Global Market for Wireless Medical Devices to See Significant Growth through 2020
The wireless medical devices 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, according to a recent report from iRAP. 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 and an expansion of wireless electronic devices and networks in hospitals and other clinical settings. In addition, 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 that can be used as substitutes for drugs to adjust bodily functions.
According to the report, the global market for wireless medical devices is expected to show about 25.1% market growth over the next five years. The worldwide market has the potential to expand from $3.6 billion in 2015 to about $11.0 billion by 2020. Economic growth, coupled with greater access to health care in countries such as China, India and Brazil, has 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 U.S., 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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