According to a new market research study titled ‘Wearable Medical Devices Market – Global Analysis and Forecasts By Device Type and Application. The global wearable medical devices market is expected to reach US$ 23,310.9 Mn in 2025 from US$ 6,231.7 Mn in 2017. The market is estimated to grow with a CAGR of 18.1% from 2018-2025. The report highlights the trends prevalent in the global wearable medical devices market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to increasing prevalence of chronic diseases as well as the rise in the number of geriatric population, however, the various product recalls is hindering the market.

The elderly population is defined as group of people aged 65 and over. Population ageing is poised to become one of the most significant social transformations of the twenty-first century. The number of geriatric population has been increasing rapidly across the globe. According to the data published by the United Nations, in 2017, there were an estimated 962 million people aged 60 or over in the world, which comprised of 13 per cent of the global population. The geriatric population is estimated to grow at a rate of 3% every year.

The geriatric population in the North America in 2015 were approximate to 15% and is estimated to grow 22% by 2050, the elderly population in 2015 were approximate to the 17% and is expected to reach 27% by 2050, and similarly the data was given for the Asia Pacific which revealed that the geriatric population was near about 8% and is expected to double with 9% by 2050.

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While the performance and functionality of the sensors are key factors for health and fitness applications, they are of critical importance for wearables classified as medical devices. These products risk a recall by the U.S. Food and Drug Administration (FDA) and/or Health Canada if they provide inaccurate readings. Some wearables currently on the market have produced noticeably incorrect data, leading consumers to question the utility of the devices. One product that has generated this type of user complaint is the Nike+ FuelBand, which “undercounts or over counts certain types of activity.

Some of the prominent players operating in wearable medical devices market are Xiaomi Technology Co., Ltd, Samsung Electronics Co., Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., HUAWEI Technologies Co., Polar Electro, Omron Corporation, Activinsights Ltd., and VitalConnect. The market players have been focusing towards strengthening their customer base in order to hold a better position in the overall market. For instance, in May 2018, FitBit, Inc. expanded the availability of its products in the Indonesian as well as the Vietnamese market. This has helped the company to have a strong presence in the Asian countries.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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