Portable Medical Devices Market Size (2024 - 2029)

The Portable Medical Devices Market is projected to experience significant growth, driven by the increasing demand for portable and wearable electronics, technological advancements, and a rising geriatric population. The COVID-19 pandemic has further emphasized the importance of these devices in managing health remotely, leading to heightened demand in home settings. Innovations in technology, such as artificial intelligence and wireless monitoring, are enhancing the utility and adoption of portable medical devices, contributing to market expansion. Despite these positive trends, concerns regarding security and the high cost of medical devices may pose challenges to market growth.

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Market Size of Portable Medical Devices Industry

Portable Medical Devices Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 82.94 Billion
Market Size (2029) USD 130.69 Billion
CAGR (2024 - 2029) 9.52 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Portable Medical Devices Market Major Players

*Disclaimer: Major Players sorted in no particular order

Portable Medical Devices Market Analysis

The Portable Medical Devices Market size is estimated at USD 82.94 billion in 2024, and is expected to reach USD 130.69 billion by 2029, growing at a CAGR of 9.52% during the forecast period (2024-2029).

The outbreak of the COVID-19 pandemic extended the role of portable medical devices in the healthcare trade. Portable technologies have always been crucial for both patients and professionals in effectively managing health in remote settings. With increasing focus on health management during COVID-19, portable medical devices have experienced increased demand in home settings. For example, according to the study titled 'A Wearable Tele-Health System towards Monitoring COVID-19 and Chronic Diseases' published in March 2021, simple, wearable, non-obtrusive sensor devices that can be monitored remotely can cut down on hospital admissions and visits. Such studies show the importance of portable medical devices, positively impacting the market growth.

Various companies are entering the landscape with innovative portable products. In June 2021, Mohali-based Walnut Medical developed 5L and 10L portable medical-grade oxygen concentrators based on pressure swing adsorption (PSA) technology in India with an oxygen purity of above 96% at a pressure of 55-75 kpa. This offered a unique opportunity during pandemic.

The portable medical devices market is expected to witness rapid growth due to the escalating demand for portable medical devices and wearable electronics, increased technological advancements, and a rise in the geriatric population. The rise in technological advancements in portable medical devices (such as the incorporation of new technology in the device to enhance its utility, accuracy, ease of access, and workflow) will lead to an increase in the adoption of the portable devices, driving the market growth. In August 2022, SmartCardia launched their 7L patch, a 7-lead cardiac monitoring patch. With the use of artificial intelligence (AI), this cutting-edge patch monitor integrates wearable medical technology with remote patient monitoring to deliver tailored and predicted patient insights.

Additionally, in June 2022, GE Healthcare launched Portrait Mobile, a wireless patient monitoring technology that allows for constant monitoring throughout a patient's stay. The technique aids doctors in identifying patient decline. A mobile monitor can communicate with patient-worn wireless sensors in Portrait Mobile. Therefore, owing to the rise in the launch of technologically advanced portable medical devices, the market is expected to grow over the forecast period.

Moreover, the growing geriatric population is expected to propel the growth of the market. According to the World Population Prospects 2022 report published by the United Nations Department of Economic and Social Affairs, 771 million people worldwide will be 65 years or above in 2022. Furthermore, according to the same source, by 2030, there will be 994 million older adults in the world, and by 2050, the number will hit 1.6 billion. Thus, all aforementioned factors are expected to boost the market over the forecast period.

However, security concerns and high cost of medical devices may restrain the market over the forecast period.

Portable Medical Devices Industry Segmentation

As per the scope of the report, in portable medical devices, only diagnostics imaging and monitoring devices are covered. These portable medical devices are being used rapidly as advancements in wireless technologies have increased patients' mobility in hospitals and homes. Portable medical devices are electronic equipment used for monitoring, operating, and managing medical conditions. These devices are becoming more and more portable, light in weight, and compact due to the advancements in microprocessor technology. The market is segmented by product (diagnostic imaging, monitoring devices, and other products), end user (hospitals, physician offices, home care settings, and other end users), and geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.

By Products
Diagnostic Imaging
Monitoring Devices
Cardiac Monitoring
Neuro Monitoring
Respiratory Monitoring
Other Monitoring Devices
Other Products
By End User
Hospitals
Physician Offices
Homecare Settings
Other End Users
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America
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Portable Medical Devices Market Size Summary

The portable medical devices market is poised for significant expansion, driven by the increasing demand for wearable electronics and advancements in technology. The COVID-19 pandemic has underscored the importance of these devices, as they facilitate health management in remote settings, reducing the need for hospital visits. Companies are continuously innovating, with new products like portable oxygen concentrators and AI-integrated cardiac monitoring patches enhancing the utility and accuracy of these devices. The market's growth is further supported by the rising geriatric population, which necessitates continuous health monitoring and management. However, challenges such as security concerns and the high cost of medical devices may pose constraints to market expansion.

Regionally, North America is expected to dominate the portable medical devices market, bolstered by the high adoption of advanced technologies and supportive government initiatives. The prevalence of chronic diseases, such as cancer and cardiovascular conditions, is driving the demand for diagnostic and monitoring devices. The market is characterized by intense competition, with numerous players engaging in product innovation and strategic collaborations to maintain their market position. Notable developments include the launch of advanced portable devices and partnerships aimed at enhancing product offerings. These factors collectively contribute to the anticipated robust growth of the portable medical devices market over the forecast period.

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Portable Medical Devices Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Escalating Demand for Portable Medical Devices and Wearable Electronics

      2. 1.2.2 Increase in Technological Advancements

      3. 1.2.3 Rise in Geriatric Population

    3. 1.3 Market Restraints

      1. 1.3.1 Security Concerns

      2. 1.3.2 High Cost of Portable Medical Devices

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD Million)

    1. 2.1 By Products

      1. 2.1.1 Diagnostic Imaging

      2. 2.1.2 Monitoring Devices

        1. 2.1.2.1 Cardiac Monitoring

        2. 2.1.2.2 Neuro Monitoring

        3. 2.1.2.3 Respiratory Monitoring

        4. 2.1.2.4 Other Monitoring Devices

      3. 2.1.3 Other Products

    2. 2.2 By End User

      1. 2.2.1 Hospitals

      2. 2.2.2 Physician Offices

      3. 2.2.3 Homecare Settings

      4. 2.2.4 Other End Users

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle East & Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle East & Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Portable Medical Devices Market Size FAQs

The Portable Medical Devices Market size is expected to reach USD 82.94 billion in 2024 and grow at a CAGR of 9.52% to reach USD 130.69 billion by 2029.

In 2024, the Portable Medical Devices Market size is expected to reach USD 82.94 billion.

Portable Medical Devices Market Report Snapshots

Portable Medical Devices Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)