According to the latest report by IMARC Group titled, ‘‘Global Portable Medical and Healthcare Devices Market Report (Cardiac Monitoring Devices, Blood Glucose Monitoring, Pulse Oximetry Devices, Wearable BP Monitors, Smart Wrist-Wearables, Smart Garments etc.) (2018-2023)’’, the global portable medical and healthcare devices market has grown at a CAGR of 18% during 2010-2017, reaching a value of US$ 39.5 Billion in 2017. A tremendous increase in the lifestyle diseases caused by dramatic changes in the patterns of living, such as excessive smoking, binge drinking, sedentary lifestyle, etc., is one of the major concerns in the current century. All this has led to a sudden growth in cardiovascular diseases, stroke, obesity and type 2 diabetes among a vast majority of the population. The treatment of such diseases requires expert medication and constant monitoring to keep health and fitness in check. Following this demand, the market for portable medical and healthcare devices is growing at a sizeable rate facilitated by the emergence of smart technology and wireless capabilities. This has enabled the people to diagnose and chart the progress of their treatment without paying frequent visits to the doctor.
Highlights of the global portable medical and healthcare devices market:
- The market growth is encouraged by government initiatives and programmes.
- The market is segmented into medical monitoring devices and wearable health and fitness devices.
- The United States represents the largest market for global portable medical and healthcare devices.
The major factor which have thrust impetus to the market growth is the rise in government initiatives and programmes to help create an awareness about various diseases and their treatments. It is a major step toward preventing the dissemination of the curable diseases which go unnoticed and untreated due to lack of awareness. Apart from this, an increasing portion of ageing population is also creating a demand of such devices. Portable medical and healthcare devices not only provide convenience of use to their users, they are also cost-effective. Owing to these factors, the market is further expected to grow at a CAGR of 16.3% during 2018-2023, reaching a value of US$ 98 Billion by 2023.
The market for portable medical and healthcare devices is segmented as medical monitoring devices and wearable health and fitness devices. The medical monitoring devices segment is further multifurcated into vital signs monitoring devices, foetal monitoring devices, neuromonitoring devices, blood glucose monitoring devices, anaesthesia monitoring devices. The wearable health and fitness devices include smart wrist-wearables, smart garments and chest straps.
On the basis of geographical analysis, the United States represents the largest market for global portable medical and healthcare devices, accounting for more than one-third of the total share. The United States is followed by Europe and Asia-Pacific. Considering the changes in the market trends, the market share of Asia-Pacific is expected to increase in the next few years due to upcoming opportunities and rising disposable incomes, especially in India and China. Some of the key players operative in the market include Philips Healthcare, GE Healthcare, Abbott Laboratories, Fitbit Inc., Garmin and Medtronic.
The report by IMARC Group has examined the global portable medical and healthcare devices market on the basis of:
- Medical Monitoring Devices
- Wearable Health and Fitness Devices
- United States
- United Kingdom
- Philips Healthcare
- GE Healthcare
- Abbott Laboratories
- Fitbit Inc.
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