Portable Medical Electronic Products Market
Number of pages: 100 | Report Format: PDF | Published date: April 03, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 39.86 billion |
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Revenue Forecast in 2031 |
US$ 97.86 billion |
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Growth Rate |
10.34% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
|
Segments Covered |
Equipment, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global portable medical electronic products market was valued at US$ 39.86 billion in 2022 and is expected to register a revenue CAGR of 10.34% to reach US$ 97.86 billion by 2031.
Portable Medical Electronic Products Market Fundamentals
Portable medical electronic products are devices designed to be portable, lightweight, and easy to use. They are used for various medical applications, including diagnosis, monitoring, and treatment of medical conditions. Portable medical electronic products have revolutionized the healthcare industry, providing patients with more convenient and accessible healthcare options. Examples of portable medical electronic products include blood pressure monitors, pulse oximeters, glucose monitors, ECG monitors, and nebulizers. These devices are typically battery-operated; some can be connected to mobile devices for remote monitoring and analysis. Portable medical electronic products enable patients to monitor their health conditions from home or on the go, reducing the need for frequent clinic visits and improving patient comfort. These products are increasingly used in hospitals and homes, allowing patients to receive more personalized and cost-effective healthcare. Using portable medical electronic products is expected to grow as technology advances and healthcare providers look for more efficient and effective ways to provide patient care.
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Portable Medical Electronic Products Market Dynamics
With the rise in demand for healthcare solutions that can be accessed on the go, portable medical electronic products such as wearables, handheld devices, and mobile apps are becoming increasingly popular and are the primary driver for the growth of the global portable medical electronic products market. Additionally, technological advancements such as the miniaturization of components, improved battery life, and the development of wireless communication protocols have enabled the development of portable medical electronic products with better functionality, increased accuracy, and greater reliability. Furthermore, chronic diseases such as diabetes, cardiovascular, and respiratory diseases are rising globally. Portable medical electronic products can help individuals with chronic conditions monitor their health in real-time and manage their condition more effectively. For instance, according to the WHO's March 2023 factsheet, chronic obstructive pulmonary disease (COPD) is the third leading cause of death globally, which caused around 3.23 million deaths in 2019. Moreover, as healthcare costs continue to rise, there is an increasing need for cost-effective solutions. Portable medical electronic products can help reduce the cost of healthcare by enabling remote monitoring and reducing the need for hospital visits.
However, portable medical electronic products can be expensive, limiting the accessibility of these products to a certain segment of the population and restraining market revenue growth. Furthermore, portable medical electronic products are subject to strict regulatory requirements, particularly in the United States and Europe. Compliance with these regulations can be time-consuming and costly, and failure to comply can result in significant financial and reputational damage. Data privacy & security concerns and regulatory challenges impede the overall market revenue growth.
Portable Medical Electronic Products Market Ecosystem
The global portable medical electronic products market is analyzed from three perspectives: equipment, end-user, and region.
Portable Medical Electronic Products Market by Equipment
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Based on the equipment, the global portable medical electronic products market is segmented into cardiac monitors, respiratory monitors, pulse oximeters, ultrasound medical imaging, heart monitors, and blood pressure monitors.
The blood pressure monitors segment accounts for a significant market revenue share, owing to the rising prevalence of hypertension. For instance, according to the WHO's factsheet of March 2023, approximately 1.28 billion adults aged 30-79 globally have hypertension; most live in low- and middle-income countries. Blood pressure monitors have undergone significant technological advancements in recent years, resulting in more accurate, reliable, and user-friendly devices. These advancements include wireless connectivity, mobile apps, and improved sensor technology. They are convenient and easy to use, enabling patients to monitor their blood pressure at home or on the go. This convenience reduces the need for frequent clinic visits and improves patient comfort, and increases the segment's revenue share. They can be used for remote patient monitoring, allowing healthcare providers to monitor blood pressure in real-time and intervene early when abnormalities are detected. These factors contribute to the revenue growth of the blood pressure monitor segment.
The cardiac monitor segment also had a prominent market revenue share, attributed to the rising prevalence of cardiovascular diseases. For instance, according to the Centers for Disease Control and Prevention's factsheet of October 2022, heart disease is one of the leading causes of death in the U.S.; one person dies every 34 seconds. Cardiac monitors are portable medical devices that continuously monitor heart activity and rhythm, typically used by patients with cardiac conditions. Additionally, government organizations in several countries have launched initiatives to promote using cardiac monitors and other medical devices to manage chronic diseases. There is a growing awareness of the benefits of cardiac monitors among patients and healthcare providers, and ongoing education initiatives are helping to increase awareness and adoption of these devices.
Furthermore, cardiac monitors can continuously monitor heart activity, allowing healthcare providers to detect abnormalities and intervene early to prevent serious complications. They can be customized to suit individual patient needs, with adjustable sensitivity and alarm settings. They can also provide real-time alerts to healthcare providers and patients when abnormalities are detected, enabling prompt action. These factors contribute to the revenue growth of the cardiac monitor segment.
Portable Medical Electronic Products Market by End User
Based on the end user, the global portable medical electronic products market is segmented into hospitals, home care settings, nursing homes, and others.
The hospital segment dominates the market with the largest revenue share. Technological advancements in medical devices and equipment have enabled hospitals to provide more accurate and efficient patient care, increasing the adoption of portable medical electronic products. Portable medical electronic products are portable and easy to use, making them convenient for hospitals in different clinical settings. These products offer cost-effective solutions for hospitals, enabling them to improve patient care while reducing costs associated with traditional medical equipment. Portable medical electronic products enable remote patient monitoring, allowing healthcare providers to monitor patients' conditions in real-time, reduce hospital stays, and improve patient outcomes. These overall factors contribute to the revenue growth of the hospital segment.
The home care settings segment accounts for the second-largest revenue share in 2022, as being the preferable option. Portable medical electronic products offer convenience for patients who want to manage their health conditions from home without frequent clinic visits. Additionally, these are increasingly used to manage chronic conditions, such as diabetes, hypertension, and COPD, allowing patients to monitor their conditions from home. These devices can also help patients to manage their conditions more effectively, leading to improved patient outcomes and better overall healthcare. Home care settings are often less expensive than hospitals or long-term care facilities. By using portable medical electronic products, patients can receive quality care without needing costly hospital stays or extended care.
Home care settings and portable medical electronic products offer scheduling and care delivery flexibility. Patients can receive care on their schedule, and caregivers can tailor care plans to meet individual needs and preferences. Portable medical electronic products allow patients to monitor their health and manage their conditions from home. This can help increase independence and improve quality of life. These overall factors contribute to the revenue growth of the home care settings segment.
Portable Medical Electronic Products Market by Region
Geographically, the global portable medical electronic products market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominated the global portable medical electronic products market with the largest revenue share in 2022, attributed to the presence of key market players, the fast adoption of technology, and the rising prevalence of chronic diseases. Additionally, companies across the region are continuously involved in launching new and innovative portable products, which is also helping in the growth of the market. For instance, in November 2022, Philips, a worldwide pioneer in health technology, announced the global introduction of a next-generation small portable ultrasound solution at the annual Radiological Society of North America (RSNA) conference. Philips's new Compact 5000 Series seeks to deliver the diagnostic quality of premium cart-based ultrasound devices to more patients. The Compact 5000 series, designed for mobility and adaptability without sacrificing picture quality or performance, enables more patients to get correct ultrasound scans for the first time. The new Ultrasound Compact System 5000 Series provides the outstanding picture quality required for a confident diagnosis in a compact instrument. Interoperability with Philips ultrasound systems Affiniti and EPIQ transducers, user interface, workflow, and automation tools provide for a simple learning curve for both expert and novice users.
Competitive Landscape of Portable Medical Electronic Products Market
The prominent players operating in the global portable medical electronic products market are:
Strategic Developments in Portable Medical Electronic Products Market
The rise in demand for healthcare solutions that can be accessed on the go and technological advancements in devices drive market revenue growth.
Data privacy & security concerns and regulatory challenges restrict the global portable medical electronic products market revenue growth to its full potential.
The key companies operating in the global portable medical electronic products market are Abbott Laboratories Inc., Renesas Electronics Corporation, Koninklijke Philips N.V., Siemens Healthcare, and Becton, Dickinson and Company.
The estimated market size of the global portable medical electronic products market in 2031 is US$ 97.68 billion.
The expected revenue CAGR of the global portable medical electronic products market during the forecast period will be 10.34% from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain