by Grant Wain
According to Transparency Market Research, 2018; the global wearable medical devices market was valued at approximately US$ 6.8 Bn in 2017 and is anticipated to reach a value of approximately US$ 29.6 Bn by 2026.
It’s clear that trends toward wearable medical devices are growing and examples from within the consumer sectors include fitness wearables such as watches and chest straps. The data from these devices allow consumers to be better informed about their health because they can see data about their Heart Rate, Blood Pressure, Sleep Pattern and more from their phones.
But why? Why are wearable medical devices becoming so popular in both the consumer & clinical marketplace?
The answer is very simple actually... Europe and North America are likely to account for a dominant share of the global wearable medical devices market. This wearable technology is cool, stylish and fashionable and there is also a particular rise in the number of sport enthusiasts seeking new ways to monitor their health and / or sports performance.
The global increase of the wearable medical devices market could also be as a result of the rise in prevalence of chronic pain, increase in diabetic population, increase in the geriatric population, and a surge in the rate of technologically advanced wearable medical products brought to market. Nakad & Rakel, 2019; have suggested that the geriatric population is especially susceptible to chronic musculoskeletal pain. This fuels the demand for monitoring devices due to the need to periodically monitor the health of the aforesaid population. It all makes sense if you think about it.
The market is clearly on the rise and with manufacturers to continue to release new and innovative products for both the consumer and healthcare markets and personally, I’m excited to see just what types of products are soon to be announced.
Transparency Market Research (TMR). ‘Wearable Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’
L. Nakad, B. Rakel. Attitudes of Older Adults with Chronic Musculoskeletal Pain towards Immersive Virtual Reality, The Journal of Pain, Volume 20, Issue 4, 2019.