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Wireless Medical Devices Market

Wireless Medical Devices Market

Wireless Medical Devices Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

182

Base Year:

2023

Date

Apr - 2024

Format:

PDF XLS PPT

Report Code:

VMR-2453

Segments Covered
  • By Product Type By Product Type Diagnostic Imaging Devices, Therapeutics Devices, Monitoring Devices, Smart Wearable Devices
  • By Application By Application Gynecology, Cardiology, Gastrointestinal, Urology, Neurology, Respiratory, Orthopedics, Other Applications
  • By End User By End User Hospital & Clinic Settings, Home Care Settings, Diagnostic Settings
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Snapshot
Base YearBase Year: 2023
Forecast YearsForecast Years: 2024 - 2032
Historical YearsHistorical Years: 2018 - 2022
Revenue 2023Revenue 2023: USD 20.4 Billion
Revenue 2032Revenue 2032: USD 53.6 Billion
Revenue CAGRRevenue CAGR (2024 - 2032): 11.3%
Fastest Growing Region Fastest Growing Region (2024 - 2032) Asia Pacific
Largest Region Largest Region (2023): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Wireless Medical Devices Market Share

The global Wireless Medical Devices Market is valued at USD 20.4 Billion in 2023 and is projected to reach a value of USD 53.6 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 11.3% between 2024 and 2032.

Key highlights of Wireless Medical Devices Market

  • North America accounted for the largest revenue share of 41.2% in 2023,
  • The Asia Pacific region is expected to witness the fastest growth in the overall Wireless Medical Devices market during the forecast period,
  • The monitoring devices segment dominated the Wireless Medical Devices market with 49.3% revenue share in 2023,
  • The gynecology segment asserted the maximum growth in the Wireless Medical Devices market in 2023 and is expected to witness the fastest growth during the forecast period,
  • The hospital & clinic settings led the Wireless Medical Devices market with revenue share of 42.3% in 2023,
  • As per the Centers for Disease Control and Prevention (CDC) 2022 report, it was projected that by the year 2030, approximately 12.1 million Americans would be affected by atrial fibrillation (AFib). The rising incidence of AFib is anticipated to drive market expansion, given the ongoing need for continuous monitoring among these patients.

Wireless Medical Devices Market Size, 2023 To 2032 (USD Billion)

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Wireless Medical Devices Market: Regional Overview

North America led the Wireless Medical Devices Market with a revenue share of 41.2% in 2023. The extensive use of cutting-edge technology equipment, high treatment rates, and government funding for early disease detection are all factors contributing to this growth. For instance, the National Cancer Institute launched a Cancer Imaging Program to advance cancer research in imaging and technology. This initiative aims to foster the development and application of innovative imaging techniques for better clinical management of cancer. Furthermore, according to statistics released by the National Cancer Institute, there were about 1,806,590 new instances of cancer in the US and 606,520 deaths from cancer in 2023. Thus, with this escalating prevalence of chronic illnesses like cancer and cardiovascular diseases across the nation, there is an anticipated surge in demand for Wireless Medical Devices, which is poised to stimulate market growth.

U.S. Wireless Medical Devices Market Overview

The U.S. Wireless Medical Devices market, valued at USD 7.33 Billion in 2023 to USD 15.9 Billion in 2032, is anticipated to grow at a CAGR of 10.1% from 2024 to 2032. Increased adoption of advanced medical devices and favorable government initiatives for early disease detection are accelerating the Wireless Medical Devices Market growth in the U.S.

The U.S. federal government is increasingly focused on regulating the cybersecurity of medical devices. The FDA (Food and Drug Administration) has issued a new directive stating that it will not approve medical devices or related systems that raise cybersecurity issues. Furthermore, the requirement for Wireless Medical Devices is expected to rise due to the increasing adoption of smart wearables and the continuous growth in government expenditures on healthcare in this country.

U.S. Wireless Medical Devices Market

The global Wireless Medical Devices market can be categorized as Product, End User, and Region.

Parameter Details
Segments Covered

By Product Type

  • Diagnostic Imaging Devices
  • Therapeutics Devices
  • Monitoring Devices
  • Smart Wearable Devices

By Application

  • Gynecology
  • Cardiology
  • Gastrointestinal
  • Urology
  • Neurology
  • Respiratory
  • Orthopedics
  • Other Applications

By End User

  • Hospital & Clinic Settings
  • Home Care Settings
  • Diagnostic Settings

By Region

  • North America
    • U.S.
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • GE Healthcare Technologies (U.S.)
  • Abbott Laboratories (U.S.)
  • Medtronic PLC (UK)
  • 3M (U.S.)
  • Siemens Healthineers (Germany)
  • Omron Healthcare (Japan)
  • Koninklijke Philips N.V. (Netherlands)
  • F. Hoffmann-La Roche Ltd. (Switzerland)
  • Nox Medical (Iceland)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
Pricing and purchase options Avail of customized purchase options to meet your exact research needs. Explore purchase options

Wireless Medical Devices Market: Product Type Overview

In 2023, the monitoring devices segment generated a significant revenue of 49.3%. The Product Type segmentation is further divided into segments Diagnostic Imaging Devices, Therapeutics Devices, Monitoring Devices, and Smart Wearable Devices. Technological progress, benefits like mobility and compact design, and the approval of new products are some factors responsible for the segmental market growth. For instance, GE HealthCare obtained 510(k) clearance from the United States Food and Drug Administration (FDA) for its Portrait Mobile wireless and wearable monitoring solution. This platform allows for real-time continuous monitoring, offering a personalized perspective on the patient's vital signs while ensuring mobility during crucial recovery phases, particularly post-surgery or upon discharge from the intensive care unit.

Wireless Medical Devices Market: End User Overview

The Hospital & Clinic Settings segment held a significant market share of 42.3% in 2023. The End User segment covers Hospital & Clinic Settings, Home Care Settings, and Diagnostic Settings. Due to technological advancements, hospitals and clinics increasingly adopt Wireless Medical Devices. These devices provide various benefits, such as ease of use, better connectivity, and real-time monitoring. For instance, medical practitioners can remotely monitor patients' vital signs, chronic diseases, and other health factors thanks to the flawless data transmission made possible by wireless portable medical equipment. This improves patient outcomes and increases the effectiveness of treatment.

Key Trends

  • As healthcare systems become increasingly interconnected, the significance of interoperability and data security grows in developing and deploying Wireless Medical Devices. Ensuring secure transmission protocols, robust cybersecurity measures, and adherence to standards-based interoperability frameworks are essential to facilitate the seamless exchange of health data while safeguarding patient confidentiality and privacy.
  • Enhancements in wireless technology have enabled the development of smart implants and prostheses that can wirelessly interface with external devices like smartphones or wearable sensors.
  • The increased chronic illness and the aging population drive the requirement for remote patient monitoring systems that support the continuous monitoring of patient's vital signs and health parameters.

Premium Insights

With the increasing focus on telemedicine and remote healthcare delivery, there was a growing demand for Wireless Medical Devices that enables remote patient monitoring. According to a survey, more than 80% of people in the United States favor remote patient monitoring. RPM devices permit healthcare professionals to remotely monitor patients' vital signs and health metrics, improving patient outcomes and reducing healthcare costs. For example, Cadence's remote patient monitoring solution helps in meaningful improvements in vitals and adherence to life-saving medications and guidelines amongst patients with heart failure with preserved ejection fraction (HFpEF).

Report Coverage & Deliverables

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  • Real-Time Data Updates:
  • Competitor Benchmarking
  • Market Trends Heatmap
  • Custom Research Queries
  • Market Sentiment Analysis
  • Demographic and Geographic Insights

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Track market trends LIVE & outsmart rivals with our Premium Data Intel Tool: Vantage Point

Market Dynamics

Rise in chronic disease drives the Wireless Medical Devices market growth

The increasing prevalence of chronic illnesses like diabetes, respiratory conditions, and cardiovascular diseases has increased the need for solutions for ongoing monitoring and care. According to the WHO 2023 report, Cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million, including kidney disease deaths caused by diabetes). Wireless Medical Devices offer convenient and practical tools for monitoring vital signs to improve the quality of care for patients with different chronic conditions, thus increasing the rapid demand for wearable devices in the coming years.

Increasing Government Initiatives and Regulations Propels the growth of the Wireless Medical Devices Market

Government initiatives to improve healthcare access, reduce healthcare costs, and promote digital health technologies have supported the growth of the Wireless Medical Devices market. Regulatory bodies have implemented guidelines and standards to ensure Wireless Medical Devices' safety, efficacy, and interoperability, thereby fostering innovation and investment in the industry. For instance, the IEEE Standards Association (IEEE SA) has developed IEEE 2621, a series of standards for diabetes-related Wireless Medical Devices designed to be extensible to all medical devices.

Competitive Landscape

In the competitive landscape of the Wireless Medical Devices market, Philips and Abbott stand out as key players driving innovation and shaping the future of healthcare delivery. Philips' launch of a next-generation wearable biosensor for early patient deterioration detection underscores its commitment to developing cutting-edge solutions for remote patient monitoring and intervention. Meanwhile, Abbott's acquisition of Bigfoot Biomedical highlights its strategic focus on expanding its presence in chronic disease management, particularly in the field of diabetes care, through the integration of smart insulin management systems. Both companies are leveraging advanced technology and strategic partnerships to address unmet needs in healthcare, emphasizing personalized and connected care solutions to improve patient outcomes and drive market growth.

The key players in the global Wireless Medical Devices market include - GE Healthcare Technologies (U.S.), Abbott Laboratories (U.S.), Medtronic PLC (UK), 3M (U.S.), Siemens Healthineers (Germany), Omron Healthcare (Japan), Koninklijke Philips N.V. (Netherlands), F. Hoffmann-La Roche Ltd. (Switzerland), Nox Medical (Iceland) among others.

Recent Market Developments

  • In February 2024, GE HealthCare and Biofourmis have unveiled a strategic partnership aimed at improving the continuum of care. Their goal is to provide safe, efficient, and readily available care at home to aid patients beyond hospital stays. This collaboration harnesses two industry giants' collective knowledge and capabilities to expand and introduce pioneering home care solutions.
  • In December 2023, Medtronic PLC has unveiled its definitive agreement to enhance its collaboration with Cosmo Intelligent Medical Devices, a subsidiary of Cosmo Pharmaceuticals. This AI-driven partnership aims to build upon the successes achieved with the GI Genius™ intelligent endoscopy module, providing ongoing innovation and scalable healthcare advancements for patients and caregivers worldwide.
  • In July 2023, Abbott disclosed that the U.S. Food and Drug Administration (FDA) has approved the AVEIR™ dual chamber (DR) leadless pacemaker system. It is the world's pioneer in dual chamber leadless pacing systems designed to address irregular or slow heart rhythms. Given that over 80% of individuals needing a pacemaker necessitate pacing in both the right atrium and right ventricle, this approval notably broadens access to leadless pacing for millions of Americans.
  • In August 2023, GE HealthCare has disclosed that it obtained 510(k) clearance from the United States Food and Drug Administration (FDA) for its Portrait Mobile wireless and wearable monitoring solution. This platform allows for real-time continuous monitoring, offering a personalized perspective on the patient's vital signs while ensuring their mobility during crucial recovery phases, particularly post-surgery or upon discharge from the intensive care unit.

FAQ
Frequently Asked Question
  • The global Wireless Medical Devices valued at USD 20.4 Billion in 2023 and is expected to reach USD 53.6 Billion in 2032 growing at a CAGR of 11.3%.

  • The prominent players in the market are GE Healthcare Technologies (U.S.), Abbott Laboratories (U.S.), Medtronic PLC (UK), 3M (U.S.), Siemens Healthineers (Germany), Omron Healthcare (Japan), Koninklijke Philips N.V. (Netherlands), F. Hoffmann-La Roche Ltd. (Switzerland), Nox Medical (Iceland).

  • The market is project to grow at a CAGR of 11.3% between 2024 and 2032.

  • The driving factors of the Wireless Medical Devices include

  • North America was the leading regional segment of the Wireless Medical Devices in 2023.