by The portable medical electronic products market consists of lightweight, compact, and easy-to-use devices such as pulse oximeters, blood pressure monitors, glucose monitors, and thermometers that help patients monitor vital health parameters by themselves. These products empower individuals to take preventive actions for maintaining optimum health and avoiding serious medical conditions.
The global portable medical electronic products market is estimated to be valued at USD 83.10 Billion in 2024 and is expected to reach USD 157.11 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.
Key Takeaways
Key players operating in the portable medical electronic products market are Abbott Laboratories, Roche Diagnostics, Medtronic plc, Philips Healthcare, Siemens Healthineers, Johnson & Johnson, Bayer AG, Omron Healthcare, Inc., Fitbit, Inc. (now part of Google), Apple Inc., Garmin Ltd., Dexcom, Inc., Boston Scientific Corporation, GlaxoSmithKline plc, A&D Company, Limited, Tandem Diabetes Care, Inc., Welch Allyn (Hillrom), Zebra Medical Vision Ltd., AliveCor, Inc., and Stryker Corporation.
The growing Portable Medical Electronic Products Market Demand for remote patient monitoring and the ability to track health data in real-time is driving the portable medical electronic products market. Remote monitoring allows hospitals and providers to care for patients outside of traditional clinical settings to proactively manage care and reduce readmissions.
Several companies are expanding their product portfolios and global footprint to tap the vast opportunities in emerging markets. International players are focusing on Asia Pacific and Latin America for next phase of growth due to rising health awareness and improving access to healthcare in these regions.
Market Key Trends
One of the key trends in the portable medical electronic products market is the increasing use of artificial intelligence and cloud connectivity. AI-powered apps and devices can assist in predictive diagnosis of medical conditions by continuous monitoring of vital parameters over time. Cloud connectivity allows automatic sharing of health data with providers for remote surveillance. This enables early detection of health abnormalities and preventive interventions.
Porter’s Analysis
Threat of new entrants: Low startup costs and low brand recognition allow new companies to enter the portable medical electronic products market.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitute products and brands.
Bargaining power of suppliers: A few large suppliers control this market, giving them strong bargaining power over pricing and inventories.
Threat of new substitutes: New substitute technologies pose a medium threat as devices become more specialized and compact.
Competitive rivalry: Intense competition exists between major players to gain greater market share.
Geographical Regions
North America currently holds the largest share of the Portable Medical Electronic Products Market Regional Analysis products market owing to rising healthcare expenditures and presence of major players.
The Asia Pacific region is expected to witness the fastest growth during the forecast period due to growing medical tourism, increasing disposable income, rising awareness regarding portable devices, and improving healthcare infrastructure.
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*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
