The Convergence of Health and Technology: Exploring the High-Tech Realm of Portable Medical Devices
The global portable medical devices market is projected to expand at a CAGR of 10.7% during the forecast period. The market is estimated to generate market revenue of US$ 163.84 billion by 2033, increasing from US$ 59.28 billion in 2023.
With the ever-changing landscape of portable gadgets, wireless networking, and small product designs are no longer restricted to smartphones and music players but are also redefining the healthcare industry. To simplify and enhance patient care, researchers are developing new goods such as portable ultrasound machines. Preference for less intrusive medical technologies and portability has shifted the attention towards insulin pumps, oxygen concentrators, etc., which are changing the facet of the portable medical devices market for the better.
What Factors Influence the Adoption of Portable Medical Devices?
Regulatory approval is estimated to continue to be an important milestone for portable diagnostic medical devices market participants.
The approval of the United States Food and Drug Administration (FDA), which governs the marketing of portable medical devices, is a critical aspect. FDA clearance is provided once the device has been proven to be reasonably effective and safe to use. Manufacturers of portable medical devices and portable vital signs monitor seek FDA clearance since it is an important part of the product’s entire distribution.
Aptatek Biosciences, Inc. is one of the firms that received FDA approval for its PKU test system, a portable vital signs monitor, which is used for checking phenylalanine levels in the blood in real-time. The FDA has also approved PixCell Medical’s HemoScreen hematological analyzer. Governments in developing countries are stepping forward to deploy portable medical devices to make significant advances. The administration of Makati City, in the Philippines, is taking measures to buy automated external defibrillators and a portable ultrasound machine for use as first-aid equipment.
HeartSine Technologies, the industry leader in portable medical devices, created the Public Access Defibrillators. Furthermore, with GE Healthcare, one of the top competitors in the portable medical device market, investing in Asia Pacific’s key nations, such as China, the area is poised for enormous growth in the future years.
Demand Outlook for Portable Medical Devices Market
The market is estimated to attain a market value of US$ 59.28 billion by 2023. Over the historical period, the portable medical devices industry has been propelled by the surging adoption of image-guided therapy systems and superior-quality smart wearables. Going forward, the latest trend of precise and real-time monitoring is projected to foster market development. The elevating awareness about the many benefits of portable medical devices, one of which includes heightened mobility, is also pushing the adoption of portable medical devices.
· Short Term (2022 to 2025): The increasing load of chronic diseases and growing preventative healthcare is projected to positively influence the market growth. The market is expected to be dictated by certain variables, such as expanding geriatric population, unhealthy eating habits, evolving lifestyles due to hectic work schedules, and environmental factors.
· Medium Term (2025 to 2028): The portable medical devices market is assessed to observe an elevated adoption rate of wearable devices and other such portable technologies. With the help of these devices, healthcare providers can monitor the physical movement of patients in real time. Additionally, the application of these devices for remote patient monitoring decreases healthcare costs, which is favoring the market expansion.
· Long Term (2028 to 2032): The surge in technological advancements is predicted to push market development in the forecast period. The increasing inclination towards portable and less invasive medical technologies is boosting the adoption of oxygen concentrators, image-guided therapy systems, and insulin pumps, among other healthcare devices.
Favourable Government Initiatives to Reinforce Market Domination in the United States
The United States portable medical devices market holds a prominent share of the market. Regional growth is accelerated by rapid advancements in technology and a huge pipeline of innovation underway. Additionally, factors such as an increasing number of treatments and favorable government initiatives to diagnose diseases in their nascent stage are projected to boost market growth. For instance, National Cancer Institute initiated the Cancer Imaging Program, which intends to promote and support cancer-associated basic, translational, and clinical research in technology and imaging. The program also aims to develop, apply, and integrate such imaging solutions for the clinical management of cancer.
Market in China to Assume Significant CAGR
China portable medical devices market is projected to be a significant market over the forecast period, in terms of CAGR. The market is influenced by the expanding healthcare infrastructure and accelerating treatment rates. In addition to this, the rise in the adoption of smart wearables due to their surging popularity, accessibility, and changing consumer lifestyle, is expected to boost market development in the country.
In July 2022, the Center for Medical Device Evaluation (CMDE) of the National Medical Products Administration (NMPA) issued new guidance to review medical device software in China. By addressing the country’s unique product standards, the manufacturers can benefit from this new guidance.
Increasing Geriatric Population in the United Kingdom to Foster Market Growth
The United Kingdom portable medical devices market is expected to be driven by the high rate of adoption of diagnostic, therapeutic, and monitoring systems for disease management. The surging number of geriatric patients and consequently increasing burden of chronic illnesses is further promoting the application of portable medical devices in healthcare settings. Moreover, the increasing adoption of technologies like insulin pumps and continuous glucose monitoring is projected to augment market development.
Latest Innovations by the Portable Medical Devices Providers
In August 2022, Medtronic officially announced that it is partnering with BioIntelliSense for the circulation of multi-parameter wearables, exclusively in the United States. This system helps with the constant, connected monitoring of patients in the hospital and post-discharge. This partnership reflects the commitment of the company to patient safety.
In February 2021, Koninklijke Philips N.V. launched a portable monitoring kit outfitted with advanced software, i.e., Medical Tablet, for remote patient management. This launch is an easy-to-execute, end-to-end kit, designed for clinicians to remotely monitor a greater number of patient populations at the time of emergencies.
Hologic, Inc., released the Viera Portable Breast Ultrasound System, a high-quality portable ultrasound machine, in July 2018. The product is available in the United States and European markets, according to the business.
In September 2018, Koninklijke Philips N.V., unveiled the Trilogy Evo, a brand-new portable ventilator. The company’s sleep and respiratory care management system is credited to the product. The Z Vent portable ventilator was also created by ZOLL Medical Corporation for use in hospitals.
These insights are based on a report Portable Medical Devices Market by Future Market Insights