Portable Medical Devices Market Size, Share, COVID-19 Impact, Opportunities, And Trends By Component (Sensors, Microprocessors/Microcontrollers, IC's), By Applications (Medical Therapeutics, Fitness And Wellness, Diagnosis, Monitoring), And By Geography - Forecasts From 2021 To 2026

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, ageing 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 of the disease which encouraged the patients to opt for portable 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. 

Portable Medical Devices Market Scope:

Report Metric	Details
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
Base year	2019
Forecast period	2021–2026
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

 

Segmentation

• By Component
  • Sensors
  • Microprocessors/Microcontrollers
  • IC's
• By Application
  • Medical Therapeutics
  • Fitness And Wellness
  • Diagnosis
  • Monitoring
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Others
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

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Frequently Asked Questions (FAQs)

Q1. What is the size of the 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.

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