Portable medical devices are available in low-power and wireless variants. Wireless technology is making inroads across different industries including medical and healthcare. This fact makes them highly popular amongst the home healthcare professionals as well as customers. Rapidly advancing technology and growing demand from different healthcare organizations are some of the vital factors driving the wireless portable medical devices market. Growth in the number of aging population and growing instances of lifestyle diseases are also expected to create potential growth opportunities in this market during the next few years to come. Emerging parts of the world are poised to witness rapid growth in the market thanks to the growing demand for advanced technology.
Major Market Drivers
According to the researchers, the global wireless portable medical device market is potentially driven by growing number of aging population around the world. Growth in the instances of lifestyle diseases and constant demand for medical attention are also expected to create potential growth opportunities in this market during the next few years to come. Apart from that, rising demand for home healthcare and personalized healthcare systems are also expected to drive this market. Growing urbanization and advancements in medical sector of the developing countries are expected to boost business opportunities for the key players in the market. Strong rise of electronic medicine and wearable electronics are also expected to provide vital traction to this market in the years to come.
Market Segmentation
Researchers segment the wireless portable medical device market on the basis of the types of technologies, which include ZigBee, BT/BLE, ANT+ and Wi-Fi. On the basis of the types of applications, researchers segment this market into medical therapeutics, monitoring, fitness and wellness and diagnostics. Basic components of the wireless devices are divided into different sensors, processors and ICs. On the basis of geographic regions, researchers segment this market into Europe, Asia Pacific, North America and rest of the world. Analysis of all these segments provides details about the future growth opportunities and revenue trends in the market.
Growth Opportunities and Revenue Trends
According to the experts, the wireless portable medical device market is expected to grow at a healthy CAGR of over 9.51% from 2014 to 2020. At the estimated compound annual growth rate, the industry is expected to reach past $2.83 billion by the end of the forecasting period, in 2020. They expect North America to dominate the global market on the basis of overall market shares. Emerging markets like Asia Pacific on the other hand is expected to witness strong growth rate amongst all the other regions. Established players in this market are looking for better business opportunities with increasing healthcare infrastructure across the emerging markets. Technological advancements are also expected to provide the required traction to this market.
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