The global wearable medical devices market was valued at approximately US$ 6.8 Bn in 2017. It is projected to expand at a compound annual growth rate (CAGR) of more than 17.0% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Wearable Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’. Expansion of the health care industry, government initiatives, increase in health care expenditure, rise in product approvals, and increase in patient population are projected to augment the global market from 2018 to 2026. North America and Europe are likely to account for a dominant share of the global wearable medical devices market, owing to the presence of key players in these developed regions as well as high rate of adoption of technologically advanced wearable medical devices in these regions.
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Increasing incidence of chronic pain and high population of diabetic patients
Demand for wearable medical devices such as transcutaneous electrical nerve stimulation (TENS) and pulsed electromagnetic field therapy (PEMF) devices has increased significantly due to a rise in the cases of chronic pain. According to IDF (international Diabetes Federation), about 415 million people suffered from diabetes worldwide in 2015. It also states that one out of eleven adults is a diabetic. Rising number of people are suffering from diabetes due to the increased intake of unhealthy diet, sedentary lifestyle, and obesity. This can lead to serious complications such as kidney failure, heart diseases, and stroke. Thus, health of such people needs to be monitored on periodically.
- Apple Inc., Xiaomi Technology Co., Ltd, and Fitbit, Inc. to lead market
The report also provides profiles of leading players operating in the global wearable medical devices market. They include Xiaomi Technology Co., Ltd, Samsung Electronics Co. Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., Huawei Technologies Co., Ltd., Polar Electro, OMRON Corporation, Activinsights Ltd., and VitalConnect. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global market during the forecast period.