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What is the Anticipated Growth Speed of the Portable Medical Devices Market Between 2024 and 2033?

The market for portable medical devices has seen significant expansion in recent years. The market, valued at $50.59 billion in 2023, is projected to increase to $56.6 billion in 2024, representing a compound annual growth rate (CAGR) of 11.9%. This historical growth can be linked to factors like the miniaturization of electronics, rising chronic illnesses, an aging population, telehealth developments, remote monitoring, and point-of-care testing.

Expectations are high for the portable medical devices market to experience quick expansion in the coming years. The market is projected to hit $85.86 billion in 2028 with a compound annual growth rate (CAGR) of 11.0%. Factors contributing to this anticipated growth during the forecast period include worldwide health crises, the integration of digital health, the rise in home healthcare, the necessity to contain healthcare costs, and the uptick in wearable health technology usage. Prominent trends for the forecast period are improvements in battery tech, the incorporation of artificial intelligence and machine learning, the emergence of smart inhalers and drug delivery gadgets, the integration of augmented reality, and the utilization of blockchain technology within the healthcare sector.

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Which Factors Are Enhancing the Growth of the portable medical devices Market?

The escalation of chronic illnesses is projected to fuel the expansion of the portable medical devices market in the future. Chronic diseases are generally characterized as conditions that last a year or more, require ongoing medical care, and disrupt daily activities. Portable medical devices help individuals grappling with these illnesses to monitor their health statuses, particularly under post-acute, rehabilitation, and chronic circumstances. For example, the National Library of Medicine, a US agency, predicted in January 2023 that the number of Americans aged 50 and over living with at least one chronic disease would surge by 99.5%, growing from 71.522 million in 2020 to 142.66 million in 2050. Therefore, the surging prevalence of chronic diseases propels the market for portable medical devices.

Which Segments Are Crucial in the Portable Medical Devices Market?

1) By Product: Therapeutics, Smart Wearable Medical Devices, Diagnostic Imaging, Monitoring Devices, Neuromonitoring, Cardiac Monitoring, Respiratory Monitoring, Neonatal Monitoring, Fetal Monitoring, Other Products

2) By Application: Cardiology, Orthopedics, Gynecology, Urology, Gastrointestinal, Neurology, Other Applications

3) By End-User: Hospitals, Clinics, Homecare Patient, Ambulatory Care Centers, Surgical Centers, Other End Users

What Emerging Trends Are Shaping the Future of the Portable Medical Devices Market?

The rise of technological advances is a leading trend in the portable medical devices sector. Major players in this market are adopting innovative technologies to maintain their market position. For instance, Philips, a conglomerate from The Netherlands, introduced the Compact 5000 series, a next-generation portable ultrasound solution, in November 2022. This advanced system is equipped with Philips Collaboration Live Secure real-time telemedicine software, facilitating access to additional clinical expertise through voice, text, screen sharing, and video streaming from any location with mobile or internet connectivity. The intention is to enhance access to the diagnostic potential of high-end, cart-based ultrasound machines. The Ultrasound Compact 5000 Series is designed with an optional battery, offering 2.5 hours of scanning time and power-up capabilities 20% faster. It’s intended to deliver shared services across several medical fields, including cardiovascular, obstetrics and gynecology, point-of-care, and general imaging.

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What Regions Are At the Forefront of Portable Medical Devices Market Expansion?

North America was the largest region in the portable medical devices market in 2023. The regions covered in the portable medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Portable Medical Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the portable medical devices market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Portable Medical Devices Market Include

1. Portable Medical Devices Market Executive Summary

2. Portable Medical Devices Market Segments

3. Portable Medical Devices Market Size And Template Market Growth Rate

4. Key Portable Medical Devices Market Trends

5. Major Portable Medical Devices Market Drivers

……

25. Key Mergers And Acquisitions In The Portable Medical Devices Market

26. Top Portable Medical Devices Companies

27. Portable Medical Devices Market Opportunities And Strategies

28. Portable Medical Devices Market, Conclusions And Recommendations

29. Appendix

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