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Portable Medical Electronic Products Market - Forecast(2024 - 2030)
Portable Medical Electronic Products Market Overview
Portable Medical Electronic Products Market Size is
estimated to reach $92.5 billion by 2027 and it is poised to grow at a
CAGR of 4.5% over the forecast period of 2022-2027. Portable medical products are electronic equipment that is widely used for operating, managing and
monitoring various types of medical conditions. Some of the predominantly used portable
devices are cardiac monitors, ultrasound medical imaging devices, blood
pressure monitors and pulse oximeters. The devices are transforming the
medical care provided by facilities as they are extremely compact and light.
Additionally, the impact and introduction of IoT in medical devices have
proliferated the demand for the products. Furthermore, various public and
private organizations & government bodies are investing in the usage of
portable medical devices to expand coverage in remote areas with poor
health infrastructure. Due to these reasons, the Portable Medical Electronic Products industry outlook remains moderate for the forecast period
of 2022-2027.
Portable Medical Electronic Products Market Report Coverage
The report: “Portable Medical Electronic Products Market Forecast
(2022-2027)" by IndustryARC, covers an in-depth analysis of the
following segments in the Portable Medical Electronic Products Market.
Key Takeaways
- Geographically, North America held a dominant market share in 2021. It is owing to a vast prevalence of chronic diseases with robust healthcare infrastructure supported by medical insurance. However, Asia-Pacific is expected to offer lucrative growth opportunities due to a sizable increase in the geriatric population supplemented by growing medical awareness.
- An increasing geriatric population across the globe and a plethora of lifestyle diseases and chronic illnesses have been the key drivers. However, high-product costs associated with low medical insurance coverage impede market growth.
- A detailed analysis of the strengths, weaknesses, opportunities and threats would be provided in the Portable Medical Electroduct Market Report.
Portable Medical Electronic Products Market Segment Analysis- by Application
The Portable Medical Electronics Products market can be further
segmented into Cardiology, Gastrointestinal, Gynaecology, Neurology, Orthopaedic,
Respiratory, Urology and Others. Cardiology held a dominant market share in 2021. It is due to a higher incidence and prevalence of various
cardiovascular diseases in masses of the population, supporting product growth of
cardiac monitors and blood-pressure monitors. As per CDC, heart disease costs
healthcare systems $216 billion per year in the U.S. and costs $147 billion in
productivity loss. However, the Respiratory segment is estimated to be the fastest growing, with a CAGR of 5.6% over the forecast period of 2022-2027. It
is due to a rise stipulated by COVID-19 and other world health concerns such
as pollution. Diseases such as COPD, asthma, pneumoconiosis, interstitial
lung disease and pulmonary sarcoidosis are some of the growing respiratory
diseases worldwide, helping products such as pulse oximeters.
Portable Medical Electronic Products Market Segment Analysis - by End-users
The Portable Medical Electronics Products market based on end-users
can be further segmented into Hospitals, Nursing Homes, Physician Offices,
Homecare Patients and Others. Hospitals held a dominant market share in 2021. It is due to the sheer number of patients who are admitted to the
setting for various applications listed above and beyond. As per CDC, around
130 million people visit the emergency department in a year and nearly
16.2 million of them stay under hospital care/admission. However, the Homecare
setting is estimated to be the fastest growing, with a CAGR of 5.9% over the
forecast period of 2022-2027. It is because of a growing geriatric population, supplemented with value-based care which would drive the segment. As per the US
Bureau of Labour Statistics, employment within home healthcare would grow by 54%
in the coming years.
Portable Medical Electronic Products Market Segment Analysis - by Geography
The Portable Medical Electronics Product market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. North America held a dominant market share of 34% in 2021. It is because of an enormous medical infrastructure supported by critical elements such as immense medical insurance coverage, a robust med-tech industry and a highly frail and disease-prone population. Favorable government initiatives and improved reimbursement policies for advanced medical devices are expected to accelerate the growth of the portable medical devices market. As per Medicare Stats, nearly $995.7 billion worth of support was provided in expenditure. However, Asia-Pacific is expected to offer lucrative growth opportunities due to a significant increase in the medical infrastructure capacities, while a cumulative growth in chronic diseases and the senior population keeps on surging.
Portable Medical Electronic Products Market Drivers
A Significant Increase in the Global Geriatric Population:
The geriatric or senior population is more likely to suffer from diseases and it forces them to get bed rest with vital monitoring for check-ups and follow-ups. Portable medical electronics products successfully allow for monitoring the old and frail, critically. The invention of IoT in medical products now enables monitoring from a considerable distance and place. As per OECD data, the speed of aging in APAC would be unprecedented by 2050 when 10 countries would be qualified as an “aging society” and 11 as a “super-aged society”, for only one in 2020. A considerable rise is expected from other regions in the world which would further proliferate the market.
Growing Cases of Lifestyle Diseases along with a Boom in Efficient Treatment of Chronic Illnesses in Remote Areas:
Various governments and non-governmental agencies across the
globe are trying to prioritize healthcare facilities in semi-rural and rural
areas or those in remote areas. One of the critical ancillary for providing medical
care is portable medical devices, which allow for timely judgment and care to
mitigate direct and indirect costs for both parties. Some of the common forms
of lifestyle diseases which develop into chronic illnesses are heart diseases,
strokes, diabetes, obesity, metabolic syndrome, COPD and various others. According
to the American Heart Association, around 18.9 million people had an intracerebral
hemorrhage around the world. The research from the same association highlights
an increase of 11% in cases from the past decade.
Portable Medical Electronic Products Market Challenges
Security Concerns along with the High Cost of Portable Medical Devices with a Grey-Insurance Coverage Policy:
Pulse Oximeter, a vital instrument/tool which measures a
patient’s blood oxygen levels is not covered under Medicare within the U.S.
According to CMS Statistics 2021, around 63.9 million people were covered
under Medicare representing a strong fraction of the total population in the U.S. Furthermore,
security concerns related to portable medical electronic devices supplemented
by a sizable number of security breaches and malware infections impede market
growth significantly. As per a study from Cynerio and Ponemon, half of the hospitals
have been attacked with ransomware and 45% of those organizations stated that they
believed the attacks were affecting patient care.
Portable Medical Electronic Products Industry Outlook
Product launches, mergers and acquisitions, joint ventures and
geographical expansions are key strategies adopted by players in the Portable
Medical Electronic Products Industry. The top 10 companies in the Portable
Medical Electronic Products market are:
- Medtronic Plc
- Koninklijke Philips N.V.
- GENERAL ELECTRONIC COMPANY
- Bayer AG
- Stryker Corporation
- Becton, Dickinson and Company
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd
- Panasonic Corporation
- Siemens Healthcare GmbH
Recent Developments
- In September 2022, TRUKERA Medical announced the first product under the new company name, the ScoutPro™ Osmolarity System. Designed to help advance corneal health decisions for today’s busy eye care practices, ScoutPro is the first and only portable osmometer in the U.S.
- In June 2022, BELLUSCURA, a medical device developer, released the latest iteration of its X-PLOR Portable Oxygen Concentrator. This is the first POC available with a mobile application, capable of being paired with digital devices.
- In November 2021, GAMA Healthcare, a developer and manufacturer of infection prevention products, launched REDIROOM worldwide - World’s first portable isolation solution. REDIROOM, launched in 2020, is a mobile cart that expands into a HEPA air-filtered isolation room with a hands-free entry in five minutes.
Relevant Titles
Report Code: HCR 0565
Report Code: CMR 38697
Report Code: HCR 0015
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