Global Wearable Medical Devices Market is Projected to $41 Billion by 2020

Date: 2015-12-20

Wearable Medical Devices are autonomous, non-invasive devices that perform specific medical functions such as managing treatment of chronic diseases or monitoring vital signs of human body. A wearable medical device incorporates capabilities such as wireless data transmission, real time feedback and assessment and so on.

The North American Market is estimated to grow at 21% during the forecast period to reach $19.3bn by 2020. The U.S is the largest market in this region followed by Canada and Mexico.

Many products with such capabilities are currently commercially available in wearable medical devices market and are targeted at health marketers, researchers, health conscious individuals, and athletes.

The current generation of Wearable Medical Devices mostly relies on user intervention to record data that is processed offline later on. The wearable medical devices market has seen a dramatic rise in recent years owing to factors such as increase in health consciousness among people, increase in health consumer behavior among people, greater health trend to move from hospital care to home care and subsequently to personal care and so on.

As a result, medical device manufacturers are shifting their focus from fully fixed equipment to portable devices and more recently to wearable ones.

The millennial population has evolved themselves into more information oriented generation that has been facilitated by the revolution in computing technology. As the consumers from this age group are becoming more health conscious than their predecessors amidst the fast paced life, the wearable medical devices market is set to grow.

Keeping in mind the expectations of today’s fast paced generation; device manufacturers are frequently collaborating with designers and developers to cater to several types of enthusiasts including sports, fitness and health.

The increasing concern about personal health is set to propel the wearable devices market in this region. Growing elderly care market and increasing government funding into it is also a key driver for the adoption of WMD in North America.

The entry of consumer electronics and smartphone manufacturers has enhanced the awareness of wearable medical devices. For instance, Apple and Omron Healthcare have recently entered this market creating high demand for their products.

Americas is followed by Europe and APAC in market size for 2014 with varying growth rates to 2020.

Major Players in the Market Are

Zephyr Technology Corp.
Omron Healthcare, Inc.
Basis Science
Sotera Wireless, Inc.
Polar Electro Oy.
Though these Companies have a Dominant Position in the Market, there are a few companies giving stiff competition to the top players with their innovative product designs. 

Philips Healthcare,
Fitbit, Inc,

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