The wearable medical device market has grown exponentially over the past few years with opportunities continuing to arise as time goes on. As more and more regional players enter the wearable space, the market is becoming increasingly competitive. At first, this competition may seem like a bad thing, but the competition is driving the innovation of new products throughout the industry.
There are many small players that are coming into the space as well which are helping to grow it overall. The global wearable medical device market back in 2014 was valued at around $2.7 billion and analysts expect it to reach over $10 billion by 2023. This represents a robust CAGR of about 18% from the eight year period following 2015. The market is geographically centered throughout North America, Europe, Asia Pacific, and other parts of the world.
The center of the market stands currently in North America where the valuation is expected to reach $4.5 billion by the same forecast time. This high amount of growth is solely driven by the growth of medium and large sized companies as well as the rapid growth of smaller companies in the market space. In addition, many ideas are being fully realized to later become small and large companies in the industry. Looking at the devices, there are a few categories in the space.
The wearable medical device market is divided into neuroymointoring, vital signs monitoring, fetal monitors, and obstetrics devices. The subcategories in the space are currently vital signs monitors, heart rate monitors, sleep monitors, activity monitors, and electrocardiograph monitors. The market is continuing to grow at an exponential rate which will likely allow for more innovators to come into the space as well as investors entering the market.