The global wearable medical devices market is expected to reach US$ 23,310.9 Mn in 2025 from US$ 6,231.7 Mn in 2017. The market is estimated to grow with a CAGR of 18.1% from 2018-2025.
The growth of the wearable medical devices market is primarily attributed to rising awareness regarding importance of fitness. Moreover, the rapid growth of pharmaceutical and biotechnology industry is also expected to drive the growth of wearable medical devices market. However, constant product recalls is expected to obstruct the growth of wearable medical devices market. On the other hand, the growing use of diagnostic & monitoring devices is expected to drive the market in the future years. Wearable devices are known to help in the early diagnosis of various diseases. These devices are able to record basic health parameters such as, heart rate monitoring, blood pressure monitoring and tracking the daily activities. Wearable devices help in reducing the frequent visits to physicians as the patients are able to diagnose the cause of symptoms by themselves. There have been developments in the wearable devices meant for diagnosis and monitoring purposes. Wearable devices are also being used for monitoring the blood glucose levels in an individual. With a rise in the cases of diabetes across the globe, the demand for the segment is expected to witness significant demand during the forecast period.
Global wearable medical devices market, based on the device type was segmented into diagnostic & monitoring devices and therapeutic devices. In 2017, diagnostic & monitoring devices segment held the largest share by the market, by device type. This is mainly attributed to the rise in the prevalence of chronic illnesses, leading to an increased awareness regarding maintaining good health.
Global wearable medical devices market, based on application was segmented into home healthcare, remote patient monitoring and sports & fitness. In 2017, sports & fitness segment held the largest share of market, by application. However, the remote patient monitoring segment is anticipated to grow at a significant rate during the forecast period.
Some of the major primary and secondary sources for wearable medical devices included in the report are World Health Organization (WHO), Organisation for Economic Co-operation (OECD), National Research Foundation (NRF), International Diabetes Federation (IDF), Canadian Institutes of Health Research (CIHR) and others.