by The global portable medical devices market size is calculated at USD 69.30 billion in 2024 and is predicted to reach around USD 202.52 billion by 2034 with a CAGR of 11.32%.
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Key Points
- In 2024, North America led the global portable medical devices market with a dominant 39.39% share.
- The Asia Pacific region is projected to grow at a robust CAGR of 12.5% throughout the forecast period.
- The monitoring devices segment held the highest market share of 49% by product in 2024.
- The gynecology segment is anticipated to expand at a notable CAGR during the forecast period.
Table of Contents
Market Drivers
The increasing demand for point-of-care diagnostics and remote patient monitoring is fueling the growth of the portable medical devices market. The shift toward home-based healthcare, particularly among the aging population, is a key factor contributing to the rising adoption of these devices. Rapid advancements in sensor technology, AI-powered analytics, and mobile health applications are improving the efficiency and usability of portable medical devices, further driving market expansion.
Market Opportunities
Expanding telehealth services and growing investments in digital healthcare infrastructure are opening new opportunities in the market. The increasing penetration of wearable medical devices for fitness and disease management is further driving industry growth. The rising focus on preventive healthcare and early disease detection is creating demand for innovative, easy-to-use diagnostic tools. Additionally, government policies supporting digital transformation in healthcare are expected to boost market adoption, especially in emerging economies.
Market Challenges
High development and maintenance costs associated with portable medical devices pose a challenge for manufacturers and healthcare providers. Strict regulatory approvals and compliance requirements create barriers to market entry for new players. Issues related to device accuracy, connectivity, and battery life need to be addressed to ensure long-term success. Data security concerns related to wireless health monitoring systems also present challenges that require enhanced cybersecurity measures.
Regional Insights
North America continues to lead the global market, supported by strong healthcare infrastructure and widespread adoption of advanced medical technologies. Asia Pacific is anticipated to experience the highest growth rate due to increasing healthcare investments and rising demand for cost-effective portable medical solutions. Europe remains a key market, with government initiatives focused on improving chronic disease management and expanding telehealth services to enhance patient care.
Portable Medical Devices Market Companies
The global portable medical devices market is dominated by the presence of major market players. These players adopt inorganic growth strategies such as mergers & acquisitions, collaboration, and partnership to strengthen their market footprint by developing novel and innovative solutions.
- Samsung Group
- General Electric Company
- Koninklijke Philips N.V
- VYAIRE
- Nox Medical
- OMRON Corporation
- Medtronic Plc
Latest Announcements
- At Pittcon 2024 held in San Diego, US, Richard Crocombe, Principal of Crocombe Spectroscopy Consulting, talked about how wearable health and fitness technology devices are the future of healthcare.
- In July 2024, Molbio’s Truenat technology received global accolade at the 77th World Health Assembly at Geneva. Sriram Natarajan, Founder and CEO of Molbio, where he stressed that the Molbio’s commitment to innovation and excellence, and a drive to create impactful solutions has resonated on a global scale, which he is extremely proud of.
Recent Developments
- In December 2024, the Bureau of Indian Standards (BIS) announced that they will prioritizing development of standards for 214 crucial medical devices. This will be application for devices that set for phased completed by December 2025.
- In June 2024, the US Army Medical Evaluation Test Activity conducted a test of three field portable ultrasound devices. These portable devices are small, lightweight and mobile; they have been approved by the FDA.
- In March 2024, Johnson Matthey Plc (JM) announced that it has signed an agreement to sell 100% of its medical device business (MDC) to Montagu Private Equity (Montagu) for a high cash consideration of USD 7 million.
- In May 2023, OMRON Healthcare India announced their collaboration with AliveCor to launch portable monitoring devices for ECG in India.
- In August 2023, Bonatra launched Wearable Smart Rings. These rings are designed to continuously monitor a range of health parameters, such as sleep score, sleep duration, and readiness score.
Market Segmentation
This research study encompasses comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative intelligences, and prognoses of the market. This report presents breakdown of market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report comprises market division and its revenue valuation by categorizing it depending on product, application, and region:
By Product
- Therapeutics
- Nebulizer
- Insulin Pump
- Image-guided Therapy Systems
- Oxygen Concentrator
- Smart Wearable Medical Devices
- Diagnostic Imaging
- X-ray
- CT
- Endoscope
- Ultrasound
- Monitoring Devices
- Neuromonitoring
- Electromyography (EMG) Machines
- Electroencephalography (EEG) Machines
- Intracranial pressure (ICP) Monitors
- Cerebral Oximeters
- Others
- Cardiac Monitoring
- Resting ECG System
- Event Monitoring Systems
- Holter Monitors
- Stress ECG Monitors
- ECG Management Systems
- Respiratory Monitoring
- Spirometers
- Capnographs
- Peak Flow Meters
- Neonatal Monitoring
- Fetal Monitoring
- Vital Sign Monitors
- Hemodynamic Monitoring Systems
By Application
- Cardiology
- Orthopedics
- Gynecology
- Urology
- Gastrointestinal
- Neurology
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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