Wireless Portable Medical Devices Market Size (2024 - 2029)

The wireless portable medical devices market is projected to experience significant growth over the forecast period, driven by advancements in technology and the increasing prevalence of lifestyle-related chronic diseases. These devices are essential for disease diagnosis and patient monitoring, and their demand is expected to rise as chronic conditions such as diabetes and cardiovascular diseases become more prevalent. Technological innovations, such as AI-integrated monitoring patches and enhanced imaging capabilities, are further contributing to market expansion. However, the high cost of these devices may pose a challenge to market growth.

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Market Size of Wireless Portable Medical Devices Industry

Wireless Portable Medical Devices Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 18.22 Billion
Market Size (2029) USD 33.66 Billion
CAGR (2024 - 2029) 13.06 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Wireless Portable Medical Devices Market Major Players

*Disclaimer: Major Players sorted in no particular order

Wireless Portable Medical Devices Market Analysis

The Wireless Portable Medical Devices Market size is estimated at USD 18.22 billion in 2024, and is expected to reach USD 33.66 billion by 2029, growing at a CAGR of 13.06% during the forecast period (2024-2029).

The major factors responsible for the growth of the wireless portable medical devices market include rising technological advancements in portable medical devices and the increasing prevalence of lifestyle-related chronic diseases.

Wireless portable medical devices are used for various purposes, such as disease diagnosis and patient monitoring. Hence, the rising prevalence of lifestyle-related chronic diseases is expected to drive the growth of the market studied over the forecast period. For instance, as per the 2022 update from the International Diabetic Federation (IDF), approximately 537 million adults (20-79 years) were diagnosed with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Similarly, according to the report published by the British Heart Foundation (BHF) in April 2024, more than 2.3 million people in the United Kingdom were diagnosed with coronary heart disease(CHD), which is further projected to increase with the aging population, decreasing fertility rates, and increasing survivability from other chronic diseases. Hence, the high prevalence of diabetes and cardiovascular diseases is expected to increase the demand for wireless portable medical devices, which may ultimately drive the growth of the market studied over the forecast period.

Furthermore, the increasing technological advancements in portable medical devices are expected to boost market growth. For instance, in August 2022, SmartCardia launched its 7-lead cardiac monitoring patch. With the use of artificial intelligence (AI), this cutting-edge patch monitor integrates wearable medical technology with remote patient monitoring. Similarly, in August 2023, GE Healthcare, a medical technology, diagnostics, and digital solution company, launched Vscan Air to enhance point-of-care imaging capabilities in Nepal, enabling accessibility to remote locations. The wireless, handheld ultrasound system is designed to enable whole-body scanning at the point of care, empowering healthcare professionals to make faster decisions with confidence at a low cost across a variety of care settings.

Thus, the rising prevalence of lifestyle-related chronic diseases and increasing technological advancements in portable medicine are expected to drive the growth of the market studied over the forecast period. However, the high cost of devices is expected to restrain the growth of the wireless portable medical devices market during the forecast period.

Wireless Portable Medical Devices Industry Segmentation

Wireless portable medical devices are wireless equipment used for diagnosing, monitoring, or treating certain diseases. These devices can be used anywhere, work wirelessly, and provide results in a short time. 

The wireless portable medical devices market is segmented by product type, application, and geography. By product type, the market is segmented into therapeutics, diagnostics, medical imaging, wearables, monitoring devices, and other product types. By application, the market is segmented into neurology, cardiology, orthopedics, gynecology, urology, gastrointestinal and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers market size and forecast in terms of value (USD) for all the above segments.

By Product Type
Therapeutics
Diagnostics
Medical Imaging
Wearables
Monitoring Devices
Other Devices
By Application
Neurology
Cardiology
Orthopedics
Gynecology
Urology
Gastrointestinal
Other Applications
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Wireless Portable Medical Devices Market Size Summary

The wireless portable medical devices market is poised for significant growth, driven by technological advancements and the increasing prevalence of lifestyle-related chronic diseases. These devices, essential for disease diagnosis and patient monitoring, are becoming increasingly vital as chronic conditions such as diabetes and cardiovascular diseases rise globally. The integration of advanced technologies, like artificial intelligence in cardiac monitoring and remote patient monitoring systems, is enhancing the capabilities and accessibility of these devices. This trend is further supported by the launch of innovative products, such as handheld ultrasound systems and wearable health monitors, which are designed to provide comprehensive health insights and facilitate timely medical interventions.

North America is expected to maintain a substantial share of the market, fueled by the presence of major industry players, ongoing research and development, and a high incidence of chronic diseases necessitating constant monitoring. The region's market growth is further bolstered by strategic product launches aimed at addressing critical health issues. The competitive landscape is marked by the activities of key players like Koninklijke Philips NV, F. Hoffmann-La Roche Ltd, and GE Healthcare, who are continually introducing advanced technologies to gain a competitive edge. Despite the promising growth prospects, the high cost of these devices remains a challenge, potentially restraining market expansion.

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Wireless Portable Medical Devices Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Technological Advancements in Portable Medical Devices

      2. 1.2.2 Increasing Prevalence of Lifestyle-related and Chronic Disorders

      3. 1.2.3 Growing Adoption of Portable Monitoring and Imaging Technologies

    3. 1.3 Market Restraints

      1. 1.3.1 High Cost of Devices

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value – USD)

    1. 2.1 By Product Type

      1. 2.1.1 Therapeutics

      2. 2.1.2 Diagnostics

      3. 2.1.3 Medical Imaging

      4. 2.1.4 Wearables

      5. 2.1.5 Monitoring Devices

      6. 2.1.6 Other Devices

    2. 2.2 By Application

      1. 2.2.1 Neurology

      2. 2.2.2 Cardiology

      3. 2.2.3 Orthopedics

      4. 2.2.4 Gynecology

      5. 2.2.5 Urology

      6. 2.2.6 Gastrointestinal

      7. 2.2.7 Other Applications

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Wireless Portable Medical Devices Market Size FAQs

The Wireless Portable Medical Devices Market size is expected to reach USD 18.22 billion in 2024 and grow at a CAGR of 13.06% to reach USD 33.66 billion by 2029.

In 2024, the Wireless Portable Medical Devices Market size is expected to reach USD 18.22 billion.

Wireless Portable Medical Devices Market Report Snapshots

Wireless Portable Medical Devices Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)