The latest research from Transparency Market Research expects the value of the global wearable medical devices market to rise from USD 6.8 Billion earned in 2017 to reach an estimated USD 29.6 Billion by the end of 2026 with a significant CAGR of 17.7%.
Key advancements in research and development and the adoption of major innovations in the medical sector are key trends in the global wearable medical devices market. The collaboration between medical sector and electronics industry is considered a major factor contributing to the growth of the market in the coming years.
The rising adoption of the Internet of Things (IoT) is expected to help the market gain significant momentum in the coming years. On the consumer side, the wide use of smart watches, and other smart health devices is also driving interest in the market.
The rapid rise in patient awareness and increasing expenditure of various national governments and private organizations will help aid major health issues of the patient pool especially in the developing nations. This is serving as a major growth potential for the market for wearable medical devices.
According to the report, based on various device types, the monitoring and diagnostic device segment earned the largest share in 2017. Activity monitors are expected to generate lucrative growth opportunities for the market in the forecast duration
Regionwise, North America is a prominent market, attributable to the presence of a well-aware patient pool and well established medical infrastructure. Further, the presence of major brands in the electronics sector intensify the market competition, with an emphasis on product innovation and launches.
The report expects the market to gain immensely from the rising inclination of worldwide population towards health and fitness during the forecast period. Rising patient pool and increasing disposable incomes of people will also help the market witness an unprecedented growth in the years to come.
North America is holding a promising share in the global wearable medical devices market on account of the presence of a well-established healthcare and medical infrastructure. In addition to this, a major contribution of the governments in the region toward the support of healthcare facilities in terms of reimbursement policies and medical insurances are further expected to help this region continue to hold the lion’s share. Besides this, Asia Pacific is likely to offer lucrative growth opportunities to the market in the coming years on account of the increasing investment on healthcare facilities in the developing nations such as India, China, Japan, and others.