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Report Overview
2023
Base Year
2017-2023
Historical Year
2024-2032
Forecast Year
Global Portable Medical and Healthcare Devices Market Outlook
The global portable medical and healthcare devices market stood at a value of USD 86.08 billion in 2023. The market is projected to witness a CAGR of 17.2% over the forecast period of 2024-2032 to reach a value of USD 359.20 billion by 2032.
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Based on the type, the medical monitoring devices segment accounted for the majority of the market share in 2020. The segment growth is attributed to the technological advancements such as compact design and mobility, new product approvals, and increasing demand from healthcare centres. Also, the wearable health and fitness devices are expected to register the fastest CAGR over the forecast period, owing to the rising demand for smart wristbands that leads to continuous health monitoring.
Regionally, the United States holds the leading position in the market in 2020, accounting for the majority of the total market share. The rise in disposable income, well-established healthcare infrastructure, and a high prevalence of cardiac disease are expected to fuel the demand for the market in the country.
Properties and Applications
Portable medical and healthcare devices are wireless communication interfaces that consume less power, cost-effective, and have long battery life. These devices are designed to offer a sophisticated user interface among patients. The growing trend of miniaturisation and the rising health awareness have led to a lucrative growth of the market.
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The major types of the products in the market are:
- Medical Monitoring Devices
- Vital Signs Monitoring Devices
- Cardiac Monitoring Devices
- Respiratory Monitoring Devices
- Wearable BP Monitors
- Pulse Oximetry Devices
- Foetal Monitoring Devices
- Neuromonitoring Devices
- Blood Glucose Monitoring Devices
- Anaesthesia Monitoring Devices
- Wearable Health and Fitness Devices
- Smart Wrist-Wearables
- Smart Garments
- Chest Straps
The EMR report looks into the major regions for portable medical and healthcare devices like North America, Latin America, Europe, the Middle East and Africa, Europe, and the Asia Pacific.
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Market Analysis
A significant growth in the geriatric population and the rising demand for wearable activity trackers are the prime factors attributing to the market growth. Moreover, increasing research and development (R&D), and technological advancements are further expected to influence the market growth during the forecast period. In addition, health-conscious users are widely utilising smart fitness wearable devices to monitor their heart rate and improve their overall health, which is further creating a positive outlook for the market. The portable medical and healthcare devices find their application in remote patient monitoring, which helps in reducing healthcare costs, which, in turn, is projected to drive the demand in the coming years. Additionally, wearables aid in evaluating the performance, physiological parameters, and body kinematics of athletes. Thus, increasing adoption among professional athletes is also expected to fuel the market growth. The rising number of product approvals and subsequent product launches is further anticipated to boost up the market growth over the years to come.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global portable medical and healthcare devices market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Koninklijke Philips N.V.
- Medtronic plc
- General Electric Company
- Abott
- Others
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global portable medical and healthcare devices market attained a value of nearly USD 86.08 billion.
The market is projected to grow at a CAGR of 17.2% between 2024 and 2032.
By 2032, the market is expected to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 359.20 billion.
The major drivers of the market are growing demand for convenient and portable medical devices, the increasing prevalence of lifestyle-related disorders, rising acceptance of technology, growing product demand from the developing regions, and growing technological advancements.
The key trends guiding the growth of the market include the growing research and development activities, new product launches and rising disposable incomes.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The medical monitoring devices including, vital signs monitoring devices, cardiac monitoring devices, respiratory monitoring devices, wearable BP monitors, pulse oximetry devices, foetel monitoring devices, neuromonitoring devices, blood glucose monitoring devices, anaesthesia monitoring devices, along with wearable health and fitness devices including, smart and wrist wearables, smart garments, and chest straps are the leading portable medical and healthcare device types available in the market.
The key players in the market are Koninklijke Philips N.V., Medtronic plc, General Electric Company, and Abott, among others.
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