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A recent report published by Infinium Global Research on portable medical devices market provides an in-depth analysis of segments and sub-segments in the global as well as regional portable medical devices market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional portable medical devices market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global portable medical devices market. According to the report, the global portable medical devices market is projected to grow at a CAGR of 9% over the forecast period of 2018-2024.
Portable medical devices are non-invasive electronic equipment that is used to monitor and control medical conditions. These devices are used in ever-increasing applications such as cardiac, respiratory, and fitness & wellness. Portable medical devices include respiratory products, electrocardiogram monitors, ultrasound devices, pulse oximeters, pulse oximeters, blood glucose meters, blood pressure monitors, and insulin infusion pumps. The use of the portable medical device is expanding rapidly as advancements in wireless technologies have increased patients’ mobility at the hospital or at home. These devices are convenient and easy to use.
Rising occurrences of chronic lifestyle diseases coupled with rising preference for portable and less intrusive medical technologies with is fuelling the growth of portable medical devices market. Lifestyle diseases such as hypertension, diabetes mellitus, cardiovascular diseases, and cancer require constant monitoring and medication. With rapid economic development and increasing unhealthy lifestyle practices such as smoking, consumption of alcohol in the past few decades, the prevalence of respiratory diseases has also reached alarming proportions. In 2017, 10 millions of people suffered from lung disease in the U.S. Respiratory products such as apnea monitors, nebulizers, and continuous positive airway pressure (CPAP) machines are among the most commonly used portable medical devices.
In addition, the rise of preventive healthcare services for improving health outcomes and growing requirement for emergency medical services facilitates the growth of portable medical devices market. However, the higher cost of portable medical devices and slow adoption of advanced technological products in the least developed economies hamper the growth of this market. Moreover, the emergence of advanced wireless medical technologies and revolution of medical technology with consumer technology promotes the growth of this market. The increasing number of product approvals by the regulatory authorities such as the FDA and EU creates growth opportunities for the growth of portable medical devices market. The increase in demand for convenient and easy to use portable medical devices in emerging economies propels the growth of portable medical devices market.
Geographically, North America is the largest region in terms of the total addressable market size of portable medical devices. The high rate of adoption of medical devices and the increase in sedentary lifestyle in North America region promotes the growth of the portable medical devices market in this region. Europe is the second largest region in the portable medical devices market. The ease in the process of approval for medical devices in Europe also promotes the growth of portable medical devices market in this region. Asia-Pacific regions are set to grow with an incredible pace in the portable medical devices market owing to the rising incidences of heart diseases and increasing aging population in this region.
The report on global portable medical devices market covers segments such as equipment and semiconductor components. On the basis of equipment, the sub-markets include cardiac, respiratory, independent ageing, hemodynamic, fitness & wellness, insulin pumps, ultrasound, and others. On the basis of semiconductor components, the sub-markets include memory, PMIC, processor, display, sensor, and connectivity.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in this region. The Asia-Pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China.
The report provides profiles of the companies in the market such as Philips Healthcare, GE Healthcare, Medtronic, Spacelabs Healthcare, Omron Healthcare, Texas Instruments, Natus Medical Incorporated, Infineon Technologies, Qualcomm, and Abbott Laboratories.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of portable medical devices market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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