The Portable Medical Devices Market To Witness High Growth Owing To Increased Adoption Of Home Healthcare Devices
Market Dynamics:
Increased adoption of home healthcare devices is one of the major drivers of the portable medical devices market. Growing preference for home healthcare over hospitals and clinics owing to benefits such as affordable cost of care and comfort of patients at homes is augmenting the adoption of portable medical devices. Furthermore, technological advancements in portable medical devices leading to development of devices with improved accuracy, enhanced portability, connectivity, and remote monitoring capabilities is also fueling the market growth. For instance, development of internet of things (IoT) enabled portable ultrasound machines that transmit diagnostic data to physicians over wireless networks is gaining popularity.
Another driver is increasing geriatric population globally. Growing prevalence of chronic and lifestyle diseases among the elderly population is propelling the demand for long-term care at home. Portable medical devices aid independent living and remote patient monitoring of elderly, thereby driving their adoption.
SWOT Analysis
Strength: The portable medical devices market offers convenience of use as these devices can be easily carried and are light-weight. They allow for remote and self-monitoring which improves patient care. Technological advancements have further miniaturized these devices making them more efficient.
Weakness: Portable medical devices have high development and manufacturing costs which increases the product price. Heavy reliance on different technologies also raises the risks of technical glitches. Sub-standard after-sales services in some regions is another limitation.
Opportunity: Growing geriatric population suffering from chronic diseases will boost demand. Increasing investments by governments and players in digital healthcare creates scope. Untapped opportunities exist in developing nations due to rising medical expenditures.
Threats: Stringent approval processes delay market entry of novel products. Insufficient reimbursement policies especially in developing countries pose financial challenges. Growing penetration of refurbished and counterfeit products also threatens legitimate businesses.
Key Takeaways
Global Portable Medical Devices Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of chronic and lifestyle diseases. This has bolstered demand for frequent health monitoring solutions.
Regional analysis: North America dominates the market currently owing to large patient pool, favourable insurance and reimbursement scenarios. Asia Pacific is anticipated to register fastest growth through 2030 on back of expanding medical infrastructure, rising healthcare spending and huge patient population in countries like India and China.
Key players operating in the portable medical devices are Siemens Healthineers, Medtronic Inc., Omron Healthcare, Koninklijke Philips, Abbott Laboratories, Hologic Inc., General Electric (GE Healthcare), Fujifilm Holdings Corporation, Samsung Electronics Co. Ltd. (Samsung Healthcare), and Becton, Dickinson and Company, among others.
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