You'll need the following:
1. Lightning to USB adapter
2. USB sound card hub
3. A monitor and/or mic with 3.5mm jacks
4. Your choice of MIDI keyboard
5. And of course, your iPhone
Plug everything together, and that's it! This is the most compact and most cost effective solution that I can think of.
Below is my on-the-go setup. I am currently using an iPhone SE 2020 which has a painfully small screen, so the MIDI keyboard is a must. As you can see, the peripherals are tiny enough to carry in one hand. This is perfect to take on vacations, and in case you get inspired to make music in your hotel room or on a long car ride.