Global Wearable Medical Technology Market Size is anticipated to grow at a CAGR of more than 23.4% over the forecast period and will reach USD 39.4 bn by the end of 2025.

Global Wearable Medical Technology Market, USD Bn, 2017 – 2025

Wearable medical devices are attached to human bodies, which can act as various biosensors for monitoring and detecting vital changes in certain parts of the human body. These devices are non-invasive in nature and thereby provide all the vital information required by the medical practitioners while analyzing the patients’ medical conditions, thereby making the diagnosis as easier as possible.

Technology Overview: 

Wearable medical technology market size is majorly driven by the increasing need for new and innovative health management devices. Rising number of development projects coupled with increasing chronic disease cases across the world will significantly increase the demand for these devices, which in turn enhances the growth of wearable medical technology market size.

The wearable medical technology market might witness a growth restriction, owing to the lack of product awareness among consumers of developing nations such as India, and Mexico regarding the technology. This further leads to the slower adoption of these devices, which in turn may reduce the product demand over the coming years.

Regional Overview: 

North America wearable medical technology market will dominate the global market throughout the forecast period. In terms of growth rate, the Asia Pacific wearable medical technology is anticipated to be the fastest growing region over the projected period. Increasing prevalence of various chronic diseases such as diabetes, along with increasing geriatric population in various countries like Japan will further aid the growth of Asia Pacific wearable medical technology market.

Competitive Overview:

Key players in the global wearable medical technology market include Philips Healthcare, Google Inc., Withings SA, Medtronic Plc, Intel Corporation, Gentag Inc., Winmedical Srl, Nuubo, Polar Electro, Omron Corporation, Intelesens Ltd., Sotera Wireless Inc. and LifeWatch AG.