This report analyzes the current and future scenario of the global wearable medical devices market. Rise in prevalence of chronic pain, increase in diabetic population, rise in the geriatric population, surge in the rate of adoption of technologically advanced wearable medical products, and rise in patient awareness and health care expenditure are key factors that are projected to drive the global market during the forecast period.
A recent report by Transparency Market Research states that global wearable medical devices market is
projected to witness a substantial growth. According to the report, the market is expected to witness
whopping 17.7% CAGR during the projected tenure of 2018 to 2026.
With this CAGR, the experts predict that the global wearable medical devices market is projected to reach
to the value of US$ 29.6 bn by the end of 2026. They also states that the market stood strong with the
revenue generation of US$ 6.8 bn during 2017. As per the report, the market is anticipated to reach to
this value due the aggressive steps taken by the players to grab lion’s share of the global wearable medical
devices market during the tenure of 2018 to 2026.
Request a PDF Sample -
Rising Innovation in Healthcare Sector Drives the Growth
Technology rides at the core of the development of global wearable medical devices market. It is because
of technologies like IoT and Data Science that there is a massive demand for such devices. Moreover,
these devices can leverage cognitive technologies and help the users visualize the status of their health.
These benefits are the major reasons that propels the growth of global wearable medical devices market.
Additionally, the technology also allow the users to monitor every step of the health of the body, for
instance, heartbeat, blood pressure, and even steps. These additional benefits are further projected to
boost the growth of market from 2018 to 2026.
Request for Analysis of COVID-19 Impact on Wearable Medical Devices Market -
Capital Intensive Devices may Hamper the Growth
Since the concept of wearable medical device is in its nascent stage, the devices are quite expensive. They
may cost from few hundred bucks to thousands of dollars. This high cost of the devices may hamper the
growth of global wearable medica