Technavio market research analysts forecast the global portable medical equipment marketto grow at a CAGR of close to 9% during the forecast period, according to their latest report.
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Technavio has published a new report on the global portable medical equipment market from 2017-2021.(Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global portable medical equipment marketfor 2017-2021. The report also lists portable patient monitoring devices, portable medical imaging devices, hearing aids, and insulin pumps as the four major segments, of which portable patient monitoring devices was a major contributor to the market in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global portable medical equipment market:
- Increase in geriatric population
- Growing incidence of chronic diseases
- Advances in technology
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Increase in geriatric population
Advances in healthcare technology and the availability of more efficient treatment options have led to a rise in life expectancies, thereby resulting in an increase in older population across the world. According to the NIH, in 2015, approximately 8.5% of the global population or 617 million people were aged 65 and above.
"The geriatric population is more susceptible to diseases such as cardiac diseases, cerebral disorders, hypertension, arthritis, and diabetes. It is also less expensive to receive the treatment at home. The demand for portable medical devices is increasing as these devices are more convenient and comfortable for home healthcare," says Ramakrishna Edupulapati, a lead analyst at Technavio for orthopedics and medical devices research.
Growing incidence of chronic diseases
The incidence of many chronic diseases such as CVDs, diabetes, COPDs, ESRDs, urology disorders, and other chronic illnesses is increasing. According to the CDC, in 2012, nearly 117 million people had one or more chronic illnesses. In 2010, 68% of the healthcare expenditure was for people with one or more chronic medical conditions. The global diabetic population is estimated to increase to approximately 500 million by 2025.
As of 2014, approximately 4.6% of the global population had asthma. The death toll of CVDs is estimated to cause approximately 19 million deaths by 2020. These chronic diseases require portable medical devices to monitor the severity of the patient's medical condition daily. Therefore, the rise in the incidence of chronic illnesses will increase the demand for portable medical devices.
Advances in technology
Advances in semiconductor technology have led to the development of efficient and affordable portable medical devices that consume less power and thereby have a longer battery life. Many portable handheld medical devices have incorporated rechargeable batteries that deliver a more convenient and cost effective long-term solution.
"Many manufacturers have integrated their devices with wireless technologies such as Bluetooth, near-field communication, and cloud-based technologies. Devices such as insulin pumps have seen significant improvement as manufacturers are increasingly adopting innovative technologies," says Ramakrishna.
Medtronic has launched a smartphone app for its insulin pumps called the 'MiniMed Connect App,' which allows the user to monitor their pump and glucose details via smartphones. The device also automatically sends an SMS text alert to the user's emergency contact in case of very high or low glucose levels. Many other manufacturers have also been able to integrate wireless technology into their devices. For instance, iHealth Lab developed a wireless blood pressure wrist monitor that can monitor the heart activity of a patient. This device utilizes Bluetooth 4.0 BLE to transfer data to an iOS device or a computer system through a USB cable.
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