Demand for Wireless Portable Monitoring Medical Devices to Surge Over Coming Years, States Fact.MR
Published : 22 Jul 2021 Industry: Healthcare
As per a new report published by Fact.MR - a market research and competitive intelligence provider, the global wireless portable medical devices market was valued at US$ 15 Bn in 2020, and is projected to top US$ 33 Bn by 2031, expanding at a CAGR of 11%.
Fact.MR anticipates significant surge in demand for wireless portable medical devices attributable to factors such as increasing adoption of technologically advanced wearables and image-guided therapy systems, coupled with the ongoing trend of accurate and real-time monitoring.
Rising geriatric population, changing lifestyle, unhealthy eating habits, and environmental factors increase the burden of diseases. Rising need for monitoring the physical activities of individuals for early diagnosis or prevention of diseases is expected to drive demand for wireless portable medical devices.
Continuous development of innovative electronic devices, low-cost medical facilities, and continuous support by various governments is leading towards heavy investments in research & development in healthcare and also wireless portable medical devices.
Key Takeaways from Market Study
- Revenue from sales of wireless portable medical devices topped US$ 15 Bn in 2020, and is expected to cross US$ 33 Bn by 2031.
- Key factors driving demand for wireless portable medical devices are rise in technologically advanced monitoring devices and growing need for accurate and real-time monitoring.
- North America holds the largest revenue share for wireless portable medical devices of around 42%.
- Demand for wireless portable medical devices in Asia Pacific is expected to expand at a CAGR of 11% over the next ten years.
- Demand for wearable devices is expected to surge at a CAGR of 19% over the forecast period.
- Application of wireless portable medical devices in gynaecology is expected to witness growth at a healthy CAGR of 14% through 2031.
“Increasing awareness towards technological advancements in the healthcare industry, will, in turn, propel demand for wireless portable medical devices over the coming years,” says a Fact.MR analyst.
Most major companies are adopting key strategies such as collaborations, mergers, and acquisitions to develop novel products and innovative solutions to expand their global presence. Major players are also focusing on strategic partnerships and acquisitions to consolidate their market position.
New and upcoming companies will be benefitted by investing in R&D projects involved in product innovation. Directing investments towards technological advancements and new attractive product launches will prove to be favourable in the long run.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the wireless portable medical devices market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of product (therapeutics, smart wearable medical devices, diagnostic imaging, monitoring devices, neuromonitoring, cardiac monitoring, respiratory monitoring, neonatal monitoring, fetal monitoring, vital sign monitors, and hemodynamic monitoring systems) and application (cardiology, orthopaedics, gynaecology, urology, gastrointestinal, and neurology), across major regions of the world (North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa).
Fact.MR’s Domain Knowledge on Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant - Healthcare