Portable Medical Devices Market size was valued at USD 68.36 billion in 2023 and is projected to cross USD 271.75 billion by the end of 2036, registering more than 11.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of portable medical devices is estimated at USD 74.49 billion.
This can primarily be attributed to the increasing awareness among people about preventive healthcare, which has further resulted in the growing adoption of technologically advanced medical equipment. Additionally, the rising geriatric population globally is also projected to escalate the demand for portable medical devices in the forthcoming years. According to the World Bank Data, an estimated 9.09% of the world’s population were aged 65 and over in 2019. Further, as reported by the World Health Organization (WHO), the world’s population aged over 60 years was expected to rise from 12% in 2015 to an estimated 22% in 2020. Moreover, the rising prevalence of chronic diseases is also projected to generate substantial demand for portable medical devices in the upcoming years. According to the National Institute of Health (NIH), chronic diseases are among the most prevalent health conditions affecting approximately 1 in 3 adults globally.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
11.2% |
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Base Year Market Size (2023) |
USD 68.36 billion |
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Forecast Year Market Size (2036) |
USD 271.75 billion |
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Regional Scope |
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The portable medical devices market is segmented by product type into diagnostic imaging, therapeutics, monitoring devices, and smart wearable medical devices. The monitoring devices segment is anticipated to grab the largest share by the end of 2029 on account of their rising adoption in healthcare facilities. In addition to this, the increasing consciousness among people regarding personal care & health is also contributing to the growth of the market segment. Further, it is expected that the smart wearable devices segment is set to witness the fastest growth owing to the rising demand for fitness and health monitoring among the young population.
Based on application, the cardiology and gynecology segments in the market are projected to grow with a lucrative CAGR over the forecast period. The growth of the cardiology segment can be attributed to the rising demand for smart wearables to maintain cardiac function, while the gynecology segment is growing on account of the increasing adoption of advanced medical devices for obstetric and gynecologic care.
On the basis of end-user, the market is further divided into hospitals, physicians’ offices, home care settings, and others. The home care settings segment is expected to grow at the fastest CAGR, as the use of home care products has risen significantly to avoid long hospital stays & costs.
Our in-depth analysis of the global market includes the following segments:
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Product |
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Application |
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End-User |
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Geographically, the portable medical devices market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific industry is expected to hold largest revenue share by 2036, owing to developments in healthcare infrastructure. In addition to this, the rising demand for smart wearables from countries such as China, India, Japan, and South Korea is also projected to fuel the market growth over the forecast period. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue on the back of various innovations in monitoring devices and tools used. Along with this, the growing initiatives taken by the U.S. government to upgrade the infrastructure of the medical sector also favors the growth of the market. Alternatively, the market in Europe is also anticipated to occupy a significant share in the portable medical devices market on account of its rapidly rising geriatric population. As per the analysis of the European Commission, nearly one-fifth of the EU-27 population were above the age of 65 in 2019. Moreover, according to the Population Reference Bureau, countries such as Italy, Finland, Portugal, Greece, Germany, and Bulgaria have the highest geriatric population in Europe.
Author Credits: Radhika Pawar
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