Wearable Medical Devices Market to Witness an Outstanding Growth by 2023

The global Wearable Medical Devices Market is demonstrating a moderately fragmented structure, states a new research study by Transparency Market Research (TMR). In 2014, the top five vendors of wearable medical devices across the world, namely, Polar Electro, OMRON Corp., Fitbit Inc., and Medtronic, could hold only a share of 47.0% in the overall market. OMRON Corp. emerged the market leader with a share of 11%, the same year. The increasing focus of these vendors on producing technologically advanced home-healthcare products is likely to support the growth of this market in the years to come. The global market, at present, is highly competitive and the scenario is projected to remain so over the next few years, notes the market study.

According to the research report, the global market for wearable medical devices is expected to proliferate at an exponential CAGR of 18.0% during the period from 2015 to 2023 and increase from US$2.7 bn in 2014 to US$10 bn by the end of the forecast period. Home healthcare has emerged as the key application area of wearable medical devices. Researchers anticipate this scenario to remain so over the next few years, states the research report.

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Early Uptake of Wearable Technology Reflect Positively on North America Market

In terms of the geography, the worldwide market for wearable medical devices is classified into Europe, North America, Asia Pacific, and the Rest of the World in this research report. Currently, North America lead the global market and is anticipated to retain its position over the forthcoming years. The dominance of this region is mainly attributed to the early adoption of wearable technology, the presence of a large pool of mid-sized and large players, and the rising number of new players in the market. The North America market for wearable medical devices is likely to reach US$4.5 bn by the end of the forecast period.

The U.S. and Canada are the key domestic wearable medical devices in North America. According to CDC, more than 29 million people in the U.S. are suffering from diabetes, which, consequently, is fueling the demand for glucose monitors, heart rate monitors, and activity monitors, translating in significant rise of the market for wearable medical devices in North America, notes the market study.

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Increasing Product Innovation to Support Growth

“The global market for wearable medical devices is gaining considerably from the augmenting demand for these devices to monitor the health of the patients and for assistance in the diagnosis of a number of diseases,” says an analyst of TMR. Going forward, the increasing pace of product innovations and the escalating demand of portable and high-end devices from athletes and the young adults, who are tech-savvy and fitness-conscious both, are expected to support the global market, substantially, in the years to come, reports the research study.

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This release was published on openPR.