Wearable Medical Devices Market is expected to reach USD 85.6 billion by 2027

IndustryPRwire -- The global Wearable Medical Devices market size is expected to reach USD 85.6 billion by 2027 according to a new study by Polaris Market Research

Wearable medical devices are defined as the autonomous devices worn by the individual to provide medical or fitness monitoring and support over a period of time. They are either worn as a body accessory or being embedded in cloth or shoes. They incorporate non-invasive sensors, wireless transmission, real time data processing capabilities, and also provide medical feedback.

Recent developments in wearable medical devices include alert mechanisms, decision support systems, and real time analysis. These wearables offer point of care, and remote management for rehabilitating individuals, disabled and chronically ill.

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The prominent factors favoring the wearable medical devices market growth include an increase in the prevalence of lifestyle-related diseases, consumer awareness towards fitness, and advancement in technology and medical innovation with ever increasing interest of consumer electronic companies. According to the study published by the International Diabetes Federation (IDF), in 2015, there were approximately 415 million diabetic people and it is expected to increase to 640 million by 2040. The high prevalence of diabetes is an important driver boosting market growth.

With a spike in infectious diseases over the past decade, the Stanford Healthcare Innovation Lab (SHIL) set up a team to study the impact of wearables to track infectious diseases. Moreover, in April 2020, Scripps Research Translational Institute (SRTI) launched DETECT, under which data from activity trackers and smart watches would be integrated into public health surveillance program for proactive disease tracking and population health programs.

Market participants such as 

  • Medtronic plc
  • OMRON Corp
  • Biotelemetry Inc
  • Apple, Inc
  • Koninklijke Philips
  • Dexcom Inc
  • Abbott Laboratories
  • Verily Life Sciences
  • GE Healthcare
  • Bio-Beat Technologies
  • Masimo Corporation
  • iRhythm Technologies
  • Preventice Solutions
  • CONTEC Medical Systems Co. Ltd
  • VitalConnect
  • Minttihealth
  • Biotricity Inc
  • Cyrcadia Asia Limited
  • Garmin Ltd
  • Xiaomi Technologies
  • ten3T healthcare
  • Fitbit, Inc
  • Huawei Corporation

Players in the market are focusing on developing low cost wearable accessible to all strata of the population within the geographic footprint. In line with this, India based Muse Wearables is manufacturing a wrist based wearable tracker at a cost of INR 3,500. With this, it will continuously monitor skin temperature, blood O2 saturation levels, and heart rate to track body vital signs to diagnose COVID-19 symptoms in early stages. The device is Bluetooth enabled and could be connected via ‘Muse Health App’.

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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