The wearable medical devices market was worth $6.8 billion in 2017. The market is predicted to grow at a 17% compound annual growth rate [CAGR] during 2018-2026, according to Transparency Market Research (www.transparencymarketresearch.com).
Among many different devices, the diagnostic and monitoring devices segment is expected to lead growth. The segment is expected to grow significantly due to growing incidences of chronic illnesses, growing awareness about health, and lowering prices, the research group adds.
Asia Pacific region is expected to register the fastest CAGR growth during 2018-2026. The regional wearable medical devices market is predicted to grow at 18.8% CAGR. High penetration of digital technology, large number of low priced- devices, and large market size are expected to drive robust growth in the region.
Apple launched a FDA approved wearable medical device in the market in 2018. The device can detect falls and perform electrocardiograms. The watch created a benchmark in the market by constituting for over half the total sales in the market, despite its associated high cost.
Transparency Market Research says that growing investment and encouragement by government policies for cheaper and engaging medical devices, are expected to help further this growth. In 2018, the US government made value driven services like digital applications a key component for availing reimbursement compensation. Growing enthusiasm among consumers, lowering prices, and growing focus on innovation worldwide are expected to drive major growth for the wearable medical devices market.