Wearable Medical Device Industry Status and Trend Report by 2026

Posted by Nicky Arora on January 9th, 2020

The global Wearable Medical Devices Market size is expected to reach USD 66.8 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to progress at a CAGR of 26.1% during the forecast period. Rising demand for advanced products as well as continuous health monitoring is fueling the growth.

High prevalence of obesity coupled with rising awareness about physical fitness is encouraging people to go for workouts and adopt other fitness-related activities. Wearable devices such as smart bands and smartwatches help monitor fitness parameters including calories burned, footstep count, and walking distance. Moreover, manufacturers of these devices offer guidance from experts who are certified dietician or nutrition. Hence, this business model is also generating hefty demand for these products.

Companies such as Google, Fitbit, Apple, and Nike are working towards the launch of new innovative products, which is anticipated to boost growth of wearable medical devices market over the forecast period. Smart watches and wristbands are the current focal point of product development and innovation, leading to their abundant availability. For instance, HealthPatch, a product of Vital Connect, was launched in March 2014. This adhesive patch that can be placed on the chest to regulate biometrics such as heart rate, skin temperature, body posture, and activities like the number of steps walked.