The wearable medical devices market is expected to reach $14.41 billion by 2022 from $6.22 billion in 2017, at a compound annual growth rate (CAGR) of 18.3%, according to a new study from Reportlinker.
The key factors driving the growth of this market include the increasing penetration of smartphones and the growing number of smartphone-based healthcare apps compatible with wearable devices and the growing preference for wireless connectivity among healthcare providers. However, the high cost of wearable devices and data security issues may hinder the growth of the market to a certain extent during the forecast period.
By device type, the wearable medical devices market is segmented into diagnostic and monitoring devices and therapeutic devices—with the diagnostic and monitoring devices segment slated to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the growing prevalence of chronic and lifestyle diseases and the increasing need for regular and continuous monitoring with fast data sharing.
Further, based on the application, the wearable medical devices market is segmented into home healthcare, sports and fitness, and remote patient monitoring. In 2017, North America is expected to account for the largest share of the market followed by Europe.
However, the Asia Pacific is expected to register the highest CAGR during the forecast period. The high growth in this regional segment is attributed to increasing healthcare spending, strong economic growth, huge population base, and increasing prevalence of diseases. Changes in lifestyle and increasing awareness on wellness and fitness are also expected to drive market growth in the region, Reportlinker officials say.