The global wearable medical device market is slated to grow at a compound annual growth rate of 14.9% from 2017 to 2022, reaching $9.4 billion, according to global management consulting and market research firm Lucintel. Major factors driving this market include the increasing awareness and importance of a healthy lifestyle, a rise in the number of chronic diseases, and innovations in technology.
Emerging trends, which have a direct impact on the dynamics of the global wearable medical device market, include the increasing usage of wearable biofeedback devices and increasing adoption of cloud technology for interconnected healthcare devices.
In this market, diagnostic wearable and therapeutic wearable are the main segments by application type. On the basis of its comprehensive research, Lucintel forecasts that diagnostic wearable device is expected to show highest growth during the forecast period from 2017 to 2022.
What’s more, North America is expected to remain the largest as well as the highest growth region due to high disposable income, rising chronic conditions, and acceptance of technologically advanced products in this region.
Late last year, 24×7 Magazine projected that wearable technologies and analytics will dominate the medical sector in 2017. The article, written by Infinite Computer Solutions founder and chairman Sanjay Govil, also cited wearables as boosting the trend of patient-driven healthcare.
“Part of the benefit is how, when combined, [such] healthcare devices across their various forms and functions will engineer a steady and substantial shift toward a more self-reliant model of healthcare,” Govil wrote. “This new model enables prevention and maintenance of one’s wellbeing, rather than having to rely solely on treatment—thereby helping to drastically cut down on repeated hospitalizations and its accompanying costs.”