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The Portable Medical Electronic Products Market Size is estimated to reach $92.5 billion by 2027 and it is poised to grow at a CAGR of 4.5% over the forecast period of 2022-2027. Portable medical
products are electronic equipment that is widely used for operating,
managing and monitoring various types of medical conditions. Various forms of
portable devices, such as cardiac/heart monitors, ultrasound medical imaging
devices, blood pressure monitors and pulse oximeters, exist in today's market. The devices are
leveraging on the strained healthcare issues, which would allow for substantial growth.
Portable Medical Electronic Products
Market Drivers
- A Significant Increase in the Worldwide Senior Population:
As per Visualist Capital 2021, the EU dependency ratio was 32 in 2020, which meant for every 100 working-age people, there would be 32 elderly people. Additionally, the median age in the region is projected to reach 48.2 years by 2050. The elderly or geriatric population is more likely to have illnesses that require bed rest and continuous monitoring for check-ups and follow-ups. Importantly, the advancement of the Internet of Things (IoT) in medical products now enables monitoring from a long distance. Portable Medical Electronics Products successfully enable the monitoring of the elderly and feeble.
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- A Prolific Rise in Lifestyle Diseases complemented by Increased Chronic Illnesses:
Advancements in diagnostic imaging
have provided strong demand for portable medical electronics. As per GLOBOCON
2020, nearly 510 colon cancer cases were reported in 2020 in the UAE. One of
the critical ancillaries for providing medical care is portable medical
devices, which allow for timely judgment and care to mitigate direct and
indirect costs for both parties. According to WHO 2022, NCD (Noncommunicable
disease) kills nearly 41 million people each year, thereby, holding a burden of
74% of all global deaths. Critically, 17 million or nearly 40% of people dying
from NCD are below the age of 70. These statistics reflect a rise in
lifestyle diseases.
Product Launch and Expansion
In June 2022, BELLUSCURA, a medical device developer, released the latest iteration of its X-PLOR Portable Oxygen Concentrator. This is the first POC available with a mobile application, capable of being paired with digital devices.
In November 2021, GAMA
Healthcare, a developer and manufacturer of infection prevention products, internationally launched REDIROOM - World’s first portable isolation solution.
The Major Players in the Market
Include
The major players in the Portable Medical
Electronic Products Market include Medtronic, Philips N.V., GE, Bayer AG,
Stryker, BD, Abbott, F. Hoffmann-La Roche, Panasonic and Siemens Healthcare.
Over the years, various market participants have shown a higher inclination for product launches that utilize a higher specter usage of IoT and other forms of microprocessor technologies. Advancement in care along with the growth of home healthcare would proliferate the demand in the forecast period.
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