Acumen Research and consulting recently publicize a market study titled “Portable Medical Devices Market Forecast till 2027″ which is a trending topic in the medical and pharmaceutical industry and providing a flawless and narrow study about COVID-19 bleak and lush impact on the industry.
The Global Portable Medical Devices Market is expected to grow at a CAGR of around 8.5% from 2020 to 2027 and reach the market value of over US$ 60.4 Bn by 2027.
North America is dominating the market of portable medical devices from the past and will continue its trend in the forthcoming years. In the past, North America recorded a market share of 40.8% and is projected to continue similar trend in the coming years. Factor that attribute for regional growth involve rising prevalent cases of chronic diseases like asthma and chronic obstructive pulmonary disorder (COPD). This led to high demand for portable medical devices resulting in growth of the regional market.
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Additionally, high adoption of tech advanced medical devices, high treatment rates, and rising government involvement for early diagnosis of the disease are among the few prominent factors that contribute to its fullest for regional market growth. In March 2020, Prime Minister announced Canada’s plan to mobilize industry to fight COVID-19. The new plan introduced implements new measures to directly support business to rapidly scale up the production or re-tool their manufacturing lines to develop products made in Canada to counterattack COVID-19. The products involved are critical health and safety supplies and equipment, involving personal protective equipment (PPP), sanitization products, diagnostic and testing products, and disease tracking technology.
On the other hand, Asia Pacific regional market will witness fast pace in the coming years owing to strong demand for portable medical devices market. It is expected that APAC market will grow to its fullest by recording a significant CAGR of 11.2% in the coming years. Improvement in treatment rates, consistent development in healthcare infrastructure, and surge in adoption of smart wearables are the prominent factors responsible for the growth of APAC market. In October 2020, Union State Minister of India announced launching of INR 10,000 crore NCDC Ayushman Sahakar Fund for creation of healthcare infrastructure by cooperatives.
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Portable medical device market is segmented based on product and application.
By product the market is segmented as diagnostic imaging, therapeutics, monitoring devices, respiratory monitoring, and among others. By application, market is segregated as gynecology, cardiology, gastrointestinal, urology, and others.
Based on product, monitoring devices will hold largest market share in the forecast period. Technological advancements, fast new product approvals, and benefits associated related to designs such as compact designs and mobility are among the few factors that contribute for segmental growth. Further, by application, cardiology segment is projected to hold second largest market share. Rising prevalence of cancer, surge in utility of diagnostic imaging coupled with image guiding therapy system are the key factors attributed for the segmental growth of application.
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Some of the leading competitors are Koninklijke Philips N.V, General Electric Company, Medtronic, OMRON Corporation, Samsung, and F. Hoffmann-La Roche Ltd., and among others.
Some of the key observations regarding the Portable Medical Devices industry include:
- In June 2020, Koninklijke Philips N.V., a pioneer in health technology announced launching of new product Lumify with Reacts handheld tele-ultrasound solution for its commercial availability in Japan. The company received clearance from Japan’s healthcare authority to introduce the ultrasound solution for compatible handheld devices. The portability of Lumify introduces a powerful diagnostic solution for the hospitals enabling them to use ultrasound imaging for bedside diagnosis and to monitor medical conditions.
- In December 2019, F. Hoffmann-La Roche Ltd and GE Healthcare announced launching of new product NAVIFY Tumor Board 2.0, the first collaborative product. Incorporating medical imaging viewing and strong capabilities with patient data, the product enables tumor boards-multidisciplinary teams that determine treatment plans for cancer patients to have a more comprehensive view of each patient in one place.
- In June 2020, OMRON Corporation, Japan, announced launching of new product namely, FH Series Vision System”. The product is industry’s first detection AI technology that identifies defects without learning samples. This AI technology reproduces human sensibility and the techniques of skilled inspector reliable defects detection, automating human based vision and visual inspection.
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