Portable medical electronic products market is estimated to be valued at US$ 157.11 Billion in 2031; 9.5% CAGR Projected- Coherent Market Insights

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the portable medical electronic products market.

Coherent Market Insights’ analyst projected the portable medical electronic products market to be valued at US$ 157.11 Bn in 2031. It is expected to exhibit a CAGR of 9.5% over the forecast period 2024 -2031.

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Market Dynamics:

Rising prevalence of chronic diseases drives market growth. As per WHO, chronic diseases accounted for over 70% of all deaths worldwide in 2020.

The growing elderly population is also expected to contribute to the high prevalence of chronic conditions. Technological advancements in portable medical devices also fuels market growth. Miniaturization of components has enabled the development of compact and lightweight monitors.

Market Trends:

Use of Heart rate monitors and activity trackers is a key trend driving market growth. These devices help track important vital parameters and monitor physical activity of users.

The trend towards wearable fitness trackers is expected to grow significantly over the forecast period. Moreover, the increasing demand for telehealth and remote patient monitoring solutions has accelerated the adoption of portable medical devices.

Devices integrated with GPS and fall detection are also gaining more interest. This is owing to the independent living benefits offered to elderly users.

Portable Medical Electronic Products Market Opportunities

Portable medical electronic products market is expected to dominate market. This is due to increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and respiratory disorders.Portable medical imaging devices help in timely diagnosis and monitoring of chronic conditions.

Cardiology segment is expected to witness the fastest growth. The cardiology segment accounted for more than 25% market share in 2024. This is due to the widespread usage of portable ECG, EEG, remote patient monitoring, and home healthcare devices.

Rising cases of cardiovascular diseases worldwide also boost the demand for portable diagnostic and monitoring devices in cardiology applications. Ongoing trials of innovative portable physiological monitoring solutions are expected to boost the cardiology applications segment.

The hospital end-user segment captured over 35% of the global market share. It has attributed to increased accessibility to advanced care. Hospitals widely employ portable medical devices for diagnostic imaging, patient monitoring, emergency response, and surgical applications.

Growing need for flexible infrastructure and rising hospital investments have propelled the demand from hospitals. This end-user segment is projected to experience high growth during the forecast period.

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Key Market Takeaways

The global portable medical electronic products market is anticipated to witness a CAGR of 9.5% during the forecast period 2024-2031. This is due to increasing prevalence of chronic diseases and fast adoption of home healthcare devices.

On the basis of products, the diagnostic imaging segment is expected to hold a dominant position. This is owing to advances in portable ultrasound, X-ray, and CT scan devices.

On the basis of application, the cardiology segment is expected to dominate over the forecast period. This is due to widespread usage of portable cardiac monitoring devices.

On the basis of end user, the hospital segment is expected to hold a dominant position over the forecast period. This is due to increased accessibility of advanced care.

North America is expected to hold a dominant position over the forecast period. This is due to large healthcare expenditures.

Competitor Insights

Key players operating in the portable medical electronic products market include

• Abbott Laboratories
• Roche Diagnostics
• Medtronic plc
• Philips Healthcare
• Siemens Healthineers
• Johnson & Johnson
• Bayer AG.

Recent Developments: 

In October 2022, Biocorp announced a cooperation with Novo Nordisk to market Mallya. It is a smart sensor that attaches to FlexTouch insulin pens for blood glucose monitoring.

In October 2022, GenWorks, initially invested by Wipro GE, introduced BrasterPro, It is portable, radiation-free device for breast cancer screening using a contact-based approach.

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About Coherent Market Insights

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.