Wireless Portable Medical Devices Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 18.22 Billion |
| Market Size (2029) | USD 33.66 Billion |
| CAGR (2024 - 2029) | 13.06 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Wireless Portable Medical Devices Market Analysis
The Wireless Portable Medical Devices Market size is estimated at USD 18.22 billion in 2024, and is expected to reach USD 33.66 billion by 2029, growing at a CAGR of 13.06% during the forecast period (2024-2029).
The major factors responsible for the growth of the wireless portable medical devices market include rising technological advancements in portable medical devices and the increasing prevalence of lifestyle-related chronic diseases.
Wireless portable medical devices are used for various purposes, such as disease diagnosis and patient monitoring. Hence, the rising prevalence of lifestyle-related chronic diseases is expected to drive the growth of the market studied over the forecast period. For instance, as per the 2022 update from the International Diabetic Federation (IDF), approximately 537 million adults (20-79 years) were diagnosed with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Similarly, according to the report published by the British Heart Foundation (BHF) in April 2024, more than 2.3 million people in the United Kingdom were diagnosed with coronary heart disease(CHD), which is further projected to increase with the aging population, decreasing fertility rates, and increasing survivability from other chronic diseases. Hence, the high prevalence of diabetes and cardiovascular diseases is expected to increase the demand for wireless portable medical devices, which may ultimately drive the growth of the market studied over the forecast period.
Furthermore, the increasing technological advancements in portable medical devices are expected to boost market growth. For instance, in August 2022, SmartCardia launched its 7-lead cardiac monitoring patch. With the use of artificial intelligence (AI), this cutting-edge patch monitor integrates wearable medical technology with remote patient monitoring. Similarly, in August 2023, GE Healthcare, a medical technology, diagnostics, and digital solution company, launched Vscan Air to enhance point-of-care imaging capabilities in Nepal, enabling accessibility to remote locations. The wireless, handheld ultrasound system is designed to enable whole-body scanning at the point of care, empowering healthcare professionals to make faster decisions with confidence at a low cost across a variety of care settings.
Thus, the rising prevalence of lifestyle-related chronic diseases and increasing technological advancements in portable medicine are expected to drive the growth of the market studied over the forecast period. However, the high cost of devices is expected to restrain the growth of the wireless portable medical devices market during the forecast period.
Wireless Portable Medical Devices Market Trends
The Wearables Segment is Expected to Hold Significant Market Share During the Forecast Period
Wearable medical devices include smartwatches, hearing devices, vital sign monitors, and wearable pain relief devices. Wearable medical devices use sensors, software, actuators, and electronic patches attached to the skin to monitor a patient's health and identify abnormalities.
The segment is expected to witness substantial growth in the coming years owing to factors such as the high adoption of wearable devices and the increase in new product launches with cost-effective product offerings. For instance, in August 2022, GOQii, one of the key players in preventive healthcare devices, launched lSmart Vital Ultra and GOQii Stream devices, targeting the youth and encouraging them to lead a healthy and active lifestyle. The device monitors vital health aspects such as blood oxygen saturation (SpO2) and heart rate. The device also detects sleep patterns by analyzing SpO2 and heart rate while a user is asleep. With the launch of such products, the segment is expected to grow significantly.
In March 2022, a novel wearable device that enables remote patient monitoring was made commercially available by Golden, Colorado-based BioIntelliSense Inc. Using the medical-grade BioButton Rechargeable device, more than 20 biometrics and vital signs can be continuously monitored remotely. It also provides a long-lasting charging of 30 days.
Furthermore, wearable medical devices are spreading their reach across chronic and crucial diseases like diabetes. For instance, in November 2022, Eli Lilly introduced a personalized diabetes management platform that integrates technologies, including Dexcom鈥檚 continuous glucose monitoring (CGM) systems. The platform offered by Eli Lilly will also allow data to be synced with wearable devices from Fitbit, Google Fit, Garmin, and the Apple Health app. Hence, with such advancements in technology, the segment is expected to witness strong growth in the coming years.
Thus, the high adoption of wearable devices and increasing new product launches are expected to drive the growth of the market studied over the forecast period.
North America is Expected to Hold Significant Market Share During the Forecast Period
North America is expected to hold a significant market share during the forecast period owing to factors such as the presence of major players and their R&D centers, the increasing prevalence of chronic diseases, and product launches by the market players.
The increasing prevalence of life-threatening diseases such as cardiovascular disease, diabetes, and cancer is augmenting the demand for wireless portable medical devices in North America. For instance, according to the data from the Centers for Disease Control and Prevention published in July 2022, around 12.1 million Americans were expected to have atrial fibrillation (AFib) by the year 2030. AFib raises a person's chance of having a stroke. In the United States, AFib is the predominant diagnosis in more than 454,000 hospital admissions annually. Thus, the prevalence of AFib is expected to increase market growth as patients require constant monitoring, and wireless portable devices play a crucial role.
Furthermore, Canada is also experiencing an increased burden of chronic diseases such as diabetes, which is propelling the demand for wireless monitoring devices. For instance, as per the Canadian Diabetes Association's updated data from January 2024, around 30% of the Canadian population was living with diabetes or prediabetes in 2023. Hence, the significant prevalence of diabetes in Canada is also expected to drive the market growth over the forecast period.
In March 2022, MobvoiInc., in partnership with global health tech company CardieX, launched its first heart health monitoring smartwatch, TicWatchGTH Pro. The watch also utilizes sensors to provide insights into general and arterial health through high-fidelity sensing points that track both from the wrist and through the finger. With such launches for crucial diseases, there is a growing trend of using smartwatches for health purposes.
Hence, the increasing prevalence of chronic diseases and rising strategic activities, such as product launches by key players, are expected to drive the growth of the market studied over the forecast period.
Wireless Portable Medical Devices Industry Overview
The market for wireless portable medical devices is competitive with the presence of several companies operating in this business. New product launches with advanced technology provide some companies a competitive edge over others. Some of the key players in the market include Koninklijke Philips NV, F. Hoffmann-La Roche Ltd, Omron Healthcare, Medtronic PLC, and GE Healthcare.
Wireless Portable Medical Devices Market Leaders
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Koninklijke Philips N.V
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F. Hoffmann-La Roche Ltd.
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GE Healthcare
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Omron Healthcare
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Medtronic plc
*Disclaimer: Major Players sorted in no particular order
Wireless Portable Medical Devices Market News
- January 2024: Clarius received a CE mark for wireless handheld ultrasound, PAL HD3 ultrasound scanner, in the European Union and the United Kingdom. This device can provide high-resolution images up to 40 cm in depth from the skin surface.
- May 2023: Mindray, a developer of healthcare solutions and technologies in ultrasound, patient monitoring, and anesthesia, announced the launch of its TE Air Wireless Handheld Ultrasound, a new imaging solution that improves ultrasound accessibility.
Wireless Portable Medical Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements in Portable Medical Devices
4.2.2 Increasing Prevalence of Lifestyle-related and Chronic Disorders
4.2.3 Growing Adoption of Portable Monitoring and Imaging Technologies
4.3 Market Restraints
4.3.1 High Cost of Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value 鈥� USD)
5.1 By Product Type
5.1.1 Therapeutics
5.1.2 Diagnostics
5.1.3 Medical Imaging
5.1.4 Wearables
5.1.5 Monitoring Devices
5.1.6 Other Devices
5.2 By Application
5.2.1 Neurology
5.2.2 Cardiology
5.2.3 Orthopedics
5.2.4 Gynecology
5.2.5 Urology
5.2.6 Gastrointestinal
5.2.7 Other Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Koninklijke Philips N.V
6.1.2 Medtronic Plc
6.1.3 GE Healthcare
6.1.4 Omron Healthcare
6.1.5 F. Hoffmann-La Roche Ltd.
6.1.6 GOQii
6.1.7 Abbott Laboratories
6.1.8 Respira Labs (Samay)
6.1.9 AliveCor, Inc.
6.1.10 Senseonics, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Wireless Portable Medical Devices Industry Segmentation
Wireless portable medical devices are wireless equipment used for diagnosing, monitoring, or treating certain diseases. These devices can be used anywhere, work wirelessly, and provide results in a short time.
The wireless portable medical devices market is segmented by product type, application, and geography. By product type, the market is segmented into therapeutics, diagnostics, medical imaging, wearables, monitoring devices, and other product types. By application, the market is segmented into neurology, cardiology, orthopedics, gynecology, urology, gastrointestinal and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers market size and forecast in terms of value (USD) for all the above segments.
| By Product Type | |
| Therapeutics | |
| Diagnostics | |
| Medical Imaging | |
| Wearables | |
| Monitoring Devices | |
| Other Devices |
| By Application | |
| Neurology | |
| Cardiology | |
| Orthopedics | |
| Gynecology | |
| Urology | |
| Gastrointestinal | |
| Other Applications |
| Geography | ||||||||
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Wireless Portable Medical Devices Market Research FAQs
How big is the Wireless Portable Medical Devices Market?
The Wireless Portable Medical Devices Market size is expected to reach USD 18.22 billion in 2024 and grow at a CAGR of 13.06% to reach USD 33.66 billion by 2029.
What is the current Wireless Portable Medical Devices Market size?
In 2024, the Wireless Portable Medical Devices Market size is expected to reach USD 18.22 billion.
Who are the key players in Wireless Portable Medical Devices Market?
Koninklijke Philips N.V, F. Hoffmann-La Roche Ltd., GE Healthcare, Omron Healthcare and Medtronic plc are the major companies operating in the Wireless Portable Medical Devices Market.
Which is the fastest growing region in Wireless Portable Medical Devices Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Wireless Portable Medical Devices Market?
In 2024, the North America accounts for the largest market share in Wireless Portable Medical Devices Market.
What years does this Wireless Portable Medical Devices Market cover, and what was the market size in 2023?
In 2023, the Wireless Portable Medical Devices Market size was estimated at USD 15.84 billion. The report covers the Wireless Portable Medical Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wireless Portable Medical Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wireless Portable Medical Devices Industry Report
Statistics for the 2024 Wireless Portable Medical Devices market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Wireless Portable Medical Devices analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
