The wearable medical device market is forecasted to more than double in the next five years, from $6.22 billion in 2017 to over $14 billion in 2022. During the same period, ReportsNReports.com predicts a CAGR of 18.3%.
The growth in the market will be “driven by the technological advances in medical devices, increasing penetration of smartphones and growing number of smartphone-based healthcare apps compatible with wearable devices and growing preference for wireless connectivity among healthcare providers and increasing awareness about physical fitness,” according to a company announcement.
The diagnostic and monitoring devices segment will achieve the highest CAGR due to growth of chronic and lifestyle diseases and need for more monitoring and data sharing, but also, expect sizeable expansion of therapeutic devices.
“During the forecast period, the sports and fitness segment is expected to grow at the highest CAGR. This growth is mainly due to the increasing focus on physical fitness among people to improve the quality of life and growing trend of tracking health progress on a continuous basis,” notes the report.