Wireless Medical Device Market Size (2024 - 2029)

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 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.