The global wearable medical devices market is likely to expand considerably in the coming years due to the incorporation of technologies such as the internet of things (IoT) and artificial intelligence (AI). According to a report published by Fortune Business Insights, titled “Wearable Medical Devices: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 24,571.8 Mn in 2018.
Fortune Business Insights states that the market will reach US$ 139,353.6 Mn by 2026, exhibiting a CAGR of 24.7%.
Key players leading the global Wearable Medical Devices Market include
- Ypsomed AG
- Sonova Group
- Hologic, Inc
- AiQ Smart Clothing
- NeuroMetrix, Inc.
- Siemens Healthcare GmbH
- SAMSUNG Electronics
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The rapid adoption of connected devices has created a subsequent demand for wearable medical devices across the world. The increasing incidence of chronic diseases has led to several innovations in healthcare delivery systems. The increasing demand for minimally invasive precision devices I fuelling the demand for wearable medical devices, globally. The advent of IoT-integrated devices has enabled companies to generate substantial wearable medical devices market revenue. IoT helps users keep track of monitored data and eliminates the need for hospital visits. The adoption of wearable devices is inclined towards the geriatric population. Subsequently, the growing geriatric population will create a massive platform for the growth of wearable medical devices market companies.
Increasing Regulatory Approvals to Emerge as the Catalysts for Market Growth
The soaring demand for wearable devices has resulted in approvals for several products by regulatory authorities, worldwide. As a result of several successful clinical trials, companies are constantly engaging in developing and manufacturing newer products due to the relaxation in product approvals in recent years.
Fortune Business Insights has predicted that increasing number of usage approvals will give significant impetus to the global wearable medical devices market. In May 2019, Nemaura bagged CE mark for a new wearable glucose monitoring device. The ‘SugarBEAT’ was a minimally non-invasive device and the efficacy of this device contributed to huge demand. Fortune Business Insights has predicted that an increasing number of regulatory approvals will prove a chief growth driver for the global wearable medical devices market in the coming years.
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Mergers and Acquisitions to Constitute Substantial Growth
The increasing number of mergers and acquisitions in recent years has offered massive growth opportunities to the companies involved, besides boosting the overall market. Mergers and acquisitions have enabled companies to generate a substantial amount of wearable medical device market revenue. The report highlights some of the most prominent collaborations between key market players.
In July 2018, CeQur announced the acquisition of Johnson and Johnson’s insulin delivery patch. CeQur announced that it has acquired a worldwide license for Johnson and Johnson’s ‘Calibra’ and expressed its intention to expand globally. Fortune Business Insights states that this merger and acquisition will have a positive impact on the global wearable medical devices market in the forthcoming years.