The global wearable medical device market size is expected to exceed more than $87bn by 2025; Growing at a CAGR of more than 39.4% in the given forecast period.
The increasing convergence between wearables and medical products has proved beneficial in transforming wearable medical devices market outlook. Having emerged as one of the most profitable niche verticals in the worldwide healthcare and medical devices sector, this industry is not yet a mainstay in the field, but most medical device manufacturers are nevertheless adding wearable components to their product lines. These fitness trackers help users to stay in shape, all while being easy to use, comfortable, and not cumbersome.
The foremost factors that have led to the increasing popularity of wearable medical devices are active promotion and growing expenditure on advertisement of these devices, essentially enlarging the geographical reach of wearable medical devices market. Amongst all the existing wearable medical devices, activity/fitness monitors have witnessed meteoric rise in their popularity owing to the technological advances in battery, sensor, and material design.
What will be the impact of the popularity of fitness monitors on wearable medical devices market outlook?
In the year 2018, fitness monitors segment accounted for more than 25% of wearable medical devices market share and is projected to observe significant growth by the year 2025. Activity monitors help to keep track on fitness-related metrics including walking distance, sleep (in some cases), heartbeat, and calorie consumption. Sedentary lifestyle has led to disorders such as obesity and other chronic conditions, a need to prevent which will help to fuel activity monitors segment growth over 2019-2025. The growth of activity monitors segment will simultaneously augment wearable medical devices industry by 2025.
Wearable medical devices market to accrue substantial profits from fitness and sports sector by 2025
Wearable medical devices market forecast report compiled by Global Market Insights Inc. projects that global revenue of the industry slated to exceed $87 billion by 2025. The proliferating union of medical products and wearables has proved favorable in transforming wearable medical devices market trends. After emerging as one of the most lucrative niche verticals in the global healthcare and medical devices sector, many medical device manufacturers have been including wearable devices in their product lines.
In terms of geographical expansion, the U.S. wearable medical devices market has witnessed considerable growth and is anticipated to reach more than USD 23 billion of revenue by the year 2025. The most significant factors that have proved beneficial for the market are the launch of technologically advanced healthcare monitoring products along with rising awareness regarding fitness. High disposable income and growing prevalence of lifestyle diseases would further proliferate the U.S. wearable medical devices industry size over the forecast duration.
The largest obstacle that is hindering the rapid product penetration is the concern regarding data privacy. Most users appear uncomfortable with an AI-based sensor or other miniaturized electronic device keeping a record of their every movement. Even though there has been a considerable increase in the number of people allowing these devices to become a part of their daily life, there is still a long way to go for wearable medical devices to become mainstream.
It is imperative to take note of the fact that the healthcare sector used to function in a siloed structure for the safeguarding of intimate patient data. However, now that they have emerged out of those silos, the protection of user data has taken even more priority, essentially marring the growth prospects of wearable medical devices market.
The major industry players are involved in adoption of several strategies including merger and acquisition, strategic collaboration, and partnerships to strengthen their business position. A few of the players operating in wearable medical devices market are Fitbit, Sotera Wireless, Omron Corporation, Koninklijke Phillips N.V. Apparently, these firms are focusing on untapped emerging nations to gain competitive edge and acquire significant market share globally. Reports forecast that the remuneration portfolio of worldwide wearable devices market is set to surpass USD 87 billion by the year 2025.