Wearable Medical Devices Market to annual growth rate (CAGR) of 27.5% for the period of 2018-2023
The global market for wearable medical devices should grow from $8.9 billion in 2018 to $29.9 billion by 2023 at a compound annual growth rate (CAGR) of 27.5% for the period of 2018-2023.
This report is an update of a previous BCC Research report, HLC192A, published in January 2017. The goal of this updated report is to evaluate the recent developments in the wearable medical devices market, including technology, growth drivers and industry challenges in 2017 and 2018, to estimate the market, and to provide revenue forecasts for the global market from 2018 to 2023.
This report includes a detailed study on the wearable medical devices market and technologies and an overview of the epidemiology of target diseases for which wearable technology is currently used.
The global wearable medical devices market was valued at REDACTED in 2017 and is expected to witness a compound annual growth rate (CAGR) of REDACTED through 2023 to reach REDACTED. The emergence of wearable technology has disrupted the healthcare industry in recent years, leading to increasing adoption and market growth for wearable medical devices. These devices have an impact far beyond typical consumer uses like fitness and activity tracking and have penetrated the area of medical applications like diagnosis, monitoring and, to a certain extent, the treatment of chronic diseases. Convergence of wearables like smartwatches and activity trackers with medical-grade products has
fostered the growth of smart technology in healthcare.
A wide range of wearable medical devices is being developed to address a broad range of ailments. Although these wearable devices are not yet a mainstay in the healthcare industry, a large number of medical device manufacturers have started adding wearable components to their product lines to address unmet needs in home healthcare and remote monitoring—two areas that are showing exponential growth.
Medical device companies, both industry giants and startups, are investing significantly in research and development (R&D) to develop innovative wearables that can manage a host of medical conditions ranging from obesity and sleep apnea to diabetes, chronic obstructive pulmonary disease (COPD), asthma and cardiac diseases, and even disability rehabilitation and the monitoring of progressive nervous system disorders like Parkinson’s disease.
The increasing prevalence of diseases requiring round-the-clock monitoring is an important driver of the wearable medical device market and is expected to significantly contribute to the double-digit growth of the industry, especially taking into account the global increase in the geriatric population. Specifically, real-time activity and health tracking, remote patient monitoring, the convenience of home healthcare and a booming fitness trend are key factors behind this exponential growth. Technological advancements and attractive product features such as smartphone connectivity are also promoting the adoption of medical wearables.
Concerns such as data privacy, security, an uncertain regulatory landscape and the high cost of wearable medical devices may act as growth barriers, but market penetration and growth are predicted to continue during the forecast period due to the constant introduction of innovative devices to address healthcare needs and the continuous evolution of the industry to keep pace with the demand for effective and personalized wearable healthcare devices.
The wearable medical device industry is now in a stage of innovation to develop medical-grade devices that can easily be worn and integrated into everyday life by leveraging newer advancements in technology, making them smaller, lighter and less invasive. Continuous glucose monitoring devices and wearable insulin delivery systems have revolutionized diabetes management and are already rivalling traditional blood glucose monitoring and insulin delivery.