The global portable medical electronic products market is expected to witness lucrative market growth over the forecast period as a consequence of increasing demand for home healthcare and outpatient settings. The rising need is attributed to geriatric population; demand for minimally invasive techniques and rising healthcare costs. Factors such as increasing need for efficient treatment in remote, emerging areas and increasing lifestyle diseases are also high impact rendering driver of the portable medical electronics products market. Technological advancements including incorporation of semiconductors, telemedicine technology, nanotechnology, microprocessors, wireless technology and inclusion of components such as amplifiers, ADC convertors and filters are expected to propel the demand for the market further. With advent of these advancements, there is less power consumption, mobilization of devices leading to expansion beyond hospital settings and hence is anticipated to further drive the demand for the market. Moreover, better data visualization tools, ultrasound systems, digital X-ray systems and improved software are predicted to raise healthcare standards thereby inducing demand for this market. Consequentially, benefits associated with these advancements include better patient mobility, augmented healthcare standards, quality care, personalized medicine, reduced errors and high patient satisfaction are expected to provide growth platform to the market. Moreover, it also results in safety, affordability, security and connectivity with respect to portable medical electronics products thereby inducing the demand for the portable medical electronics devices market over the forecast period.
The global portable medical electronic products market is segmented on the basis of equipments and end-use. On the basis of equipments, it is segregated into cardiac monitors, respiratory monitors, pulse oximeters, ultrasound medical imaging, heart monitors and blood pressure monitors. Under end-use segmentation, there are hospitals, home patient settings, physician offices and nursing homes. As of 2014, cardiac monitors held the largest market share owing to rising incidences of cardiovascular diseases and complex patient profiles having reduced mobility. Advancements including incorporation of wireless technology results in continuous connectivity and recording of patient cardiac activities related data facilitating remote patient monitoring led to increased demand for the market. Ultrasound medical imaging is expected to be the fastest growing segment due to factors such as application in emergency situations, advent of embedded processors that facilitates flexibility, portability and cost efficiency of the devices. Moreover, miniaturization also facilities the physicians to use these products in remote areas thereby boosting the growth of the portable medical electronics products market over the forecast period. As of 2014, under end-use segment, home care patient settings held the largest segment owing to rising preference of patients for treatment in outpatient settings.
Geographically, global portable medical electronic products market is segregated into North America, Europe, Asia Pacific, Latin America and MEA. As of 2014, North America held the largest share of the portable medical electronics products market owing to significant growth factors including increasing prevalence of chronic diseases and rising geriatric population base. Moreover, gaining popularity of homecare patient settings, high disposable income and advanced healthcare infrastructure further contributed to the growth of the market in this region. Furthermore, the increasing number of mergers & acquisitions and high healthcare awareness also induced the market growth in this region. High healthcare investments, government welfare initiatives and regulations are high impact rendering driver for the growth of this region. Asia Pacific is expected to be the fastest growing over the forecast period owing to significant factors such as rising disposable income, increasing patient awareness and improving healthcare infrastructure. Furthermore, various new collaborations and expansions are anticipated to play contributing role in inducing growth to the portable medical electronics products market in this region over the forecast period.
Major players of the portable medical electronic products market are CareFusion Corporation, GE Healthcare, Roche Diagnostics, Abbott Laboratories, Maxim Integrated, Renesas Electronics Corporation, Philips Healthcare and Omron Healthcare. These companies focus on developing cost efficient medical devices, mergers & acquisitions, expanding product lines, joint ventures and innovative product launches. They also focus on meeting medical infrastructural needs of the targeted region in order to expand their market share. This leads to variations as per the requirement of the facilities, dedicated manufacturing lines and high reliability that help these key players to retain their position in the market.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.