Wearable Medical Devices Market Estimated to Accumulate more than US$10 Bn by the End of 2023
The global Wearable Medical Devices Market is anticipated to rise owing to adoption of crucial technologies in the healthcare sector. The rise in chronic diseases has led to increased demand for more efficient technologies so as to keep track of the patient’s health. Increased consumption of tele health devise, wearable sensors, and implanted medical devices that can be installed at home has led to rise of wearable medical devices market globally. This developed technology helps controlling patients and medical practitioners health standards thus fueling the demand in market. These wearable medical devices also helps in detecting high blood pressure, irregular blood sugar levels, bacteria, and presence of diseases. These factors have generated tremendous demand for the wearable medical devices in the market globally. The global wearable medical devices are anticipated to witness more effective and advanced devices during the forecast period. Deviant behavioral tendencies are important to screen among patients thus, leading to increased demand for wearable medical devices market. These factors are likely to boost the growth for the global wearable medical devices market significantly in the coming years.
The global wearable medical devices market is anticipated to rise at a tremendous CAGR of 18.0% during the forecast period of 2015 to 2023. The global market valued in terms of revenue at US$2.7 bn during 2014 and is expected to rise up to US$10 bn by the end of 2023.
The global wearable medical devices market according to diagnostic devices is segmented into wearable fetal monitors and obstetric devices, wearable neuromonitoring devices, and wearable vital sign monitors. Among these, wearable vital sign monitors is further segmented into wearable activity monitor, wearable heart rate monitor, wearable electrocardiographs, and wearable sleep monitor. Wearable electrocardiographs are leading the market due to increased incidents of heart diseases and cardiac arrests. This sub segment is expected to further rise in the coming years.
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The global wearable medical devices market is spread cross regions such as Asia pacific, North America, Latin America, Europe, and Middle East & Africa. Among these, North America is anticipated to rise as the leading region owing to rise of adoption of medical technologies, powerful infrastructure of healthcare, and diabetes. Moreover, the vital monitor segment is attracting major demand in this region. The rise in this segment will benefit the overall increased shares from this region. The wearable medical devices market in North America held shares worth US$1.6 bn during 2016 and is expected to reach the valuation of US$4.5 bn by the end of the forecast period 2023.
Asia pacific on the other hand is expecting the market to flourish during the forecast period due to speedy introduction as well as adoption of the advanced systems. The prime factors for rise in the market in this region is due to increased healthcare expenditure, increased population of geriatric people, and government’s favorable initiative to use these medical products.
The leading players operating in the global wearable medical devices market are Medtronic plc., Polar Electro, Fitbit Inc., and Omron Corporation.
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