Accurate and real time patient monitoring has emerged as a key trend in healthcare industry owing to which many medical device OEMs are integrating wireless technology to keep a check of patients at regularly. Furthermore, these devices assists physicians to measure, monitor and maintain a record of the critical information and can be analyzed at any time or any place on a mobile computing device such as smart phone or a tablet. Wireless technologies that are used in medical devices include Bluetooth, Wi-Fi, ZigBee and ANT+. The use of wireless technology has increased patient’s mobility at hospital or at home. Above mentioned technological advancements and continuous R&D initiatives pertaining to the development of novel medical devices are expected to be the critical success factors for the growth of portable medical devices market. Furthermore, rising geriatric population base coupled with increasing demand for point of care medical services is expected to positively reinforce portable medical devices market over the estimated period. Moreover, availability of various custom ICs & medical software application and high penetration of mobile devices are amongst few cost curbing measures which is enabling manufacturers to offer cost effective and efficient devices which is expected to boost the market over the forecast period.
On the basis of products the market can be segmented as respiratory, cardiac, hemodynamic, fitness & wellness, insulin pumps and ultrasound devices. Cardiac devices were the most revenue contributing product segment and is expected to continue its large share over the period of six years. Furthermore, North America and Europe were the two key regions accounting for over 70% of the global portable medical devices market. However, Asia Pacific is expected to grow at a lucrative CAGR over the estimated period. Presence of unmet medical needs, favorable government initiatives & reimbursement policies and economic & technological advancements in the region are the key drivers for the growth of the regional market.
Key players operating in portable medical devices market include Philips Healthcare, Medtronic, GE Healthcare, Carefusion Corporation, Natus Medical, Covidien Plc, Roche Diagnostics, Samsung, Qualcomm and Texas Instruments.
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