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.