Wearable Medical Devices Market Global Industry Analysis, Size, Share, Trends, Forecast, 2014 –2022f
The global market for wearable medical devices was valued at USD 3.1 billion in 2014 and is expected to reach USD XX billion in 2022f, growing at a CAGR of XX% during the forecast period of 2016e to 2022f. Wearable technology devices form a major part of the Internet-of-Things (IoT), and are predicted to have a significant influence on the fields of fitness, medicine, disabilities, education, transportation, gaming and entertainment.
The increasing demand of industries such as remote patient monitoring devices and home healthcare is expected to propel the demand for wearable medical devices. Furthermore, increasing focus on fitness, growing awareness among the population, rise in base of aging population, and a healthy lifestyle orientation are also expected to impact the Wearable Medical Device Market
Straps and headbands are the most common application areas of wearable medical devices. The top three companies with the highest number of patents and patent applications are Microsoft, Philips, and Alphabet. Microsoft is at the top with around 750 patents/patent applications, out of which 437 patents are high quality. Geographically, the US has seen the maximum number ofpatent filings in the domain of wearable technology, followed by China, Japan and Korea.