Portable Medical Devices Market are Estimated to Witness High Growth Owing to Growing Geriatric Population

Portable Medical Devices Market


 Portable medical devices are easy to use medical instruments used for monitoring health conditions, diagnosing diseases, and assisting in treatment of medical conditions. Portable medical devices including portable insulin pumps, portable blood pressure monitors, portable ECG monitors, and portable oxygen concentrators provide patients with mobility and independence. The growing geriatric population is more susceptible to chronic diseases and requires constant health monitoring. The global portable medical devices market is estimated to be valued at US$ 86.7 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.


Market Opportunity
The growing geriatric population represents a major market opportunity for portable medical devices. As per the UN, the global population aged over 60 is projected to reach nearly 2.1 billion by 2050 from 1 billion in 2019. People aged 65 years or older are more prone to chronic diseases such as diabetes, cardiovascular diseases, and respiratory diseases which require continuous health monitoring. Portable medical devices facilitate independent living of elderly population by allowing real-time health monitoring without restricting their mobility. The growing prevalence of chronic conditions among geriatric population worldwide will drive the demand for portable medical devices during the forecast period.

Porter's Analysis
Threat of new entrants: Low barriers to entry allows new companies to easily enter the portable medical devices market. However, established brands have strong brand loyalty and distribution networks which deter new entrants.

Bargaining power of buyers: Individual consumers have low bargaining power due to the specialized nature of portable medical devices. However, large hospitals and clinics can negotiate lower prices in bulk orders.

Bargaining power of suppliers: A few large multinational companies dominate the supply of key components like sensors and microchips. This gives them strong bargaining power over portable medical device manufacturers.

Threat of new substitutes: Alternatives like conventional hospital-based medical equipment pose a moderate threat. However, the convenience and portability offered by new devices makes them unique substitutes.

Competitive rivalry: The market is highly fragmented with the presence of numerous global and regional players. Intense competition keeps pricing low and drives innovation.

SWOT Analysis
Strengths: Growing elderly population fuels demand. Medical advancements enable miniaturization.

Weaknesses: High R&D costs are incurred to integrate new technologies. Stringent regulatory approvals delay market entry.

Opportunities: Untapped potential in developing nations. Expanding applications in therapy, diagnostics, and patient monitoring.

Threats: Reimbursement issues deter adoption. Cybersecurity and data privacy concerns over wireless devices.

Key Takeaways
The Global Portable Medical Devices Market Demand is expected to witness high growth over the forecast period supported by the growing geriatric population prone to chronic diseases. Convenience and flexibility offered by portable devices also drive their adoption.

Regional analysis: North America currently dominates the market owing to high healthcare expenditure and availability of advanced healthcare infrastructure. The Asia Pacific region is poised to grow at the fastest pace due to rising medical tourism, healthcare reforms, and increasing consumer affordability in countries like India and China.

Key players: Key players operating in the portable medical devices market are Genesis Rehab Services, Invacare Corporation, Drive Devilbiss Healthcare, GF Health Products, Carex Health Brands, Abbott Laboratories, Philips Healthcare, Fresenius Medical Care, GE Healthcare, Johnson & Johnson, Medtronics Inc.

For more insights, Read- https://www.ukwebwire.com/portable-medical-devices-market-growth-demand-and-overview/

Get more insights on this topic: https://ceocolumn.com/news/offshore-wind-energy-a-viable-source-of-renewable-power/

Comments

Post a Comment

Popular posts from this blog

The Notchback Market is Estimated To Witness High Growth Owing To Rising Demand From Emerging Economies

Image
  Notchback Market Market Overview: A notchback is a body style of cars characterized by a gently sloped rear window and greenhouse. Notchbacks provide practical interior space with good cargo capacity. They offer balanced interior volume for passengers and cargo along with sleek and stylish exterior design. The body style has advantages like no C-pillar which enhances visibility compared to sedans. Market key trends: The growth of the notchback market is attributed to rising demand from emerging economies like China, India and Brazil. These nations have growing middle-class population and increasing disposable income which is driving vehicle ownership. Moreover, notchback body style is quite popular in these developing markets due to its spacious cabin combined with stylish looks at affordable prices. Leading automakers are launching various notchback models to cater to the surging demand from developing countries, which is fueling the growth of the notchback market size during ...
Read more

The increasing demand for adhesives and sealants is anticipated to open up the new avenue for Petroleum Resins Market

Image
Petroleum Resins Market  Market Overview: Petroleum resins are amorphous thermoplastic polymers made from petroleum-based feedstock materials, through either thermal or catalytic polymerization. They are mainly used for applications such as adhesives, inks, paints, rubber compounding, and others. Different types of petroleum resins include C5 resins, C9 resins, hydrogenated hydrocarbons (HHCs), and modified and specialized petroleum resins. Among applications, adhesives and sealants hold the largest share in the petroleum resins market owing to increasing use of petroleum resins in hot melt and pressure sensitive adhesives. Market Dynamics: The increasing demand for adhesives from packaging and construction industries is a major driver for the petroleum resins market. According to statsista, the global adhesive market was valued at over US$ 53.3 billion in 2020 and is projected to reach around US$ 78 billion by 2027, growing at a CAGR of over 5.7% during the forecast period. Pe...
Read more

Global Synthetic Biology Market Analysis: Size and Share

Image
Synthetic Biology Market  Synthetic biology encompasses the design, construction, and redesigning of biological parts, devices, and systems, either non-existent in nature or reengineered from existing biological systems. The market is experiencing significant growth, driven by the increasing demand for personalized medicine and healthcare. Applications of synthetic biology span pharmaceuticals, chemical production, agriculture, environmental protection, and renewable energy. Advancements in synthetic biology contribute to the rapid manufacturing of biotherapeutics, fostering the development of personalized medicine and more cost-effective healthcare solutions. The Synthetic Biology Market is projected to be valued at US$ 31,693.59 million in 2023, with an expected CAGR of 28% during the forecast period from 2023 to 2030, according to a newly published report by Coherent Market Insights. Key Market Trends: A prominent trend in the Global Synthetic Biology Market is the escalat...
Read more