Global Wireless Medical Device Market to Increase by $11 Billion
The global market for wireless medical devices is expected to show about 25.1% market growth over the next five years, according to the recent report from Innovative Research and Products (iRAP) Inc. The worldwide market has the potential to expand from $3.6 billion in 2015 to about $11 billion by 2020. Economic growth, coupled with greater access to health care in countries such as China, India and Brazil, has reportedly helped to foster an increase in the use of medical products worldwide.
The Asian region offers the greatest opportunities for growth, a trend that is expected to continue through 2020. Asia is expected to exhibit growth that exceeds some of the world’s most vibrant markets in the Americas and Europe by expanding at a rate of approximately 26.4% annually. Exceptional growth trends are expected to prevail, particularly in China and India. Europe is expected to experience positive growth, estimated at 24.7%. The Americas wireless medical device market, led by the U.S., is expected to grow at a good rate in the coming years, while at the same time being one of the world’s key regions for innovative developments of state-of-the-art wireless medical technologies. Between 2015 and 2020, demand in the Americas will increase by a rate of about 24.5%. The Middle East and Africa had small market share but are expected to grow faster than all other regions.
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