Global wireless medical devices market to reach $11bn

The global market for wireless medical devices is expected to increase from $3.6 billion in 2015 to about $11 billion by 2020, according to a new iRAP report.

The wireless medical device industry has sustained significant growth in the last decade and is likely to continue to expand in the future because of the increasing demand for patient care, particularly for the older population, improved medical insurance coverage and an expansion of wireless electronic devices and networks in hospitals and other clinical settings. In addition, there are new applications for wireless medical devices 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.

Economic growth, coupled with greater access to health care in countries such as China, India and Brazil, has also helped to foster an increase in the use of medical products worldwide.

The Asian region offers the greatest opportunities for growth, a trend that is expected to continue through 2020. Asia is expected to exhibit growth that exceeds some of the world’s most vibrant markets in the Americas and Europe by expanding at a rate of approximately 26.4% annually. Exceptional growth trends are expected to prevail, particularly in China and India.

Europe is expected to experience positive growth, estimated at 24.7%. The Americas wireless medical device market, led by the US, is expected to grow at a good rate in the coming years, while at the same time being one of the world’s key regions for innovative developments of state-of-the-art wireless medical technologies. Between 2015 and 2020, demand in the Americas will increase by a rate of about 24.5%. The Middle East and Africa had small market share but are expected to grow faster than all other regions.

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