Research Nester released a report titled “Portable Medical Equipment Market: Global Demand Analysis & Opportunity Outlook 2029″ which delivers detailed overview of the global portable medical equipment market in terms of market segmentation by product, application, end-user and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The portable medical equipment market is projected to grow with the fastest CAGR during the forecast period, i.e., 2021-2029, on account of the increasing elderly population. In addition to this, the market for portable medical equipment is also booming owing to the rising prevalence of chronic diseases. According to the World Health Organization, the burden of chronic disease-related deaths was expected to rise to 73% of the total deaths by the end of 2020. Moreover, it was estimated that 79% of these deaths would occur in developing countries. Further, the prevalence of chronic diseases was expected to increase to 57% in 2020, as reported by the WHO.
The market is segmented by product type into diagnostic imaging, therapeutics, monitoring devices, and smart wearable medical devices. Among these segments, the monitoring devices segment is anticipated to hold the largest share by the end of 2021 in the portable medical equipment market as a result of their increasing adoption in tracking essential vital signs, including blood pressure, heart rate, oxygen, blood glucose levels, and others.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the portable medical equipment market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the favorably changing patient reimbursement policies by Medicare/Medicaid services covering the use of these devices, such as the real-time monitoring devices to further improve the adoption rate of these products across the region.
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Increasing Ageing Population to Drive Market Demand in the Future
As per the reports of the United Nations, it has been reported that nearly 703 million people globally were older than 65 years. The number is further expected to rise to 1.5 billion by the end of 2050. According to the World Bank Data, Japan has the highest elderly population in the world, with people aged 65 and over accounting for nearly 28% of the country’s total population.
In the United States, the geriatric population is growing faster than the rest of the population, which is one of the key factors aiding the growth of the market. Additionally, the development of technologically advanced devices to monitor the condition of senior citizens and transmitting the reports to primary care doctors is further catering to the growth of the portable medical equipment market.
This report also provides the existing competitive scenario of some of the key players of the global portable medical equipment market which includes company profiling of General Electric Company, Medtronic, Koninklijke Philips N.V., Omron Healthcare, Inc., Maxim Integrated, Renesas Electronics Company, Siemens Healthineers, Hill-Rom Services, Inc., and Contec. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global portable medical equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.