Portable Medical Equipment Market Trends

Growth Drivers

• Cutting-edge technological breakthroughs: There has been an appreciable impact of technological emergence on the portable devices market, which encouraged the public healthcare systems to invest in this sector. For instance, the investment by NIH for miniaturization surpassed USD 423 million, reducing CGM size by 39%. Besides, the U.S. FDA notes that it approved the AI-powered portable ultrasound in March 2024, reflecting positive regulatory support.
• Emergence of telemedicine: Being a pivotal part in the market expansion of telemedicine infrastructure tends to support numerous patients witnessing inadequate medical care. For instance, a clinical study by AHRQ in 2023 resulted in higher adoption of telemedicine reduced hospital readmissions by 34% while using portable devices. Besides, the U.S. FDA approved 14 exclusive remote monitoring devices, marking it as a crucial step to fuel demand in this sector.

Manufacturer Strategies Driving Portable Medical Device Market Expansion

The reliance on portable medical devices with a collective aim to retain the quality of life among the affected population significantly encourages manufacturers to opt for various strategies. There are three core strategies leveraged, which are proven to be highly efficient: product innovation, reimbursement policies, and penetration across emerging nations. These initiatives have driven 13.5% annual revenue growth in monitoring devices, with North America leading with 46% of worldwide sales. Furthermore, future expansion of the market highly relies on cost-optimized devices for price-sensitive regions and authentic evidence for regulatory approvals.

Revenue Growth Opportunities for Portable Medical Device Manufacturers 2023 to 2024

Feasible Expansion Models Shaping the Portable Medical Devices Market

The magnifying usage of portable devices and inspirational success in the market is allowing the market players to undertake suitable standard, feasible expansion models.  As the demand for these devices is in a surge, the possibility of generating huge revenue also expands. Moreover, the current trends of expansion suggest rigorous participation in trends such as public-private collaborations, lease-to-own programs, and telehealth integrations. Hence, these models are projected to drive USD 12.6 billion in additional revenue by 2027, with emerging markets contributing 40% of growth, as stated by the WHO in 2024. Regulatory support, in terms of the Breakthrough Device Designations, further accelerates adoption.

Feasibility Models for Market Expansion 2022 to 2024

Challenge

• Pricing and reimbursement restraints: This poses a major hurdle and delays product penetration of the portable medical devices market in almost all nations. The manufacturers, under strict government price controls, find it challenging as the EU imposes price caps, hindering profitability. In this context, the WHO report published in 2023 underscores that 42% of portable device manufacturers found it hard to adopt the equipment in the presence of reimbursement delays. Further, in the case of developing nations, high device costs hinder expansion, with only 16% of patients in Sub-Saharan Africa able to afford them as of the CDC, 2022 data.