP Semiconductor, Analog Devices, GE Healthcare and Omron Healthcare.

Table of Contents

1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Portable Medical Devices Market Analysis, by Component
5.1. Introduction
5.2. Sensors
5.3. Microprocessors/Microcontrollers
5.4. IC's
6. Portable Medical Devices Market Analysis, by Application
6.1. Introduction
6.2. Medical Therapeutics
6.3. Fitness And Wellness
6.4. Diagnosis
6.5. Monitoring
7. Portable Medical Devices Market Analysis, by Geography
7.1. Introduction
7.2. North America
7.2.1. USA
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. Germany
7.4.2. France
7.4.3. UK
7.4.4. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. India
7.6.3. Japan
7.6.4. South Korea
7.6.5. Taiwan
7.6.6. Thailand
7.6.7. Indonesia
7.6.8. Others
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Texas Instruments
9.2. Renesas Electronics Corporation
9.3. On Semiconductor Corporation
9.4. Medtronic
9.5. Infineon Technologies
9.6. NXP Semiconductor
9.7. Analog Devices
9.8. GE Healthcare
9.9. Maxim Integrated
9.10. Omron Healthcare

Companies Mentioned

  • Texas Instruments
  • Renesas Electronics Corporation
  • On Semiconductor Corporation
  • Medtronic
  • Infineon Technologies
  • NXP Semiconductor
  • Analog Devices
  • GE Healthcare
  • Maxim Integrated
  • Omron Healthcare