Portable Medical Equipment Market Size

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.