According to the market intelligence study by Transparency Market Research, in 2014, the global market for wearable medical devices was worth US$2.7 bn and is projected to reach a value of US$10 bn by the end of 2023. The market is likely to register a promising 18.0% CAGR between 2015 and 2023.
North America to Lead Global Wearable Medical Devices Market in Near Future
The global market for wearable medical devices has been classified on the basis of geography into the Middle East and Africa, North America, Latin America, Europe, and Asia Pacific. Among these, North America is anticipated to account for a large share of the overall market throughout the forecast period. The high growth of this region can be attributed to the rising incidences of diabetes and the development of an advanced healthcare infrastructure. In addition to this, the high adoption of the medical technologies is predicted to enhance the growth of the wearable medical devices market across North America in the next few years. Furthermore, developing economies is projected to witness a healthy growth rate in the coming few years.
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On the basis of diagnostic devices type, the market has been classified into wearable neuromonitoring devices, wearable vital sign monitors, and wearable fetal monitors and obstetric devices. Among these, the wearable vital signs segment is projected to witness a high growth in the next few years, owing to the rising incidences of heart diseases and cardiac arrests across the globe. The increasing number of advancements and developments are further projected to accelerate the growth of this segment in the coming few years.
Growing Focus on Technological Advancements to Encourage Market Growth
The technological developments and the rising penetration of smartphones are some of the key factors that are projected to encourage the growth of the global wearable medical devices market in the next few years. The rising use of smartphone-based applications related to healthcare and compatible with wearable devices are further projected to accelerate the growth of the market in the near future. On the flip side, the rising issues related to data security and the high cost of wearable devices, along with the lack of reimbursement are predicted to restrict the growth of the wearable medical devices market throughout the forecast period. Nonetheless, the rising consumer awareness and the rising preference for home healthcare are expected to offer potential growth opportunities for the market players in the next few years.
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The global market for wearable medical devices is fragmented in nature with a high level of competition, states a new market intelligence study by Transparency Market Research. The key players in the market are focusing on the development of new product and technological advancements in this field. These factors are projected to support the growth of the market and help the players in the enhancing the market penetration across the globe. The key players operating in the wearable medical devices market including OMRON Corp., Polar Electro, Fitbit Inc., and Medtronic are projected to collectively account for a large share of the market in the next few years. Furthermore, the rise in the number of players and the rising level of competition are the key factors that are projected to enhance the overall the growth of the wearable medical devices market in the next few years.