Analysis of Wireless Portable Medical Devices market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Fact.MR’s wireless portable medical devices industry analysis reveals that the global 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%. Demand for monitoring devices is projected to expand at a CAGR of 11% reaching a valuation of around US$ 16 Bn, with that for medical therapeutic devices also surging at 11%.
As per Fact.MR - a market research and competitive intelligence provider, the global market for wireless portable medical devices was valued at US$ 13 Bn in 2016, and is anticipated to rise at a CAGR of 11% to top US$ 33 Bn by 2031.
Wireless portable medical devices, which are widely used in applications such as monitoring, medical therapeutics, diagnosis, fitness and wellness, have proved to be very useful to cater to the growing need of advanced healthcare services.
The burgeoning population, increasing income levels, rise in ageing population and awareness about health and wellness has catalysed the growth of the market for portable medical devices in the past few years.
In addition to that, rise in lifestyle diseases, increasing urbanization, and healthcare facility expansion have increased demand for personalized medical care, boosting the growth of this industry.
Additionally, government expenditures on healthcare are increasing continuously in various countries, this is also a major driving factor for the growth of the market for wireless portable medical devices.
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With the advent of advanced wireless technologies for portable medical devices the modern healthcare industry is witnessing an exponential growth in the market. The growth of global market for wireless medical devices is attributed to various technological advancements and integration of the healthcare industry with information technology.
Portable medical devices use sensors and other advanced wireless technologies to monitor real-time health of the patient.
They are used for wide range of applications such as respiratory, cardiac, fitness & wellness that include respiratory products such as continuous positive airway pressure (CPAP) machines, apnea monitors, electrocardiogram monitors to monitor heart, insulin infusion pumps and blood glucose meters to measure diabetes, blood pressure monitors, ultrasound devices, and pulse oximeters.
Low-cost sensor technologies, repeatability, low power consumption, and reliability are some of the critical elements for portable medical devices that provide comfort to patients.
It is owing to these factors that the demand for wireless portable medical devices is on the rise providing lucrative opportunities for the manufacturers.
Wireless portable medical devices mainly work on wireless technology, and are prone to system-related breakdowns or discrepancies. Device-related issues such as memory problems, inaccurate results, and fluctuations in data are major restraints for the growth of the market.
Moreover, these devices are highly expensive and their maintenance cost is also very high. High maintenance cost and technical glitches are major restraining factors for the growth of the market.
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North America holds the largest revenue share of around 42% for wireless portable medical devices.
Large-scale adoption of technologically advanced devices, high treatment rates, and supportive government initiatives for early diagnosis of diseases are among the few factors driving market growth in the region.
High adoption of monitoring, diagnostic, and therapeutic systems for disease management is anticipated to bode well for regional growth. The growing geriatric population and subsequently rising burden of chronic diseases is also propelling the market.
According to the Centres for Disease Control and Prevention (CDC) estimates published in 2017, nearly 30.3 million people in the U.S. were living with diabetes in 2015. This number is expected to continue growing, which, in turn, is anticipated to boost the adoption of technologies such as continuous glucose monitoring and insulin pumps in this region.
The market in Asia Pacific, on the other hand, is expected to expand at the fastest CAGR of 11% over the forecast period. Improving treatment rates and healthcare infrastructure along with the adoption of smart wearables are attributed to the regional market growth.
For instance, according to a Forbes article published in 2018, demand for smart wearables in India is expected to surge owing to changing consumer lifestyle, rising popularity of wearable technology, and increased accessibility of these devices.
Revenue from sales of wireless portable medical devices in the U.S. was US$ 5 Bn in 2020.
Prime factors supporting the growth of the market in the country are high treatment rates, increased adoption of advanced medical devices, and favourable government initiatives for early detection of disease.
Further, the country has well-developed healthcare infrastructure along with high consumer spending on medical facilities, which, in turn, propels market growth.
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Monitoring devices hold the largest market share, and demand for them is surging at 11% CAGR, owing to growing adoption in healthcare centres, technological advancements, and new product approvals. Also, advantages such as compact design and mobility are some other factors driving their demand.
In 2016, the U.S. FDA approved Dexcom G5 mobile continuous glucose monitoring systems for patients with type 1 and type 2 diabetes for real-time glucose monitoring every five minutes.
Such advances are playing a major role in propelling demand for monitoring medical devices.
Demand for smart wearable devices is expected to witness the fastest CAGR of 19% over the forecast period. This can be attributed to rising demand for fitness and wristbands for long-term continuous health monitoring.
Focus on preventive healthcare and growing adoption of technologically advanced products are also expected to contribute to the growth of this segment.
Demand for wireless portable medical devices in gynaecology is expected to witness growth at a high CAGR of 14% over the forecast period. Technological advancements and growing adoption of portable monitoring and imaging technologies are key growth drivers.
Development of hand-held ultrasound systems such as Signos RT, manufactured by Signostics, for real-time monitoring of foetuses, has proved to be extremely beneficial. Such advanced monitoring devices are highly in demand in the field of gynaecology.
The COVID-19 pandemic has created a huge market for medical equipment, and is the key driver for the healthcare sector. This has led to rapid rise in the demand for portable healthcare equipment, as this disease restricts the use of any device by too many people to prevent spreading and coming in contact with the virus.
This has led to rising demand for portable health devices at hospitals, clinics, COVID centres, and at homes. During the pandemic, basic devices such as oximeters, portable oxygen cylinders, and glucometers have been highly in demand. As such, COVID-19 has become one of the greatest factors for a surge in the demand for portable medical devices.
Most companies adopt key strategies such as collaborations, mergers, and acquisitions to develop novel products and innovative solutions to expand their global presence.
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The global wireless portable medical devices topped US$ 15 Bn in 2020, and is expected to reach a valuation of over US$ 33 Bn by 2031.
Key factors driving demand for wireless portable medical devices are rise in technologically advanced monitoring devices and growing adoption of continuous monitoring and imaging devices.
Major players operating in the global market include GE Healthcare, Maxim Integrated Texas Instruments, STMicroelectronics N.V., Freescale Semiconductor Inc., ON Semiconductor Corporation, and Philips Healthcare.
North America holds the largest revenue share for wireless portable medical devices of around 42%.
The market for wireless portable medical devices in Asia Pacific is expected to expand at a CAGR of 11% over the forecast period.
Demand for wearable medical devices is expected to surge at a CAGR of 19% over the next ten years.
Application of wireless portable medical devices in gynaecology is expected to witness growth at a healthy CAGR of 14% through 2031.
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