Wearable Medical Devices Market to Generate $67.2 Billion Revenue by 2030: P&S Intelligence – Benzinga
NEW YORK, April 13, 2020 (GLOBE NEWSWIRE) — Across the world, an increasing number of people are suffering from lifestyle-associated diseases, such as hypertension and diabetes, which has created the need to monitor their health on a regular basis. As per the World Health Organization (WHO), the number of diabetics in emerging economies will increase to 228 million in 2025 from 84 million in 1995.
By self-monitoring with wearable devices, patients can gather data related to numerous health parameters and forward it to their doctor for prompt action. This is why, the global wearable medical devices market revenue is projected to reach $67.2 billion by 2030, at an 18.3% CAGR between 2020 and 2030 (forecast period); the market valued $10.6 billion in 2019.
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Fitness Trackers to Continue their Market Dominance during Forecast Period
Fitness trackers are expected to continue holding the largest share in the wearable medical devices market throughout the forecast period. This is because these devices are not too expensive and they help keep a track on the number of steps taken and calories burned, which are essential fitness parameters.
During the historical period (2014–2019), the sports & fitness category generated the highest revenue in the wearable medical devices market, as the awareness of people on general health and fitness is rising and it is important to track the condition of athletes associated with various sports.
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The online category dominated the wearable medical devices market in 2019, as online shopping platforms offer a wide range of devices to customers.
Asia-Pacific (APAC) would experience the highest CAGR in the wearable medical devices market, of 18.8%, during the forecast period, as the region is undergoing technological advancements, the geriatric population and chronic disease incidence are rising, and healthcare expenditure is growing.
Market Players Entering into Collaborations for Enhanced Growth Prospects
In recent years, the wearable medical devices market has seen a number of collaborations, which are being used by the companies to:
- Integrate each other’s technology in their products
- Increase their presence in various countries
- Play a part in important medical studies
- Leverage artificial intelligence (AI)
- Expand the functionalities of the devices to critical medical applications
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The major companies operating in the global wearable medical devices market include Apple Inc., Neurotech LLC, Mad Apparel Inc., Fitbit Inc., Garmin Ltd., Proteus Digital Health Inc., Samsung Electronics Co. Ltd., Moov Inc., Xiaomi Inc., Senseonics Holdings Inc., Fossil Group Inc., Medtronic plc, Sony Corporation, and ZOLL Medical Corporation.
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