Global Portable Medical and Healthcare Devices: Industry Analysis and Forecast 2021

There has been a tremendous increase in the lifestyle diseases caused by dramatic changes in the patterns of living such as excessive smoking, binge drinking, sedentary lifestyle, etc. All this has led to a sudden growth in cardiovascular and respiratory diseases, stroke, obesity and type 2 diabetes among a vast majority of the population. The treatment of such diseases requires expert medication and constant monitoring to keep health and fitness in check. Following this demand, the market for portable medical and healthcare devices is growing at a sizeable rate facilitated by the emergence of smart technology and wireless capabilities. This has enabled the people to diagnose and chart the progress of their treatment without paying frequent visits to the doctor.

The market for portable medical and healthcare devices can be segmented as - medical monitoring devices and wearable health and fitness devices. Medical monitoring devices segment includes vital signs monitoring devices, foetal monitoring devices, neuromonitoring devices, blood glucose monitoring devices, anaesthesia monitoring devices. Smart wrist-wearables, smart garments and chest straps are covered in the wearable health and fitness segment. A report by IMARC Group titled, ‘‘Global Portable Medical and Healthcare Devices Market Report (Cardiac Monitoring Devices, Blood Glucose Monitoring, Pulse Oximetry Devices, Wearable BP Monitors, Smart Wrist-Wearables, Smart Garments etc.) (2017-2021)’’, the market has grown at a CAGR of 18% during 2009-2016, reaching a value of around US$ 35 Billion in 2016.

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The market is encouraged by government initiatives and programmes

The major factor which has thrust impetus to the market is the increase in government initiatives and programmes to help create an awareness about various diseases and their treatments. It is a major step towards preventing the dissemination of the curable diseases which go unnoticed and untreated due to lack of awareness. Apart from this, an increasing portion of ageing population is also creating a demand of such devices. Portable medical and healthcare devices not only provide convenience of use to their users, they are also cost-effective. Owing to these factors, the market is expected to grow at a CAGR of more than 16% during 2017-2021, reaching a value of more than US$ 73 Billion by 2021.

The United States represent the largest market for portable medical and healthcare devices

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On the basis of geographical analysis, the United States represent the largest market for portable medical and healthcare devices, accounting for more than one-third of the total share. This growth is the result of constant innovations in this sector by the U.S. medical device companies and increasing investment in high technology products. The United States is followed by Europe and Asia-Pacific. The market share of Asia-Pacific is expected to increase in the next few years due to upcoming opportunities and rising disposable incomes, especially in India and China. The evaluation of the competitive landscape of the market provides the details of the key players operative in the market.

Some of the key players include Philips Healthcare, GE Healthcare, Abbott Laboratories, Fitbit Inc., Garmin and Medtronic.

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