The global wearable medical devices market reached $2 billion in 2012 and is estimated to hit $5.8 billion by 2019, according to a new report from Transparency Market Research. “Wearable Medical Devices Market—Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019,” also found that the global wearable medical devices market will grow at a compound annual growth rate (CAGR) of 16.4% between 2013 and 2019.
Although the wearables market has been dominated by North America, says the report, the Asia Pacific region is expected to see the fastest growth through 2019, with a projected CAGR of 18%. That trend is largely due to increased medical investments, improvements in health infrastructure, and greater awareness of sports and fitness throughout the region, particularly in emerging economies like India and China, the report says.
The report categorizes the wearable medical devices market according to application, geography, and product types. Applications covered include home healthcare, remote patient monitoring, and sports and fitness, while the geographic regions include Europe, North America, Asia Pacific, and the rest of the world. The report segments product types into both diagnostic and therapeutic devices. The diagnostic division includes neuromonitoring, fetal and obstetric, and vital signs monitoring devices, while the therapeutic devices are classified for respiratory therapy, insulin/glucose monitoring, and pain management.
According to the research firm, no company has yet dominated the global wearables market. The study profiles the top 14 companies currently operating in the space, which include Intelesens Ltd, Philips Electronics, Withings, Sotera Wireless, Zephyr Technology Corp, Polar Electro, Nuubo, Corventis Inc, Everist Genomics Inc, Draeger, Fitbit Inc, Omron Corp, LifeWatch AG, and Basis Science Inc.
A summary of the report is available at the Transparency Market Research website.