Wearable Medical Devices Market Expected to Skyrocket in Coming Years
Posted August 13, 2019
The wearable medical devices market is expected to grow substantially in the near future, according to a report from Fortune Business Insights. Valued at more than $24.5 billion in 2018, the market is predicted to skyrocket to more than $139 billion by 2026—a compound annual growth rate of 24.7%.
Advances in technologies such as artificial intelligence and the Internet of Things (IoT) are key drivers in the market growth, according to the report, Wearable Medical Devices Market: Global Market Analysis, Insights and Forecast, 2019-2026, as well as accelerating public acceptance attributed to "rapidly increasing prevalence of chronic disease, superior treatment and diagnostic outcomes, and increasing integration of technology and healthcare.”
The report cited several reasons for expansion in the wearables market, including an aging global population. Data from the United Nations indicates that by 2050, one in six people worldwide will be older than 65. The report authors predicted a "lucrative opportunity for extensive adoption of patient monitoring and diagnostic wearable medical devices" to support the health needs of this aging population.
The report also provided regional analyses of wearable market growth:
- In North America, favorable regulatory policies (specifically the Health Insurance and Portability and Accountability Act) should support the development of fitness wearables and patient monitoring devices.
- In Europe, the aging of the population, along with "exponentially increasing chronic diseases," are expected to fuel growth.
- In the Asia-Pacific region, increased adoption of technologies such as smartwatches and pain management devices (e.g., transcutaneous electrical nerve stimulation and electronic muscle stimulator devices) will be key drivers in the expansion, along with "rising emphasis on reduction in patient hospital stay in emerging nations such as China and India."