Portable Medical Devices Market 2022: By Product Type, By Application Type, Competitive Landscape and Overview 2027 | Medtronic PLC, Siemens Healthcare, GE Healthcare, Philips, Omron and others


Global Portable Medical Devices Market Set to Reach $96.9 Billion by 2027, Reports Fairfield Market Research

The global portable medical devices market is experiencing significant growth and is projected to reach a market value of US$96.9 billion by the end of 2027, according to a new report by Fairfield Market Research. The market is expected to witness a robust (CAGR) of 9.2% during the forecast period from 2022 to 2027.

The increasing adoption of continuous monitoring and diagnostic solutions is driving the demand for portable medical devices across various healthcare settings, including home care settings, ambulatory care settings, small clinics, pop-up healthcare check-up hubs, and hospice/palliative care. These devices rely on cloud-based data storage and utilize wireless connectivity such as Bluetooth for data transmission.

Access Full Report: https://www.fairfieldmarketresearch.com/report/portable-medical-devices-market

Integration with software applications allows mobile devices to provide additional features such as data visibility, sharing, communication between patients and healthcare providers, decision-making support, and real-time monitoring with notifications for abnormal readings. This technological advancement, coupled with the miniaturization of hardware components, has made portable medical devices more user-friendly and convenient. Key categories in high demand include blood pressure monitors, continuous glucose monitors, portable ECGs, automated insulin pumps, and compact CT and X-ray devices.

COVID19 pandemic acted as a catalyst for the adoption of portable medical devices, as the need for continuous monitoring and diagnostics solutions has grown exponentially. The industry has witnessed a rise in demand for compact and user-friendly devices. However, the market faces challenges such as constant product miniaturization, intense price competition, and fragmentation.

Despite these challenges, the portable medical devices market presents lucrative opportunities due to the increasing demand for healthcare services, particularly in aged care, home care, and hospice centers. Efforts to reduce hospital admissions further contribute to market growth.

The availability of advanced technology at competitive pricing has fueled the market in emerging countries such as India and China. Medical tourism, high disposable incomes, and a rising population with chronic diseases have opened up new growth avenues for portable medical device manufacturers in these regions.

North America and European countries currently lead the market, benefiting from the presence of major market players, higher spending capacity, government rebates, and increased awareness of remote healthcare services. However, the Asia Pacific region is expected to witness phenomenal growth, driven by the booming medical tourism industry, availability of cost-effective advanced products, and a continuously growing patient population. The Asia Pacific portable medical devices market is projected to achieve the highest CAGR of 10.4% during the forecast period.

Key players in the global market listed Medtronic PLC, Siemens Healthcare, GE Healthcare, Philips, Omron, Roche Diagnostics, Canon, and Shimadzu. These market leaders are focusing on innovation and expanding their market presence across different regions.

About Fairfield Market Research: Fairfield Market Research is a leading market research and consulting firm. We provide unmatched quality of syndicated and customized market research reports, business intelligence solutions, and consulting services. Our team of experienced analysts and industry experts conducts extensive research to provide accurate insights and forecasts, enabling businesses to make informed decisions. We assist our clients in strategic planning, competitive landscape analysis, and identifying opportunities for growth. With a strong commitment to delivering high-quality research reports, we help our clients stay ahead of the curve in a rapidly evolving business environment.

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