According to FutureWise analysis, the market for portable medical devices in 2023 is US$ 70.07 billion, and is expected to reach US$ 164.05 billion by 2031 at a CAGR of 11.20%.
Conventionally, medical devices are used in hospital clinics and clinics. However, these devices have evolved and have become more portable, making them useful in home healthcare. A portable medical device is an electronic device that is designed to simplify and improve the care of the patient, especially in rural areas. The modern lifestyle has led to many diseases, and medical science has discovered ways to treat them. For the majority of patients, portable devices play an important role in monitoring and managing their health. There are various portable medical devices on the market, and various next-generation devices are in development. Due to advancements in wireless technologies, portable medical devices are becoming increasingly popular in hospitals and at home and have increased patient mobility. A portable medical device is an electronic device that monitors, operates, and manages medical conditions. Due to the advancements in microprocessor technology, these devices are becoming more and more portable, lightweight, and compact. The portable medical devices market will grow rapidly due to the escalating demand for portable medical devices and wearable electronics, technological advancements, and an increase in the geriatric population. There is also an increase in the demand for real-time analysis, diagnosis, and monitoring, and a rise in demand for emergency healthcare services across the globe, in addition to the rise in demand for wearable electronics.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Portable Medical Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Portable Medical Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.