Wearable Device Market to Grow to $5.8B by 2019: Research Group
Global market research firm Transparency Market Research estimates the global market for wearable medical devices will grow to $5.8 billion by 2019, up from $2 billion in 2012. This represents a growth rate of 16.4 percent in the forecast period of 2013 to 2019, the group said in its new report.
The report examines diagnostic wearable medical devices for observing vital signs, such as pulse oximetry, heart rate, electrocardiograms, blood pressure, fetal monitors and neuromonitors. Pain management devices, wearable glucose and insulin monitors, and respiratory devices such as CPAP also fall under the therapeutic wearable medical devices market segment.
The report says that while the market of smart gadgets such as Google Glass or Apple Watch will continue to grow, the largest share of sales have been in the fitness monitoring industry. These devices are used by patients, people concerned about their fitness and athletes, Transparency said.
Modern day devices are easy to handle and interpret, and many have merged with the tele-radiology and telemedicine arenas, allowing patients to detect and monitor changes in their body, spurring the growth of the market. The market is extremely fashionable and fickle, however, putting emphasis on ergonomics and aesthetics of medical devices, the group said.
The North American market commands the largest market share, with 44 percent of the total market, the firm said. — Kellen Owings
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