The portable medical devices market is expected to register a CAGR of nearly 7% during the forecast period 2022-2027.
The COVID-19 pandemic is an unprecedented health concern that has impacted every aspect of the healthcare sector. This can be attributed to factors such as supply chain disruptions, lockdown restrictions, and stringent social distancing norms in the first and second quarters of 2020. Portable medical devices such as portable X-rays, portable ultrasound, portable aspirators, mobile radiographic digital equipment, computed tomography (CT) scanning systems, and others were used to speed up the diagnostic process and minimize the effects of rough handling. The study "Portable Chest X-ray in Coronavirus Disease-19 (COVID-19): A Pictorial Review,"published in April 2020, suggested that CT decontamination is required after scanning COVID-19 patients, but it may disrupt radiological service availability at COVID-19 centers. Therefore, portable chest radiography might be considered to minimize the risk of cross-infection. Hence, the above factors suggest that the COVID-19 pandemic significantly impacted the portable medical devices market.
The portable medical devices market is expected to witness rapid growth due to the escalating demand for portable medical devices and wearable electronics, increased technological advancements, and a rise in the geriatric population.
The pace of population aging around the world is increasing dramatically across the globe. According to a United Nations report, the global population aged 65 years or over numbered 727 million in 2020. The number of older persons is expected to double again by 2050 and is projected to reach nearly 1.5 billion. Therefore, the increasing use of portable medical devices in the healthcare industry is beneficial for accurate real-time monitoring, diagnosis, and tailored treatment of illnesses in the older population.
Increased use of portable medical devices and wearables at home will help people suffering from non-communicable diseases as they can self-monitor their vitals in a better way. Also, integration of artificial intelligence and big data analysis are being readily adopted to improve decision-making, monitoring, and performance capabilities. Therefore, technological advancements in the portable medical products launched are expected to significantly contribute to market growth.
The industry is also expected to witness strong growth mainly due to the rising incidents of chronic diseases, increasing adoption of medical imaging, monitoring, and implantable devices, rising expenditure on healthcare across the world, and a growing elderly population.
Key Market Trends
Diagnostic Imaging Segment Expected to Grow the Fastest During the Forecast Period
Diagnostic imaging equipment refers to the machines and devices used in the technique and process of imaging the interior of a body for clinical analysis and medical intervention, as well as visual representation of the function of some organs or tissues. The key factors bolstering the diagnostic imaging segment are the rising burden of chronic diseases and technological advancements in diagnostic imaging. For instance, according to GLOBOCAN 2020, around 510 colon cancer cases were reported in 2020 in the United Arab Emirates.
The technological advancements in diagnostic imaging are driving the diagnostic imaging equipment market in the world. For instance, in August 2020, Canon Medical launched SOLTUS 500 Mobile Digital X-ray, which has the capability to streamline bedside exams to help improve workflow and productivity.
Some other factors that could potentially impact the market growth are the increasing initiatives adopted by government authorities and health organizations across the globe pertaining to the enhancement of diagnostic imaging. In line with the aforementioned factors, some of the global market players are engaged in manufacturing and providing diagnostic imaging equipment. Moreover, these market players are engaged in inorganic and organic strategies, including expansions, product launches, acquisitions, collaborations, mergers, and partnerships to establish a strong presence and expand their geographical reach. For instance, in March 2020, United Imaging, a global leader in advanced medical imaging and radiotherapy equipment, made its official launch in the Middle East and Africa (MEA) region at Arab Health 2020. As per the strategic partnership agreements, United Imaging’s High-performance PET/CT uMI 780 will be deployed at American Hospital, Dubai.
Thus, due to the aforementioned factors, the diagnostic imaging segment is expected to contribute significantly to market growth.
North America Leading the Portable Medical Devices Market
North America is estimated to hold the largest value share in the portable medical devices market. The United States is the leading portable medical device market in North America. Significant investments in research and development along with the increasing geriatric population are supporting the growth of the portable medical devices market in North America. Additionally, favorable government initiatives and improved reimbursement policies for advanced medical devices are expected to accelerate the growth of the portable medical devices market.
As per the World Aging Report, 2019, in the United States, there were approximately 53.34 million people aged 65 years and above in 2019, and this number is expected to reach 84.813 million people by 2050. As the elderly population is more prone to chronic diseases, the demand for diagnostic imaging is expected to increase in the country. In addition, as per data published by the National Cancer Institute, in 2020, there were around 1,806,590 new cases of cancer diagnosed in the United States, and 606,520 people died from the disease. Therefore, due to the rising burden of chronic diseases such as cancer and cardiovascular diseases in the country, the demand for portable medical devices is expected to increase and subsequently drive the market.
Moreover, the launch of technologically advanced products in the country is expected to further drive market growth. For instance, in September 2021, GE Healthcare launched the AMX Navigate, a new portable, digital X-ray system designed with a first-of-its-kind power-assisted Free Motion telescoping column that aims to reduce lift force by up to 70% and decrease technologist injury. Thus, due to the abovementioned factors, the market studied is expected to grow significantly in the country.
The market has a considerable number of companies that are significantly contributing to its growth. Product innovation and ongoing R&D activities to develop advanced technologies have helped boost the market’s growth. Various strategies and collaborations are being adopted by key players to maintain their market share.
The market estimate (ME) sheet in Excel format
3 months of analyst support