A wearable medical device refers to an equipment that is noninvasive, autonomous, and performs certain medical functions such as providing support or monitoring over a long period of time. Trend toward use of wearable medical devices are rising, amongst both the healthcare professionals and consumers, which is predicted to widen the scope of application for the global wearable medical devices market in the years to come.
Wearables are adopted and utilized in an extensive range of end use applications. However, wearables find immense opportunity in the healthcare and are able to address the burden of chronic disease, aging population, and spiraling cost of healthcare services.
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Global Wearable Medical Devices market Witness Most Promising Rise in Demand
The global wearable medical devices market was valued at approximately US$ 6.8 Bn in 2017 and is anticipated to reach a value of approximately US$ 29.6 Bn by 2026, expanding at a CAGR of 17.7% from 2018 to 2026. The global wearable medical devices market is driven by the rise in prevalence of chronic pain, increase in diabetic population, increase in the geriatric population, and a surge in the rate of adoption of technologically advanced wearable medical products. Furthermore, a rise in patient awareness and healthcare expenditure and technological advancements are expected to drive the market during the forecast period.
There has been a rise in the healthcare-related data and associated complexities in data processing and extraction in the last few years. Research has been done to come up with a feasible solution that would incorporate artificial intelligence in wearable medical devices. Such technological innovations are predicted to drive the demand for wearable medical devices.
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Key Players of Wearable Medical Devices Market Report:
Major players operating in the global wearable medical devices market include Xiaomi Technology Co., Ltd, Samsung Electronics Co. Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., Huawei Technologies Co., Ltd., Polar Electro, OMRON Corporation, Activinsights Ltd., and VitalConnect. Increase in mergers & acquisitions, new product development, and strategic collaborations between major companies and governing authorities are expected to drive the global market during the forecast period.
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