The market was worth more than USD 3.2 billion in revenue in 2016 and is expected to cross USD 7.9 billion in 2021, growing at a healthy CAGR of over 19.5% during the forecast period.
Wearable medical devices are defined as devices with sensors attached to the body that detect and monitor changes in body signatures of various areas and organs. The growth of the global wearable device is driven by several factors, the most important being the technological innovation.
Global Wearable Devices Market- Market Dynamics
At present, the potential socio-economic benefits of wearable devices are large for multiple sectors. For instance, with fitness wearable devices driving the users to exercise, wearable technology can significantly reduce healthcare costs. Investors have started investing in projects ranging from apps to various sensors. The manufacturers are incorporating advanced sensors and as the size and cost of these sensors decrease, they are incorporated more and more, expanding the range of wearable devices.
The study lists several factors driving the global wearable devices market towards growth. Some of these are listed below.
Some of the factors restraining the market are:
The report segments the market into global diagnostic wearable devices market and global therapeutic wearable devices market. Both the above segments are further divided based on applications and geography. The product type segment has been further categorized into various types of diagnostic and surgical devices, along with vision care products. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Asia-Pacific shows potential due to increasing technological innovations and rising per capita income and a growing economy.
Companies are exploiting the nascent interests and are focusing on creating affordable products offering greater value to both users and their healthcare partners.
Some of the key players in the market are:
Key Deliverables in the Study