A new report details what is happening in the wearable medical device world and how it will continue to grow over the course of the next few years. According to the report “Global wearable medical device revenues are set to touch US$ 23,980.5 million, witnessing a y-o-y growth of 4.8% in 2016 over 2015.” The devices are contributing to increased growth and help in individuals with certain ailments that need monitoring at all times of the day and night. With increased technological advancements in this area, patients will have an easier time monitoring their various conditions.
While the selling price of these devices could potentially decrease, the number of devices in the market will continue to increase throughout the next few years. According to the report “Total shipments of wearable therapeutic medical devices are anticipated to reach 38,637,108 in 2016, representing market value worth US$ 14,543.6 Mn. Sleep apnea devices will continue to be the highest-selling wearable therapeutic medical device, with total shipments expected to reach 34,008,685 in 2016. Patient monitoring, home healthcare, and health & fitness will continue to remain the key end use application segments of wearable medical devices in 2016. Demand for wearable medical devices will be strongest in home healthcare segment, with total revenues expected to reach US$ 15,281.5 Mn in 2016.”
The report continues to detail how the market will grow by an exponential amount by 2020, reaching new highs every year until then. The report further stated that “North America will continue to be the largest market, followed by Western Europe and Asia Pacific excluding Japan (APEJ). The North America wearable medical devices market will reach US$ 9,608.7 Mn in 2016, up from US$ 9,143.2 Mn in 2015.Medtronic plc, Koninklijke Philips N.V., Sonova, and Fitbit Inc. are the leading players in wearable medical device market. Geographical expansion, investment in start-ups and SMEs remains the key business strategy of these players.” The hopes are high that this new industry will continue its massive growth throughout the course of the next few years and onward.