AI Technologies are Fueling the Growth of the Portable Medical Devices Market

Lucy Kart

AI Technologies are Fueling the Growth of the Portable Medical Devices Market

The global Portable Medical Devices Market is estimated to be valued at US$ 75.26 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Portable medical devices are compact and easy to carry devices that serve various medical purposes such as monitoring vitals and diagnosing medical conditions. Devices such as portable ultrasounds, blood pressure monitors and ECG machines provide healthcare accessibility at home and enable remote patient monitoring.

Market key trends:

Rising adoption of AI technologies: Major players in the market are focusing on integrating AI capabilities into portable medical devices to deliver enhanced functionalities. For instance, AI-powered portable ultrasound devices can provide automated diagnoses by analyzing ultrasound images. This reduces diagnostic errors and improves efficiency of healthcare professionals. Further, AI in wearable devices can monitor vital signs continuously and predict health issues in advance thus improving patient outcomes.

Segment Analysis

The global portable medical devices market is segmented based on product type and end use. Based on product type, the market is segmented into portable medical imaging devices, portable monitoring devices, portable home healthcare devices, and point-of-care testing devices. The point-of-care testing devices segment is expected to dominate the market over the forecast period owing to increasing demand for remote patient monitoring and home healthcare. Point-of-care testing allows for quicker medical diagnosis and treatment by bringing the lab to the patient instead of the patient visiting the health care facility.

Key Takeaways

Global Portable Medical Devices Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing demand for remote patient monitoring and home healthcare to reduce healthcare costs.

Regional analysis - North America is expected to dominate the global portable medical devices market over the forecast period owing to the increasing healthcare expenditure and technologically advanced healthcare infrastructure in countries like US and Canada. Asia Pacific region is expected to exhibit the fastest growth during the forecast period owing to rising geriatric population, increasing healthcare expenditure and improving healthcare infrastructure in emerging countries like China and India.

Key players operating in the portable medical devices market 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. Key players are focused on launching innovative portable devices and expanding their product portfolio and geographical presence through mergers & acquisitions to strengthen their market position. For instance, in 2022, Koninklijke Philips acquired BioTelemetry Inc., a leading US-based provider of remote cardiac diagnostics and monitoring services, for USD 2.8 billion to expand its patient care management solutions.

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The growing prevalence of chronic diseases, technological advancements in medical devices, and the increasing demand for point-of-care testing are the key factors driving the growth of the portable medical devices market. Wearable medical devices, such as fitness trackers, smartwatches, and glucose monitoring devices, have gained significant popularity among consumers. Segment Analysis: The portable medical devices market can be segmented based on product type and end-user. Lastly, the growing preference for home healthcare is boosting the demand for portable medical devices. In terms of regional analysis, North America is the fastest-growing and dominating region in the portable medical devices market.

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The Business Research Company’s Portable Medical Devices Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The Portable Medical Devices Global Market Report 2023 evaluates portable medical devices market size, growth rate, drivers, trends, and major companies. id=12145&type=smp The global portable medical devices market is expected to grow from $45. The portable medical devices market is expected to reach $77. Key Mergers And Acquisitions In The Portable Medical Devices Market Related Reports:https://www.

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The Portable Medical Devices Market report covers the different market scenarios that have a direct impact on the growth of the market. Top Key Players Covered In the Dementia Drugs Market Report Are:Top Companies Associated with the Portable Medical Devices Market Are: Siemens Healthineers, Medtronic Inc. In-depth analysis of the Portable Medical Devices market segmentation assists to determine the prevailing market opportunities. com/insight/buy-now/5703Why Choose Portable Medical Devices Market Report? 4 Technological and innovative landscape4: Portable Medical Devices Market, By Region5: Company Profiles5.

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