As per a new report published by a market research and competitive intelligence provider, the global wireless portable medical devices market was valued at $15bn in 2020, and is projected to top $33bn by 2031, expanding at a CAGR of 11%.
An ESOMAR-certified market research and consulting firm anticipates significant surge in demand for wireless portable medical devices attributable to factors such as increasing adoption of technologically advanced wearable’s 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 $15bn in 2020, and is expected to cross $33bn 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,” said a research 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.