Wireless Medical Device Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 28.03 Billion |
| Market Size (2029) | USD 49.72 Billion |
| CAGR (2024 - 2029) | 12.14 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Wireless Medical Device Market Analysis
The Wireless Medical Device Market size is estimated at USD 28.03 billion in 2024, and is expected to reach USD 49.72 billion by 2029, growing at a CAGR of 12.14% during the forecast period (2024-2029).
The major factors driving the growth of the medical devices market include the increasing adoption of wireless medical technologies, the rising need for healthcare services in rural areas, and increasing healthcare expenditure.
The integration of wireless medical devices is presenting strong opportunities in healthcare. These devices can assist in managing chronic conditions, orthopedic surgery, and dental surgery, among other procedures. For instance, as per the data from the Sensors International Journal published in March 2022, it was observed that the use of implanted cardiac devices has increased significantly in recent years. Furthermore, the high adoption of wireless medical technologies, especially among the geriatric population, is also expected to drive market growth during the forecast period. For instance, according to an article published in the PLoS One journal in June 2022, the geriatric population is seeking individualized wireless medical devices for self-management of health. Hence, the increasing adoption of wireless devices among the senior population is expected to drive market growth over the forecast period.
In addition, some of the uses for these devices include effective disease prevention, real-time health data collection, early detection of diseases, real-time monitoring of chronic diseases, virtual patient care, patient-tailored treatment, and minimally invasive disease management. Sensor technology has evolved considerably and is becoming an indispensable resource for monitoring daily life activities in the medical field. Therefore, with such technologies, the market studied is expected to witness significant growth in the coming years.
Moreover, access to healthcare services in rural areas has become crucial, as people living in rural areas are not able to get enough care and services. For instance, as per the Impact and Policy Research Institute data published in February 2022, approximately 69% of the Indian population lived in rural areas. As the number of people living in rural India is higher than that of the urban population, medical technology companies have a great opportunity to provide their services across rural regions. As per the data from the Rural India Info Journal published in October 2022, tech-enabled healthcare facilities are becoming common in rural India, and gradually, the adoption of wireless medical devices is increasing in such regions.
Thus, the increasing adoption of wireless medical technologies and the rising need for healthcare services in rural areas are expected to drive the growth of the market studied over the forecast period. However, the lack of policies and regulations for the use of wireless medical devices and proper IT infrastructure are some factors restraining the market growth.
Wireless Medical Device Market Trends
The External Devices Segment is Expected to Hold Significant Market Share During the Forecast Period
External wireless medical devices are used for vital sign monitoring, diagnosis of certain diseases, and, in some cases, treatment of diseases. Factors such as increasing technological advancements in external wireless medical devices and increasing government initiatives to improve wireless medical device adoption are expected to drive the growth of the segment over the forecast period.
The technological advancements in external wireless medical devices are expected to increase their utilization, which may drive the market's growth over the forecast period. For instance, in August 2022, SmartCardia launched its 7-lead cardiac monitoring patch in India. This state-of-the-art patch monitor combines medical wearable technology with artificial intelligence (AI) to provide predictive and personalized patient insights through remote monitoring. Similarly, in April 2022, Biotricity launched the commercial sales of its US Food and Drug Administration (FDA) cleared, wireless wearable cardiac monitoring device, Biotres. Biotresis is the company’s revolutionary technology that represents the future of remote patient monitoring and the delivery of real-time diagnostic data.
Furthermore, the increasing government initiatives to improve the adoption of wireless medical devices are also expected to drive market growth. For instance, in August 2022, the Medical Device Innovation Consortium's (MDIC) initiative for digital health was announced in the United States. The initiative provided a chance to concentrate additional efforts on software solutions for medical devices, mobile medical applications, interoperability, wireless medical devices, patient-generated health data, and in-silico modeling. Hence, with the implementation of such initiatives, the segment is expected to witness strong growth.
Thus, the increasing technological advancements in external wireless medical devices and rising government initiatives to improve their adoption are expected to drive the growth of the segment over the forecast period.
North America is Expected to the Hold Largest Market Share During the Forecast Period
North America is expected to hold the largest market share in the global wireless medical devices market owing to factors such as the increasing adoption of wireless medical devices and rising strategic activities such as product launches.
The rising adoption of digital health technology in the United States is expected to drive the growth of the market studied over the forecast period. For instance, in February 2022, the Department of Health and Human Services, via the Health Resources and Services Administration, awarded USD 55 million to 29 HRSA-funded health centers to increase healthcare access and quality for underserved residents through virtual care such as telehealth, remote patient monitoring, wireless medical devices, and health information technology platforms. Hence, such government initiatives are expected to drive the growth of the market studied over the forecast period.
Furthermore, increasing strategic activities such as product launches are also expected to drive the growth of the market studied over the forecast period. In April 2022, Clarius Mobile Health, one of Canada’s medical technology companies, received Health Canada’s approval for its third-generation product line of wireless ultrasound scanners that can wirelessly connect to the clinician’s Apple or Android smart devices with an AI-powered application. Similarly, in August 2023, GE HealthCare launched a new wireless ultrasound imaging system, Vscan Air. Clinicians can use this system to view clear cardiac and vascular images at the point of care. It also helps them streamline workflows and eliminate overloading traditional radiology resources. Furthermore, Fractus, a healthcare technology company, launched a wireless implantable device, revolutionizing the remote monitoring of patients by doctors and boosting the uptake of telehealth services by leveraging wireless connectivity.
Thus, increasing adoption of digital health and strategic activities such as product launches are expected to drive the wireless medical devices market in North America over the forecast period.
Wireless Medical Device Industry Overview
The wireless medical devices market is competitive in nature, with several companies operating in the business. With the increasing adoption of healthcare technology across the world, companies are focusing more on new product launches with advanced technologies. Some of the key companies in the market include Koninklijke Philips NV, GE Healthcare, Masimo, Dexcom, and Medtronic PLC.
Wireless Medical Device Market Leaders
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Koninklijke Philips N.V
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GE Healthcare
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Medtronic Plc
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Masimo
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Dexcom
*Disclaimer: Major Players sorted in no particular order
Wireless Medical Device Market News
- January 2024: Medtronic PLC, a healthcare technology company, reported the CE (Conformité Européenne) mark approval for its leadless pacemakers, Micra AV2 and Micra VR2. These devices are among the smallest pacemakers, providing longer battery life and easier programming.
- April 2023: Neuspera Medical, a medical device company, reported the US Food and Drug Administration (FDA) clearance for its next-generation Neuspera ultra-miniaturized system. The system comprises a micro-implant that delivers neurostimulation therapy through a wireless platform, including a wearable transmitter and iPad-based clinician programmer.
Wireless Medical Device 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 Increasing Adoption of Wireless Medical Technologies
4.2.2 Rising Need for Healthcare Services Access in Rural Areas
4.2.3 Increasing Healthcare Expenditure
4.3 Market Restraints
4.3.1 Lack of Policies and Regulations For Use of Wireless Medical Devices
4.3.2 Lack of IT Infrastructure in Some Countries
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 – USD)
5.1 By Device Type
5.1.1 Implanted Devices
5.1.2 External Devices
5.2 By End User
5.2.1 Hospital
5.2.2 Home
5.2.3 Other End Users
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 NV
6.1.2 Dexcom
6.1.3 GE Healthcare
6.1.4 Fitbit Health Solutions
6.1.5 Medtronic PLC
6.1.6 Samsung Electronics Co. Ltd (Samsung Healthcare)
6.1.7 Omron Healthcare
6.1.8 Digi International Inc.
6.1.9 Baxter
6.1.10 Bridge-Tech
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Wireless Medical Device Industry Segmentation
Wireless technology offers significant convenience and accessibility through the use of sophisticated devices that are capable of detecting, monitoring, and providing feedback to designated personnel in real-time. The wireless medical devices market is segmented by device type, end user, and geography. By device type, the market is segmented into implanted devices and external devices. By end user, the market is segmented into hospitals, homes, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers market sizes and forecasts in terms of value (USD) for all the above segments.
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| Implanted Devices | |
| External Devices |
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| Hospital | |
| Home | |
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Wireless Medical Device Market Research FAQs
How big is the Wireless Medical Device Market?
The Wireless Medical Device Market size is expected to reach USD 28.03 billion in 2024 and grow at a CAGR of 12.14% to reach USD 49.72 billion by 2029.
What is the current Wireless Medical Device Market size?
In 2024, the Wireless Medical Device Market size is expected to reach USD 28.03 billion.
Who are the key players in Wireless Medical Device Market?
Koninklijke Philips N.V, GE Healthcare, Medtronic Plc, Masimo and Dexcom are the major companies operating in the Wireless Medical Device Market.
Which is the fastest growing region in Wireless Medical Device 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 Medical Device Market?
In 2024, the North America accounts for the largest market share in Wireless Medical Device Market.
What years does this Wireless Medical Device Market cover, and what was the market size in 2023?
In 2023, the Wireless Medical Device Market size was estimated at USD 24.63 billion. The report covers the Wireless Medical Device Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wireless Medical Device Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wireless Medical Device Industry Report
Statistics for the 2024 Wireless Medical Device market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wireless Medical Device 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.
