Image: The global market for wireless medical devices is expected to grow by about 25% over the next five years (Photo courtesy of Shutterstock).
The global market for wireless medical devices is expected to grow by about 25.1% over the next five years from USD 3.6 billion in 2015 to about USD 11.0 billion by 2020. The growth is likely to continue being driven by the increasing demand for patient care and an expansion of wireless electronic devices and networks in hospitals and other clinical settings. Moreover, economic growth, coupled with greater access to health care in countries such as China, India and Brazil, has contributed to an increase in the use of medical products worldwide. Additionally, within the wireless medical device industry, there has been continuous innovation in the technologies of sensors, implants and wireless communication, which is increasing the scope of wireless medical technology applications.
These are the latest findings of Innovative Research and Products (iRAP), Inc. (Stamford, CT, USA), a market research and consulting company.
Wireless medical devices simplify the ability of health care professionals to access information on the conditions of individuals receiving care while providing ease of mobility to patients. Wireless technologies are enabling medical practitioners to monitor and provide treatment remotely while patients are in hospitals or medical clinics, in ambulances, or at home. The wireless medical device industry offers significant potential, with an expanding global market and huge demand for improved healthcare services driven by an increasingly older population and improved medical insurance coverage.
The demand for wireless medical devices is expected to continue to increase in the coming years as innovations in sensor and wireless communications make these devices ever more capable of monitoring changes in the human body and facilitating treatment. New applications for wireless medical devices are on the horizon, such as new micro-implants consisting of sensors that can be programmed to monitor health conditions from inside the human body, or novel bio-electronic devices known as electroceuticals, which can be used as substitutes for drugs to adjust bodily functions.
Asia offers the greatest opportunities for the growth in the use of wireless medical devices and the trend is expected to continue through 2020. The Asian market for wireless medical devices is expected to expand at a rate of approximately 26.4% annually, surpassing the growth of some of the world's most vibrant markets in the Americas and Europe. Within Asia, China and India are likely to witness exceptional growth.
The European wireless medical device market is expected to record a positive growth of 24.7%, while demand in the Americas is estimated to increase a rate of about 24.5% between 2015 and 2020, led by the US. The Americas is also likely to be one of the world's key regions for innovative developments of state-of-the-art wireless medical technologies. In spite of their small market share, the Middle East and Africa are expected to grow at a faster pace than all other regions.
Innovative Research and Products