Wearable Medical Devices Market to Rise to $10 Billion by 2023
January 18, 2019 | PRNewswireEstimated reading time: 2 minutes
According to the report published by Transparency Market Research, the global wearable medical devices market is expected to reach an estimation of $10 billion by 2023. In 2014, the market earned $2.7 billion. During the forecast period between 2015 and 2023, the market is anticipated to rise at a healthy CAGR of 18.0%. These figures are accounted on the increasing focus on improving healthcare facilities.
Based on devices type, the wearable vital sign segment is expected to hold a significant share in the market. The rising number of people suffering from different heart disorders and increasing incidence of cardiac arrests has boosted the demand of this segment. In addition, increasing developments and advancements in healthcare are likely to drive the demand in this segment. On regional front, North America is projected to lead the market due to the increasing number of diabetic patients. High adoption of medical technologies and the presence of advanced healthcare infrastructure are other factors driving the market's growth
Access to Real-Time Health Data to Expand Demand for Wearable Medical Devices
Globally, the patient suffering from diabetes and other chronic disorder increased at a significant rate. This led the growth of wearable medical devices at large scale. With the help of wearable medical devices, interpretation of patient's data become far easy and fast. Due to this reason, it has become popular among non-professional users.
Where hypertension and obesity have grown concerns among people, the use of wearable devices will help in recording various physiological factors including blood pressure, sugar level, and calories. These devices are also beneficial for physicians in giving them real-time access to data and helps in redoing errors. With all the above-mentioned factors, the global wearable medical devices market is expected to grow at a high rate in the coming years.
High Cost of Wearable Medical Devices to Deter Market Performance
On the contrary, to the expanding warble medical devices market, few restraining factors are likely to deter demand in this market. The high cost of wearable medical devices is one of the major factors restricting the growth of this market. Emerging economies are the one where the demand for these devices is low. Moreover, reimbursement policies have also posed a huge threat to the growth of this market. However, increasing government initiatives on expanding and developing the healthcare sector might help in reducing the effect of these restraints
The rising number of players in the global wearable medical devices market has increased the competition among the players, observes Transparency Market Research. The market structure is fragmented due to the presence of multiple players both at regional and global level. Key players in the market are focusing on developing and expanding their product line by using advanced technologies. Increasing competition and rising focus on key strategies including merger and acquisition are expected to enhance the overall market's growth in the coming years. For instance, in 2014, Covidien Plc. acquired status-monitoring products from Zephyr Technology Corporation. With this acquisition, there is a possibility that wearable patients monitoring products will be available at a lower cost and expand product portfolio. Some of the prominent players analyzed in the report include Fitbit Inc., Medtronic plc, Omron Corporation, and Polar Electro.
Suggested Items
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).
Technica USA Presents Inaugural Supplier Alliance Award at IPC APEX EXPO 2024
04/24/2024 | Technica USADuring IPC APEX EXPO 2024, Technica USA took the opportunity to thank all of their supply partners that made the effort to join them for the exhibition in their booth, as well to all of our SMT partners that had their own booths, with the latest in automation and process technology.
IDTechEx Report Unveils 3D Electronics Status and Opportunities
04/22/2024 | PRNewswire3D electronics is an emerging manufacturing approach that enables electronics to be integrated within or onto the surface of objects. 3D electronic manufacturing techniques empower new features, including mass customizability, greater integration, and improved sustainability in the electronics industry.
IDTechEx Examines the Opportunities for Wearables in Digital Health
04/19/2024 | IDTechExIDTechEx’s report, “Digital Health and Artificial Intelligence 2024-2034: Trends, Opportunities, and Outlook”, covers this ongoing trend in the consumer health wearables market and includes analysis of the opportunities and roadmap for biometric monitoring.
Real Time with... IPC APEX EXPO 2024: Pluritec's Expansion and Growth in the North American Market
04/19/2024 | Real Time with...IPC APEX EXPONicola Doria, president of Pluritec, discusses the company's strategic focus on the North American market, their investment in a new sales organization, service expansion, and a new process integration line. The conversation also covers market response and future installations, as well as Pluritec's new partnership with IEC.