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.
Sales Of Wireless Portable Medical Devices to Surpass US$ 33 Bn by 2031: Estimates Fact.MR
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 the healthcare industry invests in technology that improve patient care. Sensors and modern wireless technologies are incorporated into these devices, allowing for real-time patient monitoring. Apart from that, the technology is rapidly being employed in medical therapeutics, diagnosis, and fitness and wellness monitoring.
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, the use of continuous glucose monitoring and insulin pumps is increasing in the United States. Because of recent product approvals and following product launches, demand will continue to rise.
For patients with type 1 and type 2 diabetes, the US Food and Drug Administration (FDA) has approved Dexcom G5 mobile continuous glucose monitoring systems for real-time glucose monitoring every five minutes. The need for wireless portable medical devices is increasing as a result of these developments in medical services.
“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:
- Sales of wireless portable medical devices exceeded US$ 15 billion in 2020, and are predicted to exceed US$ 33 billion by 2031.
- The development in technologically advanced monitoring equipment, as well as the growing necessity for accurate and real-time monitoring, are driving demand for wireless portable medical devices.
- With a revenue share of roughly 42%, North America dominates the wireless portable medical device market.
- Over the next 10 years, demand for wireless portable medical devices in Asia Pacific is predicted to grow at a CAGR of 11%.
- Wearable device demand is estimated to grow at a 19% CAGR during the projection period.
- Through 2031, the use of wireless portable medical devices in gynecology is predicted to expand at a robust 14% CAGR.
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
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Medical Device Reprocessing Market Insights - In comparison to brand new medical devices, adoption of low-cost reprocessed medical devices is rapidly expanding. In addition, increased efforts to reduce regulated medical waste (RMW) are boosting the medical device reprocessing market.
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Source: Fact.MR