Portable Medical Electronic Products Market Size [2031]

Report Description

Portable Medical Electronic Products Market Outlook 2031

The global portable medical electronic products market size was USD 74.34 Billion in 2022 and is likely to reach USD 327.23 Billion by 2031, expanding at a CAGR of 17.9 % during 2023–2031. The market growth is attributed to the rising prevalence of chronic diseases across the globe.

Increasing prevalence of chronic diseases is projected to boost the demand for portable medical electronic products. Chronic diseases require regular monitoring to check the progress or regress of the disease. Medical electronic products are used to diagnose illnesses, monitor treatments, and assist patients as well as doctors in treating illnesses, increasing the demand for treating chronic diseases. Therefore, the rising incidence of chronic disease is projected to enhance the market in the coming years. For instance,

• As per a report published by the World Health Organization on September 16, 2023, chronic diseases kill around 41 million people globally every year, which is equivalent to 74% of all deaths globally.

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Portable medical devices are electronic equipment utilized for operating, managing, and monitoring medical conditions. These portable medical products track physiological conditions of patients in post-acute, rehabilitation, and chronic cases. Respiratory monitors, heart monitors, pulse oximeters, blood pressure monitors, and diabetes monitors are some of the portable medical devices. These products are mainly used by hospitals, nursing homes, physician offices, and homecare patients.

The COVID-19 pandemic propelled the demand for portable medical electronic products. The abrupt rise in COVID-19 infection increased the sales of several portable medical devices such as pulse oximeters, heart monitors, and medical imaging, as these devices help in identifying COVID-19 patients quickly, leading to improved patient outcomes, and reducing the severity of infection. Moreover, key companies in the market increased R&D investment to develop and introduce pulse oximeters and medical imaging for the diagnosis of COVID-19 infection that enhances the demand for portable medical electronic products. For instance,

• On July 13, 2020, Mitocon Biomed a leading manufacturer of health and beauty products, announced the launch of Oxysat, a pulse oximeter to monitor the blood oxygen levels of COVID-19 patients.

Impact of Artificial Intelligence (AI) on Portable Medical Electronic Products

The growing technological advancements in healthcare and the introduction of artificial intelligence & machine learning create an immense opportunity in the market. AI empowers portable medical devices to interpret and analyze complex medical data, recognize patterns, and make informed predictions. These AI-enabled devices forecast patient outcomes based on historical data and current parameters, which help healthcare providers to make proactive decisions and prevent adverse events. AI in portable medical devices analyze medical images to detect tumors, anomalies, and other subtle changes that escape human observation. Moreover, key companies in the market are investing in research and development activities to launch AI-powered portable medical electronic devices, which create a lucrative opportunity in the market. For instance,

• On September 26, 2023, Exo Imaging, Inc. a medical imaging software and device company announced the launch of Exo Iris, a portable ultrasound device. It combines point-of-care imaging, artificial intelligence, and health information technology (IT) systems to deliver versatile imaging performance.

Portable Medical Electronic Products Market Dynamics

Major drivers

Increasing incidence of remote patient monitoring is expected to boost the demand for portable medical electronic products during the forecast period. Portable medical electronic products are used in remote patient monitoring and management. It allows doctors and healthcare practitioners to monitor, analyze, and report medical conditions outside a clinical setting. Thus, growing adoption of remote patient monitoring is propelling the market.

Growing geriatric population is projected to drive the market in the coming years. Portable medical electronic products help healthcare professionals with continuous access to the health status of older adults and offer unique opportunities for effective remote care. These devices help geriatric population to prevent, diagnose, and treat several diseases, which enhance the demand for these devices. Therefore, increasing geriatric population is estimated to boost the market during the forecast period. For instance,

• According to a report published by the World Health Organization on October 1, 2022, one in six people across the globe is estimated to be aged 60 years or over by 2030, and the number is expected to reach 2.1 billion by 2050.

Existing Restraints

High manufacturing cost associated with portable medical electronic devices is expected to restrict the market in the coming years. The manufacturing cost of these devices is high, as these devices require heavy investment in R&D activities and complex technologies. Moreover, these devices sometimes show or provide inaccurate results, which decreases their adoption by doctors and patients. This hampers the demand for portable medical electronic devices.

Emerging Opportunities

Increasing incidence of diabetes across the globe creates an immense opportunity in the market. Portable medical electronic devices such as glucometers or blood sugar meters are utilized to diagnose diabetes, as they monitor blood sugar levels in the body to make sure it's not too high or too low. Moreover, rising investment in R&D activities by key market players to develop and introduce portable pulse oximeters to enable people to check their blood oxygen saturation (SpO2) levels and heart rate at home creates a lucrative opportunity in the market. For instance,

• On January 29, 2021, TytoCare Ltd. a leading manufacturer of healthcare devices announced the launch of a new pulse oximeter to enable people to check their blood oxygen saturation (SpO2) levels and heart rate at home.

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Scope of the Portable Medical Electronic Products Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Product Segment Analysis

Based on products, the portable medical electronic products market is categorized into respiratory monitors, heart monitors, pulse oximeters, blood pressure monitors, medical imaging, diabetes monitors, and others. The blood pressure monitors segment held a large share of the market in 2022, due to increasing incidence of hypertension & blood pressure and rising popularity of self-monitoring of blood pressure at home. Blood pressure monitors improve the diagnosis of hypertension and ensure enhanced healthcare. It also prevents strokes, heart failure, and coronary heart disease, which boosts its demand.

The medical imaging segment is expected to expand at a robust pace in the coming years, owing to the rising prevalence of cancer and brain tumors as well as growing geriatric population. Medical imaging devices allow healthcare professionals to assess bones, organs, tissue, and blood vessels of patients through non-invasive procedures effectively, which increases their adoption in hospitals and clinics. Moreover, major companies in the market are continuously developing and introducing portable medical imaging devices, which is propelling the market. For instance,

• On July 13, 2022, Fujifilm, a leading innovator in diagnostic and enterprise imaging solutions, announced the launch of a new portable X-ray machine or medical imaging device designed to offer high-quality fluoroscopic and static X-ray images during surgery and other medical procedures. It captures both radiographic and fluoroscopic images on a single platform, providing an efficient and streamlined workflow.

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End-user Segment Analysis

In terms of end-users, the global market is divided into hospitals, nursing homes, physician offices, homecare patients, and others. The hospital segment dominated the market in 2022 and is projected to continue its dominance throughout the assessment period, owing to the presence of skilled healthcare professionals to diagnose several diseases and the availability of advanced medical equipment. Portable medical devices are widely utilized in hospitals to monitor and determine patient health and well-being. Moreover, these devices prevent, diagnose, treat, and rehabilitate illnesses and diseases safely and effectively, which increases their adoption in hospitals.

Regional Outlook

Based on region, the portable medical electronic products market is segregated into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a major share of the market in 2022, due to the rising technological advancement in healthcare and the presence of key players in the market such as Abbott; GE HealthCare; Medtronic; Invacare Corporation; and Hologic, Inc. Moreover, increasing prevalence of chronic diseases in the region is propelling the need for portable medical electronic products, as these products are utilized to monitor and diagnose chronic diseases. For instance,

• As per a report published by the National Library of Medicine, approximately 45% or 133 million of the US population suffer from at least one chronic disease, and the number is expected to grow in the coming years.

The market in Asia Pacific is projected to expand at a high CAGR during the forecast period, owing to the escalating incidence of heart diseases and rising geriatric population. Moreover, increasing incidence of diabetes in the region is estimated to boost the demand for medical electronic products, as these products are used to monitor the blood sugar levels of a diabetic patient. For instance,

• According to a report published by the Indian Council of Medical Research (ICMR), India has 101 million people with diabetes.

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