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WELLESLEY, MA --(Marketwired - January 06, 2016) - Portable medical equipment products (PMEPs) offer reliability, efficiency and convenience. BCC Research reveals in its new report that miniaturization is a key driver for new product development in this modestly growing market.
Portable medical equipment products constitute a significant portion of the medical device industry. These devices are broadly categorized into products for therapy, diagnosis and testing, and first aid and other applications.
The global market for PMEPs will grow from $54.2 billion in 2015 to $65.7 billion in 2020, reflecting a five-year compound annual growth rate (CAGR) of 3.9%. The U.S., the leading consumer of PMEPs, should reach about $20.5 billion and $25.4 billion in 2015 and 2020, respectively, demonstrating a five-year CAGR of 4.4%. The European market is expected to increase from nearly $15.2 billion in 2015 to nearly $18.6 billion in 2020, reflecting a five-year CAGR of 4.1%.
The driving forces for the portable medical equipment market include the increasing prevalence of various diseases due to lifestyle and environmental changes, a growing elderly population, rising healthcare costs and increasing medical costs. Increasing demand for devices that can be used for remote patient monitoring and home healthcare, along with the requirement for devices in point-of-care diagnostics, also has grown the market for PMEPs. Diabetes and heart problems are much less expensive to monitor with portable devices, for example. Insulin pumps that can track, calculate and adjust blood sugar. A pacemaker that tracks and records a patient's heartbeat can provide a physician with a better understanding of the patient's arrhythmia, as well as lead to fewer doctor visits.
Rising demand for medical equipment from hospitals, practitioners and even patients has facilitated development of devices with more functionality and increased portability. Rising medical costs and patients' desire to shorten their hospital stays has spurred efforts to miniaturize electronics across many sectors, including healthcare. Companies are exploring new technologies to improve the diagnostic, monitoring and therapeutic capabilities of next-generation devices while making them smaller, more portable and less invasive.
"To reduce design complexity, to reduce power consumption, to improve battery life to achieve faster response times, and to lower fabrication costs, the industry is pursuing increased component integration, with greater utilization of embedded systems, advanced mixed-signal devices, and systems-on-a-chip (SoCs)," says BCC Research analyst Shalini S. Dewan. "Many of the latest devices incorporate flash memory, power management circuitry, a sensor interface, an analog-to-digital converter and an I/O interface. SoCs represent a further stage in miniaturization because these integrate a wider range of functions (digital, analog, mixed-signal and radio frequency) on a single chip substrate."
Portable Medical Electronic Products: Technologies and Global Markets (HLC084B) examines PMEPS, specifically medical diagnostic equipment and imaging systems, drug delivery devices, interventional medical electronics, first-aid equipment, and body function testers. Analyses of global market drivers and trends, with data from 2014, estimates for 2015, and projections of five-year CAGRs through 2020 are provided.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world's greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email firstname.lastname@example.org.
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