STAMFORD, CT – The global market for wireless medical devices is expected to grow about 25.1% over the next five years, according to a new iRAP report.
The worldwide market has the potential to expand from $3.6 billion in 2015 to about $11 billion by 2020, says the firm. Economic growth, coupled with greater access to healthcare in countries such as China, India and Brazil, has helped to foster an increase in the use of medical products worldwide.
The Asian region offers the greatest opportunities for growth, iRAP says, a trend 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, expanding at a rate of approximately 26.4% annually. Exceptional growth trends are expected to prevail, particularly in China and India.
The Americas wireless medical device market, led by the US, one of the world’s key regions for innovative developments of state-of-the-art wireless medical technologies, is expected to grow 24.5% during the forecast period. Europe is expected to experience growth of 24.7%, and the Middle East and Africa, with a small market share, is expected to grow faster than all other regions.