Global Wearable Medical Devices Market to Reach US$10.7 bn by 2023 as Increasing Incidence of Chronic Pain Creates Strong Customer Base
Factors such as the ease of use of wearable medical devices, increasing affluence in emerging economies, expanding per capita income, and the increasing pool of diabetics are predicted to propel the global wearable medical devices market in the years to come. The global wearable medical devices market is expected to progress from US$2.73 bn in 2014 to US$10.7 bn by 2023, predicted to progress at a 16.40% CAGR from 2015 to 2023 owing to the rising aging population, the increasing incidence of chronic pain, and the advancements in medical devices. However, factors such as the high cost of new wearable medical devices and lack of reimbursement policies for wearable devices are expected to hamper the growth of the global wearable medical devices market in the near future.
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In 2014, North America Dominated Global Wearable Medical Devices Market
The global wearable medical devices market is segmented on the basis of region, application, and type. By region, the global wearable medical devices market is divided into Europe, North America, Asia Pacific, and Rest of the World. The massive diabetic population in China and India is expected to drive the Asia Pacific wearable medical devices market in the years to come.
In 2014, North America dominated the global wearable medical devices market owing to the development of innovative wearables and the increasing awareness about personal health and fitness. Therapeutic devices and diagnostic devices are two of the most popular types of wearable medical devices in the global market. Some of the diagnostic devices used by healthcare centers and hospitals across the globe are wearable vital sign monitors, wearable fetal monitors and obstetric devices, and wearable neuromonitoring devices.
Sports and Fitness to be Dominant Application Segment for Medical Wearables
While the usage of smartphones continues to grow among the global population, the technology world is creating a new future for wearable medical devices that promise healthier lives to consumers. Wearable medical devices that control, monitor, treat, and track patient medical conditions are increasingly replacing bigger medical devices. By application, the global wearable medical devices market is classified into home healthcare, remote patient monitoring, and sports and fitness.
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The increasing application of wearable medical devices across various industry verticals is also expected to propel the global market for wearable medical devices in the near future. The sports and fitness segment is expected to dominate the global wearable medical devices market in the years to come due to the increasing incidence of chronic diseases and the rising awareness about fitness.
Some of the prominent players operating in the global wearable medical devices market are Cleveland Medical Devices, Inc., Fitbit, Inc., Koninklijke Philips N.V., OMRON Corporation, Zephyr Performance Systems (Medtronic plc.), and Polar Electro.
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