Portable Medical Devices Market to Reach US$68.28 Bn by 2022: Coherent Market Insights
 |
| Portable Medical Devices Market |
Market Overview:
The global Portable Medical Devices Market is estimated to be valued at US$68.28 Bn in 2022 and is expected to
exhibit a CAGR of 10.2% over the
forecast period 2023-2030, as highlighted in a new report published by Coherent
Market Insights. The market offers a range of medical devices that are designed
to be portable and can be used by healthcare professionals and individuals
alike. These devices provide flexibility and convenience, enabling patients to
monitor their health conditions in the comfort of their own homes. The growing
prevalence of chronic diseases, technological advancements in medical devices,
and the increasing demand for point-of-care testing are the key factors driving
the growth of the portable medical devices market.
Market Key Trends:
One key trend in the portable medical devices market is the increasing adoption
of wearable devices. Wearable medical devices, such as fitness trackers,
smartwatches, and glucose monitoring devices, have gained significant
popularity among consumers. These devices can track vital signs, monitor heart
rate, blood pressure, and blood glucose levels, and provide real-time data to
healthcare professionals. The integration of advanced sensors and wireless
connectivity in wearable devices has made them more user-friendly and
efficient. The convenience and ease of use offered by wearable devices are
driving their adoption in both clinical settings and personal healthcare
management. As a result, the demand for wearable medical devices is expected to
witness substantial growth in the coming years.
Segment
Analysis:
The portable medical devices market can be segmented based on product type and
end-user. Based on product type, the dominating segment in the market is
monitoring devices. Monitoring devices include devices such as blood pressure
monitors, glucose monitors, and ECG devices. These devices are widely used by
patients suffering from chronic diseases such as hypertension, diabetes, and cardiovascular
diseases. The increasing prevalence of these diseases globally is driving the
demand for monitoring devices. Additionally, the rising geriatric population
and the growing preference for home healthcare are further fueling the growth
of this segment. The ease of use and portability of these devices also
contribute to their dominance in the market.
Key Takeaways:
The global Portable
Medical Devices Market is expected to witness high growth, exhibiting a
CAGR of 10.2% over the forecast
period. This growth can be attributed to several factors. Firstly, the
increasing prevalence of chronic diseases is driving the demand for portable
medical devices. These devices enable patients to monitor their health
parameters on a regular basis and manage their conditions effectively.
Secondly, the rising geriatric population is contributing to the market growth.
The elderly population often requires frequent monitoring of vital signs and
regular medical check-ups. Portable medical devices provide convenience and ease
of use for this population. Lastly, the growing preference for home healthcare
is boosting the demand for portable medical devices. These devices allow
patients to monitor their health at the comfort of their own homes without the
need for frequent hospital visits.
In terms of regional analysis, North America is the fastest-growing and
dominating region in the portable medical devices market. This can be
attributed to several factors such as the presence of a well-established
healthcare infrastructure, high prevalence of chronic diseases, and increasing
adoption of advanced technologies in the region. Additionally, the growing
geriatric population and the rising healthcare expenditure further contribute
to the market growth in North America. The region also has a significant number
of key players operating in the market, which further drives the growth.
Key players operating in the portable medical devices market include Siemens
Healthineers, Medtronic Inc., Omron Healthcare, Koninklijke Philips, Abbott
Laboratories, Hologic Inc., General Electric (GE Healthcare), Fujifilm Holdings
Corporation, Samsung Electronics Co. Ltd. (Samsung Healthcare), and Becton,
Dickinson and Company, among others. These key players are focusing on product
innovation, strategic collaborations, and mergers and acquisitions to maintain
their market position and gain a competitive edge.
Comments
Post a Comment