The global wearable medical devices market is likely to expand considerably in the coming years due to the incorporation of technologies such as the internet of things (IoT) and artificial intelligence (AI). According to a report published by Fortune Business Insights, titled “Wearable Medical Devices: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 24,571.8 Mn in 2018. Fortune Business Insights states that the market will reach US$ 139,353.6 Mn by 2026, exhibiting a CAGR of 24.7%. The rapid adoption of connected devices has created a subsequent demand for wearable medical devices across the world. The increasing incidence of chronic diseases has led to several innovations in healthcare delivery systems. The increasing demand for minimally invasive precision devices I fuelling the demand for wearable medical devices, globally.
Highlights of the Report:
- In-depth analysis of various insights, namely, Wearable Medical Devices Market trends, growth drivers, opportunities, and other related challenges.
- Comprehensive details of key market players, their core competencies, and Wearable Medical Devices Market share.
- The potency of suppliers and buyers to make better business decisions.
- Lists out the market size in terms of volume.
Key Players Operating in The Wearable Medical Devices Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Fitbit, Inc.
- Apple Inc.
- Ypsomed AG
- Hologic Inc.
- AiQ Smart Clothing
- NeuroMetrix, Inc.
- Siemens Healthcare GmbH
Increasing Regulatory Approvals to Emerge as the Catalysts for Market Growth
The soaring demand for wearable devices has resulted in approvals for several products by regulatory authorities, worldwide. As a result of several successful clinical trials, companies are constantly engaging in developing and manufacturing newer products due to the relaxation in product approvals in recent years. Fortune Business Insights has predicted that increasing number of usage approvals will give significant impetus to the global wearable medical devices market. In May 2019, Nemaura bagged CE mark for a new wearable glucose monitoring device. The ‘SugarBEAT’ was a minimally non-invasive device and the efficacy of this device contributed to huge demand. Fortune Business Insights has predicted that an increasing number of regulatory approvals will prove a chief growth driver for the global wearable medical devices market in the coming years.