The portable medical devices market is evaluated at US$ 33.418 billion for the year 2019 growing at a CAGR of 8.57% reaching the market size of US$59.433 billion by the year 2026.
Portable medical devices are capable of communicating with both physicians and patients through wireless connectivity. These devices have long battery life and share powerful data processing capabilities. Major factors fueling the demand for these devices are the integration of the healthcare industry with information technology, the internet of things, technological advancement, aging population, urbanization, and increasing awareness. Strong support by various governments and a preference for low-cost medical facilities due to rising healthcare costs is spurring up the demand for portable medical devices.
Furthermore, a rise in health and fitness awareness coupled with the advent of new technologies such as the Internet of Things (IoT), big data, and analytics in medical devices are the key factors that escalate the market growth. Furthermore, stressful and hectic lifestyles have resulted in the rise of several health disorders that will fuel the market's growth. The industry is also expected to witness strong growth mainly due to the rising incidents of chronic diseases, increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world, and a growing elderly population.
The market has been significantly driven by the increasing health expenditures done by several governments in order to enhance the technological advancements in the sector.
The advent of COVID-19 had a positive impact on the portable medical devices market given the rise in the cases from the disease which encouraged the patients to opt for potable medical devices so as to take care of themselves at home. Moreover, in the initial months of the pandemic, hospitals around the globe faced an immense shortage of medical equipment. The rise in the demand for at-home treatment techniques is expected to be a tailwind to the market and the trend is anticipated to be followed in the coming years as well.
|Market size value in 2019||US$33.418 billion|
|Market size value in 2026||US$59.433 billion|
|Growth Rate||CAGR of 8.57% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Component, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Texas Instruments, Renesas Electronics Corporation, On Semiconductor Corporation, Medtronic, Infineon Technologies, NXP Semiconductor, Analog Devices, GE Healthcare, Maxim Integrated, Omron Healthcare|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of global portable medical devices market?
A1. Portable Medical Devices Market was valued at US$33.418 billion in 2019.
Q2. What will be the portable medical devices market size by 2026?
A2. The global portable medical devices market is projected to reach a total market size of US$59.433 billion by 2026.
Q3. What are the growth prospects for the portable medical devices market?
A3. The portable medical devices market is projected to witness a CAGR of 8.57% during the forecast period.
Q4. What factors are anticipated to drive the portable medical devices market growth?
A4. Major factors fueling the demand for these devices are the integration of the healthcare industry with information technology, the internet of things, technological advancement, aging population, urbanization, and increasing awareness.
Q5. How is the global portable medical devices market segmented?
A5. The portable medical devices market has been segmented on the basis of component, applications, and geography.