Fact.MR – A Market Research and Competitive Intelligence Provider: The global wireless portable medical devices market is anticipated to grow at 11% CAGR between 2021 and 2031 to reach valuation of US$ 33 Bn by 2031.The market was valued at US$ 15 Bn in 2020.
Wireless Portable Devices Sales will total US$ 33 Bn by 2031 amid Increasing Focus on Patient Monitoring in Real-time
The wireless portable medical devices market survey offers insights into chief growth drivers and restraints impacting the overall expansion of the market. The report also divulges insights into wireless portable medical devices demand outlook in terms of application and material. It studies key strategies adopted by vendors to increase sales.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global wireless portable medical devices market is anticipated to grow at 11% CAGR between 2021 and 2031 to reach valuation of US$ 33 Bn by 2031.The market was valued at US$ 15 Bn in 2020.
Fact.MR projects sales of monitoring wireless portable medical devices to continue increasing, also at an impressive 11% CAGR through the course of the assessment period.
Portable medical devices sales will continue increasing as healthcare sector invests in technologies that facilitate improved patient care. These devices are in-built with sensors and advanced wireless technologies to allow patient monitoring in real-time. Besides this, the technology is increasingly used medical therapeutics, diagnosis, fitness and wellness tracking.
According to the Centers for Disease Control and Prevention (CDC), around 30.3 million people in the U.S. were diagnosed with diabetes in 2015 and the number is expected to rise significantly in coming years.
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As a result of this, the adoption of continuous glucose monitoring and insulin pumps technologies is growing in the U.S. Demand will continue increasing on account of recent product approvals and subsequent product launches.
For instance, the US Food and Drug Administration (FDA) has 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 advancements in medical services are boosting demand for wireless portable medical devices.
“Rising demand for reliable and low-cost sensor technologies for advanced patient monitoring will propel the demand for wireless portable medical devices over the coming years,” said a Fact.MR analyst.
Key Takeaways from Wireless Portable Medical Devices:
- Revenue from sales of monitoring wireless portable devices will total US$ 16 Bn by 2031.
- North America will remain the dominant wireless portable medical devices market, accounting for over 42% of the global market share.
- Demand for wireless portable medical devices in Asia Pacific is expected to grow at 11% CAGR between 2021 and 2031.
- Sales of wearable medical devices is anticipated to rise at 19% CAGR over the forecast period.
- Use of wireless portable medical devices in gynecology is estimated to grow at 14% CAGR by 2031.
Growth Drivers:
- Applications of patient monitoring technologies to facilitate cardiac and respiratory treatment and fitness and wellness will fuel the demand for wireless portable medical devices.
- Critical elements of wireless portable devices, including low cost sensor technology, low power consumption, reliability, and others will continue to fuel demand.
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Competitive Landscape
Key players are adopting key strategies such as collaborations, mergers, and acquisitions to develop products and increase market revenue. For instance,
- Vyaire Medical, a leading developer and manufacturer of neonatal ventilation equipment acquired Acutronic Medical Systems in 2018 to enhance company’s portfolio of respiratory devices.
Key players profiled in the market include
- GE Healthcare
- Maxim Integrated
- Texas Instruments
- STMicroelectronics N.V.
- Freescale Semiconductor Inc.
- ON Semiconductor Corporation
- Philips Healthcare
- Omron Healthcare
- Medtronic, Inc.
- Analog Devices
More Insights on Wireless Portable Medical Devices Market:
Fact.MR provides an unbiased analysis of wireless portable medical devices market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the wireless portable medical devices with a detailed segmentation on the basis of:
Product
- Therapeutic Wireless Portable Medical Devices
- Smart Wearable Medical Devices
- Diagnostic Imaging Wireless Portable Medical Devices
- Monitoring Wireless Portable Medical Devices
- Neuromonitoring Wireless Portable Medical Devices
- Cardiac Monitoring Wireless Portable Medical Devices
- Respiratory Monitoring Wireless Portable Medical Devices
- Neonatal Monitoring Wireless Portable Medical Devices
- Fetal Monitoring Wireless Portable Medical Devices
- Vital Sign Monitors Wireless Portable Medical Devices
- Hemodynamic Monitoring Systems
Application
- Wireless Portable Medical Devices in Cardiology
- Wireless Portable Medical Devices in Orthopedics
- Wireless Portable Medical Devices in Gynecology
- Wireless Portable Medical Devices in Urology
- Wireless Portable Medical Devices in Gastrointestinal
- Wireless Portable Medical Devices in Neurology
Key Questions Covered in the Wireless Portable Medical Devices Market Report
- The report offers insight into the wireless portable medical devices demand outlook for 2021-2031
- The market study also highlights projected sales growth for wireless portable medical devices market between 2021 and 2031
- Wireless portable medical devices sales survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Wireless portable medical devices market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR’s Coverage on the Healthcare Domain –
Self-care Medical Devices Market- Rising prevalence of chronic and lifestyle diseases like cardiovascular disease (CVD) and diabetes, as well as rising consumer health awareness, has resulted an increase in demand for devices that can continually assess patients’ physical well-being. Consumer knowledge of the benefits of self-care medical devices and the advantages of keeping a regular eye on health anomalies is growing all over the world. These gadgets have seen a substantial increase in sales as they help to significantly reduce the chances of developing any severe disease.
Medical Device Technologies Market- The use of minimally invasive (MI) and non-invasive diagnostic techniques has become increasingly popular over time. Today, MI operations are gaining popularity, notably in the treatment of cancer, particularly solid tumors. These operations have fewer problems, lower the risk of infection, are less painful, and take less time to recover from. As a result of these benefits, their usage has expanded, boosting the medical device technologies market’s growth prospects. Medical device technologies will continue to be influenced by technological advances such as mHealth devices, continuous glucose monitoring systems, and insulin administration systems.
ENT Medical Devices Market- Since the last decade, a rise in health awareness combined with an increase in demand from the senior population has boosted sales of ENT medical devices, while adoption of cutting-edge technology has boosted demand even more for ENT medical device producers. Due to an increase in demand from the ageing population, ENT medical device sales are booming. For the diagnosis and treatment of ENT-related disorders, rigid and flexible endoscopes, hearing aids and implant devices, and other devices are in high demand. Because these disorders are more common among the elderly, they account for a large portion of ENT medical device sales.
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