Wearable Medical Devices Market Expected To Grow With USD 66.8 Billion By 2026
According to a study published by Grand View Research, Inc., the wearable medical device market was pegged at USD 10.3 billion in 2018 and is expected to attain a CAGR of 26.1% over the forecast period (2019-2026). Increasing need for upgrading healthcare facilities and to incorporate advanced systems such as remote patient monitoring devices has resulted in the growth of the wearable medical device industry. Although the market provides scope for a lot of opportunities, o issues such as high cost and data security may impede the market growth.
Rising focus on fitness and increasing attention on healthy living with availability of equipment and gadgets that provide assistance for tracking heart, food, and fitness are expected to drive the market. Concerns arising due to increasing instances of chronic diseases such as arthritis, heart attack cancer, diabetes, seizures, and obesity are fueling the demand. Governments and other international entities all around the world are also concerned about the increasing number of diseases which is driving the growth of the market. High demand for personalized monitoring and care has fueled wearable medical device industry.
Wearable medical devices are majorly developed to address the problem of ailments. Manufacturers add wearable components to their product lines to fulfill demands of healthcare. Medical device companies are inclined to invest in research and development (R&D) to promote innovation to provide solutions for problems ranging from various diseases such as sleep apnea, obesity, diabetes, chronic obstructive pulmonary disease (COPD), asthma, and cardiac diseases. The companies are keen to invest heavily on programs such as disability rehabilitation and are also helping to monitor diseases such as Parkinson’s.
For instance, in March 2014, Vital Connect announced the Healthpatch wrist worn product for monitoring multiple parameters such as heart rate and skin temperature. Also, major players like Apple and Samsung have introduced mobile apps, which enable digital display and data recording to attract customers towards routine health monitoring, promoting growth of the market.
Some key players in the wearable medical device market are Fitbit Inc.; Covidien Plc; Polar Electro; LifeWatch AG; Philips Electronics; Withings; Garmin; Everist Genomics; Jawbone; Pebble Technology Corp.; Sotera Wireless; Basis Science Inc.; Omron Corp.; Intelesens Ltd.; and Vital Connect.
Rising focus on fitness and increasing attention on healthy living with availability of equipment and gadgets that provide assistance for tracking heart, food, and fitness are expected to drive the market. Concerns arising due to increasing instances of chronic diseases such as arthritis, heart attack cancer, diabetes, seizures, and obesity are fueling the demand. Governments and other international entities all around the world are also concerned about the increasing number of diseases which is driving the growth of the market. High demand for personalized monitoring and care has fueled wearable medical device industry.
Wearable medical devices are majorly developed to address the problem of ailments. Manufacturers add wearable components to their product lines to fulfill demands of healthcare. Medical device companies are inclined to invest in research and development (R&D) to promote innovation to provide solutions for problems ranging from various diseases such as sleep apnea, obesity, diabetes, chronic obstructive pulmonary disease (COPD), asthma, and cardiac diseases. The companies are keen to invest heavily on programs such as disability rehabilitation and are also helping to monitor diseases such as Parkinson’s.
For instance, in March 2014, Vital Connect announced the Healthpatch wrist worn product for monitoring multiple parameters such as heart rate and skin temperature. Also, major players like Apple and Samsung have introduced mobile apps, which enable digital display and data recording to attract customers towards routine health monitoring, promoting growth of the market.
Some key players in the wearable medical device market are Fitbit Inc.; Covidien Plc; Polar Electro; LifeWatch AG; Philips Electronics; Withings; Garmin; Everist Genomics; Jawbone; Pebble Technology Corp.; Sotera Wireless; Basis Science Inc.; Omron Corp.; Intelesens Ltd.; and Vital Connect.
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