Global Portable Medical Devices Market

Global Portable Medical Devices Market

Global Portable Medical Devices Market reached US$ YY billion in 2022 and is expected to reach US$ YY million by 2031 growing at a CAGR of YY% during the forecast period 2024-2031.

Portable medical devices are small, light, and portable tools or equipment that can be used in a variety of healthcare environments, such as clinics, hospitals, ambulatory care centers, and patients' homes. Portable medical devices can also track patient’s physiological conditions in post-acute, rehabilitation, and chronic cases.

Portable medical devices play a crucial role in modern healthcare delivery by improving access to timely and quality care, enhancing patient outcomes, and promoting healthcare efficiency and cost-effectiveness. Commonly used portable medical devices include portable MRI systems, handheld ultrasounds, and other portable monitoring devices.

Market Dynamics

Increasing product launches

The increasing product launches act as a significant driver for market growth. The product launches by major companies help to drive market growth and these effective research and developments help in product launches for new diagnoses, and treatments to improve care for millions of people with chronic diseases.

For instance, in July 2023, Konica Minolta Healthcare Americas, Inc., launched the PocketPro H2, a new wireless handheld ultrasound device for general imaging in point-of-care applications. The new PocketPro H2 linear wireless handheld ultrasound system is optimized for musculoskeletal (MSK), pain management, vascular access, and needle guidance applications.

Additionally, in January 2023, UltraLinQ launched its new cardiac monitoring product at Arab Health. It is enabled by LifeSignals which is a complete Wireless Holter Monitoring ECG Analysis and Reporting System, offering wireless ECG recording with clinical-grade wearable biosensors.

Furthermore, significant growth drivers such as the rising technological advancements for portable medical devices, and the rising geriatric population are expected to drive the market in the forecast period.

High cost associated with portable medical devices

Portable medical devices must meet rigorous quality and reliability standards to ensure patient safety, regulatory compliance, and device performance. For instance, according to Standard Ultrasound, a basic, portable ultrasound machine can cost anywhere from $10,000 to $50,000. A mid-level ultrasound machine may cost between $50,000 and $100,000, while a high-end machine may cost upwards of $200,000.

Segment Analysis

The global portable medical devices market is segmented based on device type, application, end users and region.

The diagnostic imaging segment accounted for approximately 56.7% of the market share

The diagnostic imaging segment is expected to hold the largest market share over the period forecast. Diagnostic imaging devices play a critical role in diagnosing diseases, guiding treatment decisions, and monitoring patient health. These diagnostic imaging devices are essential tools for healthcare providers in various medical specialties, including radiology, oncology, cardiology, neurology, obstetrics, and orthopedics.

For instance, in August 2023, GE Healthcare launched its Vscan Air SL handheld wireless ultrasound imaging system designed for use in rapid cardiac and vascular assessments to accelerate diagnoses and treatment decisions. The device features the company’s proprietary SignalMax and XDclear imaging performance technology which enables high levels of penetration, resolution, and sensitivity with a single crystal transducer technology.

Additionally, in October 2022, Osang Healthcare Co., Ltd. developed a 1MHz ultrasound portable device called PUM that is used for physical therapy. PUM is effective in relieving pain and relaxing muscles in topical areas such as the neck, shoulder, and knee through 1MHz ultrasound and EMS (Electrical Muscle Stimulation), which vibrates a million times per second.

Geographical Analysis

North America is expected to hold a significant position in the global portable medical devices market share

The global portable medical devices market is segmented into North America, Europe, Asia Pacific, South America, Middle East, and Africa.

North America has maintained a significant market proportion due to factors such as the increasing prevalence of chronic diseases, technological advancements, and increasing healthcare expenditure, this trend is anticipated to continue throughout the forecast period.

For instance, in May 2023, Carestream Health introduced the DRX-Rise Mobile X-ray System. This integrated digital X-ray unit gives that customers an affordable path to digital imaging. The DRX-Rise is equipped with Carestream’s cutting-edge ImageView Software, driven by the powerful Eclipse processing engine with AI.

Additionnaly, in March 2022, MobvoiInc. in partnership with the global health tech company CardieX, launched its first heart health monitoring smartwatch called the TicWatchGTH Pro. Hence, due to the above factors, it is expected to drive the region’s growth.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the global portable medical devices market. The onset of the pandemic in early 2020 led to widespread lockdowns and restrictions, impacting regular diagnoses, device launches, and consultations worldwide. With the outbreak of the pandemic, many treatment centers faced labor shortages and were unable to travel to work due to lockdown restrictions. Therefore, owing to the above factors, the portable medical devices market was moderately affected over the forecast period.

Market Segmentation

By Device Type
• Diagnostic Imaging
Portable X-Ray
Handheld Ultrasound Devices
Portable CT Scanner
Portable MRI system
Others
• Monitoring Devices
Cardiac Monitoring
Neuro Monitoring
Respiratory Monitoring
• Others

By Application
• Gynaecology
• Cardiology
• Gastrointestinal
• Urology
• Neurology
• Respiratory
• Orthopedics
• Others

By End User
• Hospitals
• Diagnostic Centers
• Specialty Clinics
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Lepu Medical Technology Co Ltd., Medtronic Plc., Becton Dickinson and Co, Omron Corporation, Koninklijke Philips NV, Hologic Inc., GE HealthCare Technologies Inc., Abbott Laboratories, Siemens Healthineers AG, FUJIFILM Holdings Corporation among others.

Key Developments
• In March 2023, Mindray launched its first wireless, handheld ultrasound system called TE Air. TE Air features a wire-free design and compact size designed to easily fit into a pocket. It also offers high-level disinfection tolerance and flexible charging for extreme mobility.
• In July 2021, Exo Imaging secured $200M in Series C financing aimed at commercializing its handheld ultrasound device and point-of-care workflow platform called Exo Works. The new funding also gives the Redwood City, California-based company over $320 million in total investments.

Why Purchase the Report?
• To visualize the global portable medical devices market segmentation based on device type, application, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global portable medical devices market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global portable medical devices market report would provide approximately 61 tables, 58 figures, and 185 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies