30 July 2020
Visiongain has launched a new report Portable Medical Devices Market Report 2020-2030: Forecasts by Product (Diagnostic Devices, Monitoring Devices, Therapeutics Devices, Smart Wearable Devices), by Application (Gynecology, Cardiology, Gastrointestinal, Urology, Neurology, Respiratory, Orthopedics, Others), and by Region (North America, Europe, Asia Pacific, Latin America & MEA), Including Forecasts by Major Developed Countries and Developing Countries, Plus Profiles of Leading Companies.
Portable medical devices are devices used for wireless communication using various types of networks such as WLAN, WMAN, and WPAN. These devices usually have long battery life, process data, and sophisticated user interface. These devices can be connected with medical cloud hub and used to collect and store the personal medical record. Portable medical devices help to monitor and track a health status of any patient. Monitoring devices is the dominant segment in the portable medical devices market owing to increase in adoption in healthcare settings, mobility, technological advancements, and compact design.
The rise in elderly population, unhealthy eating and lifestyle habits, and increase burden of diseases have increased the demand for portable medical devices. According to the United Nations data, the elderly population globally has doubled in the past few decades. The global geriatric population aged 60 years or over has been increased from 382 million in 1980 to 962 million in 2017. Moreover, this number is expected to increase twice in size by 2050 accounting for almost 2.1 billion.
The technological advancements has led to emergence of embedded systems, smart wearables, sensors, and devices that can be used for accurate and real-time monitoring of different health parameters. There is an increase in awareness regarding the benefits of portable devices such as mobility and compact size making it easier to transport. There is an increase in demand for preventive healthcare and early diagnosis of diseases. Thus, the growing need for monitoring devices, technological advancement, and increase in awareness are the major driving factors for the growth of portable medical devices.
The increase in incidence of chronic disease, rise in adoption of smart wearables among athletes, increase in trend for remote patient monitoring, and increase in purchasing power further drives the growth of global portable medical devices market. However, the high cost of these devices and stringent regulations are expected to hamper the market growth.
The Visiongain report analyst commented "As the geriatric population are more prone to suffer from chronic and lifestyle disease, the demand for portable medical devices is expected to increase in the near future. The technological advancements, increase in awareness, growing demand for preventive healthcare and remote patient monitoring are further driving the growth of the portable medical devices market."
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include Koninklijke Philips N.V, General Electric Company, Medtronic, Omron Corporation, Samsung, Abbott Laboratories, Carefusion Corporation, Covidien Plc, Natus Medical, and Roche Diagnostics.
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