The advent of portable medical devices have transformed the healthcare industry and the way it provides medical care. These devices comprise of all healthcare related indicative and therapeutic medical devices that can be easily carried from one place to another without much inconvenience. The current healthcare trend of precise and real time monitoring of patients has given the required momentum to the market of portable medical devices which are being continuously integrated with smart and wireless technologies so as to maximize efficiency in treatment and monitoring. According to IMARC Group, the global portable medical and healthcare devices market has grown at a CAGR of around 18% during 2008-2015, reaching a market value of US$ 30.4 Billion in 2015. This value is further expected to reach around US$ 73 Billion by the year 2021.

Growth Inducing Factors

The growing prevalence of lifestyle diseases such as diabetes, high blood pressure, cardiovascular diseases, etc. have shifted people’s focus to prevention of the diseases rather than their cure. Moreover, as these diseases require treatment combined with continuous monitoring, the demand for portable medical devices has significantly pushed up, allowing its consumers to constantly monitor and keep their health and fitness in check. The second most important factor inducing the growth of the portable medical and healthcare devices market is the growing base of geriatric population which require constant health monitoring. The underlining aspect of this factor also includes the pressures felt by the older people of making constant visits to hospitals even for simple diagnostic procedures. Subsequently, portable medical devices bring the best medical care solution for them.

Several other key driving factors that will facilitate the growth of the global portable medical and healthcare devices market include technological advancements and continuous R&D, growing trend of miniaturization of technology, growing awareness about the significance of regular monitoring, government initiatives to help create awareness about various diseases and their treatment, product innovations and a strong growth in the demand for fitness wearables which include smart wrist-wearables and smart clothing.

Key Advantages of Portable Medical Devices

With end-to-end connectivity and interoperability in portable healthcare devices, they offer the principal advantage of extending care from hospitals or doctors’ clinic into the homes. This further helps in early detection of diseases and enables to improve their diagnosis, treatment and monitoring. The way these portable devices are designed these days allow the medical teams to give high quality care to patients immediately and effectively. As these devices (which also includes smart wearables) are getting more compact, easy to use and carry around, they have not only increased patient’s mobility at homes as well as hospitals but also brought about a sense of empowerment to both patients and health care providers.

Types of Portable Medical Devices

The market can be segmented into two types of portable medical and healthcare devices: medical monitoring devices and wearable health and fitness devices. Under medical monitoring devices, there are five segments: vital signs monitoring devices, foetal monitoring devices, neuromonitoring devices, blood glucose monitoring devices and anaesthesia monitoring devices. On the other hand, there can be three segments under wearable health and fitness devices: smart wrist-wearables, smart garments and chest straps.

The United States Leading Current Market Growth

Geographically, the United States represents the largest portable medical and healthcare devices market accounting for more than one-third of the total market share. This is mainly due to an advanced technological growth of the country, growing population of unhealthy and obese people and a shifting trend towards health and fitness. The United States is followed by Europe and the Asia-Pacific region.

Looking forward, the market share of the United States and Europe are expected to decrease over the next several years due to saturation of markets in these regions. The market share of the Asia-Pacific region, however, will increase over the next few years due to better growth opportunities and increasing disposable incomes in a number of emerging economies, particularly India and China.

Some of the key global players operating in this market include Philips Healthcare, GE Healthcare, Abbott Laboratories, Fitbit Inc., Garmin and Medtronic.

Browse latest pressrelease: Global Portable Medical and Healthcare Devices Market Driven by Miniaturization of Technology

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