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Global Portable Medical and Healthcare Devices Market to Reach US$ 117.3 Billion by 2024, Fueled by Increasing Prevalence of Lifestyle Diseases

Published on Dec 26, 2016

According to the latest report by IMARC Group, titled “Global Portable Medical and Healthcare Devices Market Report: 2019-2024”, the global portable medical and healthcare devices market size reached US$ 45.7 Billion in 2018. Portable medical and healthcare devices are utilized in the healthcare industry to simplify and improve patient care. They extend care from a hospital or a doctor’s office into the user’s home, thus providing convenience as well as mobility to patients. These devices are generally characterized by low power consumption, reliability and cost-efficient sensor technologies. They assist in the early detection of numerous diseases, including diabetes and cardiovascular disorders (CVDs). The utilization of these portable devices reduces the number of doctor visits for the users while efficiently monitoring cardiac and respiratory wellness.

Global Portable Medical and Healthcare Devices Market Trends:

The rising prevalence of lifestyle diseases represents a key factor driving the demand for portable medical and healthcare devices. Catalyzed by unhealthy diets and a lack of physical activities, the prevalence of diabetes, obesity and cardiovascular disorders has increased on the global level. A significant rise in the geriatric population has also led to an increasing demand for portable medical devices. Apart from this, enhanced research and development (R&D) and technological advancements are continually influencing the market growth. For instance, wearable activity trackers are gaining immense popularity among consumers, primarily owing to their convenience of use. Health-conscious users are widely utilizing smart fitness wearable devices to monitor their heart rate and improve their overall health, which is further creating a positive outlook for the market. Other factors impelling the market growth include tailored treatments of various diseases and the rising trend of miniaturization of technology. On account of the aforementioned factors, the market is expected to reach a value of US$ 117.3 Billion, growing at a CAGR of 17.1% during 2019-2024.

Market Summary:

  • On the basis of the type, medical monitoring devices exhibit a clear dominance in the market. They have been further segregated into vital signs (cardiac monitoring devices, respiratory monitoring devices, wearable BP monitors and pulse oximetry devices), fetal, blood glucose, anesthesia monitoring devices, and neuromonitoring devices. Medical monitoring devices are followed by wearable health and fitness devices, which have been divided into smart wrist-wearables, smart garments and chest straps.
  • On the geographical front, the market has been categorized into the United States, Germany, France, Italy, the United Kingdom, China, Japan and Brazil. Amongst these, the United States holds the leading position in the market, accounting for the majority of the total market share.
  • The competitive landscape of the market has also been examined in the report with the detailed profiles of the key players. Some of these players include Philips Healthcare, GE Healthcare, Abbott Laboratories, Fitbit Inc., Garmin and Medtronic. 

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