Wearable medical device market to hit £20bn by 2022, research argues
Research and Markets has forecast that the global wearable medical device market will reach $27.8 billion (£19.8bn) by 2022.
According to the report, the market growth will be driven by rising prevalence of medical conditions such as hypertension and obesity. A sedentary lifestyle will also boost the demand for such devices, as well growing health awareness.
The demand for wearable technology will also grow, driven by rising incidences of diabetes and other chronic conditions that require constant, round-the-clock monitoring, according to the report. During the forecast period, technological innovation will be vital for the industry's growth. Smart clothing, bands and watches are expected to be key development areas. Technological growth will be driven by the growing penetration of smart phones.
However, the report also highlights market growth challenges, including complexity of engineering and concerns regarding patient privacy and security. North America was the dominant market with an around 40% market share, due to the rising per capita income in the region and rising healthcare spending. The advanced healthcare infrastructure and presence of OEMs in the region are also significant factors. Asia Pacific is set to grow rapidly at around 32%.
The report is available for purchase here.
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