The portable medical equipment market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. This can primarily be attributed to the increasing awareness among people about preventive healthcare, which has further resulted in the growing adoption of technologically advanced medical equipment. Additionally, the rising geriatric population globally is also projected to escalate the demand for portable medical equipment in the forthcoming years. According to the World Bank Data, an estimated 9.09% of the world’s population were aged 65 and over in 2019. Further, as reported by the World Health Organization (WHO), the world’s population aged over 60 years was expected to rise from 12% in 2015 to an estimated 22% in 2020. Moreover, the rising prevalence of chronic diseases is also projected to generate substantial demand for portable medical equipment in the upcoming years. According to the National Institute of Health (NIH), chronic diseases are among the most prevalent health conditions affecting approximately 1 in 3 adults globally.
The market is segmented by product type into diagnostic imaging, therapeutics, monitoring devices, and smart wearable medical devices. The monitoring devices segment is anticipated to grab the largest share by the end of 2029 on account of their rising adoption in healthcare facilities. In addition to this, the increasing consciousness among people regarding personal care & health is also contributing to the growth of the market segment. Further, it is expected that the smart wearable devices segment is set to witness the fastest growth owing to the rising demand for fitness and health monitoring among the young population.
Based on application, the cardiology and gynecology segments in the global portable medical equipment market are projected to grow with a lucrative CAGR over the forecast period. The growth of the cardiology segment can be attributed to the rising demand for smart wearables to maintain cardiac function, while the gynecology segment is growing on account of the increasing adoption of advanced medical devices for obstetric and gynecologic care.
On the basis of end-user, the market is further divided into hospitals, physicians’ offices, home care settings, and others. The home care settings segment is expected to grow at the fastest CAGR, as the use of home care products has risen significantly to avoid long hospital stays & costs. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the developments in healthcare infrastructure. In addition to this, the rising demand for smart wearables from countries such as China, India, Japan, and South Korea is also projected to fuel the market growth over the forecast period. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue on the back of various innovations in monitoring devices and tools used. Along with this, the growing initiatives taken by the U.S. government to upgrade the infrastructure of the medical sector also favors the growth of the market. Alternatively, the market in Europe is also anticipated to occupy a significant share in the portable medical equipment market on account of its rapidly rising geriatric population. As per the analysis of the European Commission, nearly one-fifth of the EU-27 population were above the age of 65 in 2019. Moreover, according to the Population Reference Bureau, countries such as Italy, Finland, Portugal, Greece, Germany, and Bulgaria have the highest geriatric population in Europe.
The global portable medical equipment market is further classified on the basis of region as follows:
Our in-depth analysis of the global portable medical equipment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rapidly increasing geriatric population and increasing technological advancement in medical devices are some of the key factors driving the market growth.
The market is anticipated to attain a fastest CAGR over the forecast period, i.e., 2021-2029.
Security & privacy concerns in the portable medical devices and their high cost are some of the key factors hampering the market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the rising demand for smart wearable devices among the young population.
The major players dominating the portable medical equipment market are General Electric Company, Medtronic, Koninklijke Philips N.V., Omron Healthcare, Inc., & Maxim Integrated among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, end-user, and region.
With respect to the product type, the monitoring devices segment is anticipated to hold the largest market share owing to the growing preference among people for preventive healthcare solutions.
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