The portable medical devices market offers a wide range of portable devices catering to point-of-care diagnosis and treatment of various chronic and infectious diseases. Portable medical devices enable patients to monitor health vitals and get diagnosed outside of healthcare facilities, thereby increasing accessibility of healthcare. Some of the commonly used portable medical devices include portable ultrasound devices, portable patient monitoring devices, glucometers, cardiac monitors, pulse oximeters, blood pressure monitors, and thermometers. These devices provide real-time monitoring of vital health parameters such as ECG, blood pressure, blood glucose, and body temperature. The global Portable Medical Devices Market is estimated to be valued at US$ 86.7 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The portable medical devices market is witnessing notable growth driven by increasing technological advancements. Integration of IoT and artificial intelligence into portable medical devices has enabled continuous remote monitoring of patients. For instance, portable medical devices can transmit health data to smartphones of patients as well as their physicians via wireless connectivity for timely diagnostics and interventions. Growing adoption of telehealth and digital healthcare services during the COVID-19 pandemic has further fuelled the demand for smart, IoT-enabled portable medical devices. Use of 3D printing technology and miniaturization of electronic components is allowing development of smaller, affordable, and user-friendly portable devices. Ongoing innovations to integrate additional diagnostic parameters and enhance functionality of portable devices are expected to contribute to market growth over the forecast period.
Threat of new entrants: Low barriers for new entrants due to availability of technologies and venture capital funding. However, established brands have strong brand loyalty and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and price sensitivity of consumers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to lack of integration and availability of substitutes.
Threat of new substitutes: Threat of substitutes is high due to technological advancements and potential for product differentiation.
Competitive rivalry: High competition due towell established playersand frequent new product launches.
The Global Portable Medical Devices Market Demand is expected to witness high growth.
Regional analysis: North America leads the global market due to increasing prevalence of chronic diseases and rising healthcare spending. Asia Pacific is poised to offer lucrative growth opportunities with growing geriatric population and evolving healthcare infrastructure in countries such as China and India.
Key players: Key players operating in the portable medical devices market are Genesis Rehab Services, Abbott Laboratories, Bayer AG, F. Hoffmann-La Roche Ltd, Johnson & Johnson, Panasonic, Yuwell, Omron, Arkray, Grace Medical, Huali, SAMSUNG, Phillips, Carefusion Corporation and Medtronic.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it