Categories: Market Research

Portable Medical Devices Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Portable Medical Devices Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Portable Medical Devices Global Market Report 2024, The portable medical devices market size has grown rapidly in recent years. It will grow from $50.59 billion in 2023 to $56.6 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to miniaturization of electronics, increasing chronic diseases, aging population, telehealth and remote monitoring, point-of-care testing.

The portable medical devices market size is expected to see rapid growth in the next few years. It will grow to $85.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to global health pandemics, digital health integration, increased home healthcare, healthcare cost containment, wearable health tech adoption. Major trends in the forecast period include advancements in battery technology, ai and machine learning integration, smart inhalers and drug delivery devices, integration of augmented reality, blockchain technology in healthcare.

The growing prevalence of chronic diseases is expected to propel the growth of the portable medical devices market going forward. Chronic diseases are described generically as problems that persist a year or longer, need continuing medical treatment, and interfere with everyday activities. Portable medical devices assist patients suffering from chronic diseases track their health-related conditions, such as physiological conditions in post-acute, rehabilitation, and chronic cases. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least one chronic condition would increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Therefore, the growing prevalence of chronic diseases drives the portable medical devices market.

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The portable medical devices market covered in this report is segmented –

1) By Product: Therapeutics, Smart Wearable Medical Devices, Diagnostic Imaging, Monitoring Devices, Neuromonitoring, Cardiac Monitoring, Respiratory Monitoring, Neonatal Monitoring, Fetal Monitoring, Other Products

2) By Application: Cardiology, Orthopedics, Gynecology, Urology, Gastrointestinal, Neurology, Other Applications

3) By End-User: Hospitals, Clinics, Homecare Patient, Ambulatory Care Centers, Surgical Centers, Other End Users

Technological innovation is a key trend gaining popularity in the portable medical devices market. Major companies operating in the portable medical devices market are adopting new technologies to sustain their position in the market. For Instance, in November 2022, Philips, a Netherland-based conglomerate corporation, launched the Compact 5000 series of a next-generation compact portable ultrasound solution. This innovative system is featured with Philips collaboration live secure real-time telemedicine software that can call on additional clinical expertise via confident voice, text, screen sharing, and video streaming from anywhere with a mobile or internet connection and aims to increase accessibility to the diagnostic capabilities of high-end cart-based ultrasound machines. The Ultrasound Compact 5000 Series system is tailored with an optional battery to provide 2.5 hours of scanning time and 20% faster power-up capabilities. It is made to provide shared services for various medical specialties, such as cardiovascular, obstetrics and gynecology, point-of-care, and general imaging.

The portable medical devices market report table of contents includes: