Portable Medical Electronic Products Market - Forecast(2024 - 2030)

Report Code: HCR 0839 Report Format: PDF + Excel

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.

By Equipment: Respiratory Monitoring, Monitoring Products (Heart/Cardiac Monitors, Pulse Oximeters, Blood Pressure Monitors and Others), Smart-Wearable Devices, Hemodynamic Monitor Devices and others.
By Application: Cardiology, Gastrointestinal, Gynaecology, Neurology, Orthopaedic, Respiratory, Urology and Others.
By End-users: Hospitals, Nursing Homes, Physician Offices, Homecare Patients and Others.
By Geography: North America (the U.S., Canada and Mexico), Europe (Germany, the UK, France, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan India, South Korea, Australia and New Zealand and the Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and the Rest of the World (the Middle East and Africa).

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 - Market Share (%) by region, 2021.

Portable Medical Electronic Products Market

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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:

  1. Medtronic Plc
  2. Koninklijke Philips N.V.
  3. GENERAL ELECTRONIC COMPANY
  4. Bayer AG
  5. Stryker Corporation
  6. Becton, Dickinson and Company
  7. Abbott Laboratories
  8. F. Hoffmann-La Roche Ltd
  9. Panasonic Corporation
  10. 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.

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1. Portable Medical Electronic Products Market - Overview
    1.1 Definitions and Scope
2. Portable Medical Electronic Products Market - Executive Summary
3. Portable Medical Electronic Products Market - Comparative Analysis
    3.1 Company Benchmarking - Key Companies
    3.2 Global Financial Analysis - Key Companies
    3.3 Market Share Analysis - Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis
4. Portable Medical Electronic Products Market - Start-up Companies Scenario Premium
    4.1 Key Start-up Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Portable Medical Electronic Products Market – Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Case Studies of Successful Ventures
6. Portable Medical Electronic Products Market - Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porter's Five Force Model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Portable Medical Electronic Products Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Portable Medical Electronic Products Market – by Equipment
    8.1 Respiratory Monitoring Devices
    8.2 Cardiac Monitoring Products
    8.3 Smart-Wearable Devices
    8.4 Hemodynamic Monitor Devices
    8.5 Others
9. Portable Medical Electronic Products Market – by Application
    9.1 Cardiology
    9.2 Gastrointestinal
    9.3 Gynaecology
    9.4 Neurology
    9.5 Orthopaedic
    9.6 Respiratory
    9.7 Urology
    9.8 Others
10. Portable Medical Electronic Products Market – by End-users
    10.1 Hospitals
    10.2 Nursing Homes
    10.3 Physicians Office
    10.4 Homecare Settings
    10.5 Clinics
    10.6 Others
11. Portable Medical Electronic Products Market - by Geography
    11.1 North America
        11.1.1 The US
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 The UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Spain
        11.2.6 Russia
        11.2.7 The Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 India
        11.3.3 Japan
        11.3.4 South Korea
        11.3.5 Australia & New Zealand
        11.3.6 The Rest of Asia-Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Chile
        11.4.4 Colombia
        11.4.5 The Rest of South America
    11.5 The Rest of the World
        11.5.1 The Middle East
        11.5.2 Africa
12. Portable Medical Electronic Products Market - Entropy
13. Portable Medical Electronic Products Market – Industry/Segment Competition Landscape Premium 
    13.1 Market Share Analysis
        13.1.1 Market Share by Region – Key companies
        13.1.2 Market Share by Countries – Key Companies
    13.2 Competition Matrix
    13.3 Best Practices for Companies
14. Portable Medical Electronic Products Market – Key Company List by Country Premium Premium
15. Portable Medical Electronic Products Market - Company Analysis
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
*"Financials would be provided to private companies on best-efforts basis."
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