Global Market for Wearable Medical Devices Could Reach $24 Billion in 2016

Global shipments of wearable medical devices will surpass 106 million in 2016, according to a report from Future Market Insights. Revenues are said to be expected to approach $24 billion, a year-on-year growth of 4.8% over 2015, 

Sleep apnea devices will continue to be the highest-selling wearable therapeutic medical device, with total shipments expected to reach 34,008,685 in 2016. The report states that increasing prevalence of diseases that require round-the-clock monitoring will continue to ramp up demand in 2016. Availability of compact, smartphone-compatible devices is also expected to boost adoption. 

Although the average selling price of these devices is expected to witness a decline in 2016, high price still remains a key constraint for many patients. As technology makes further headway and competition become more intense, wearable medical devices are anticipated to become more affordable in the future.

Wearable monitoring and diagnostic devices will continue to witness the highest demand in 2016, followed by wearable therapeutic medical devices, states the report. Patient monitoring, home healthcare, and health & fitness will continue to remain the key end-use application segments of the market. 

The report can be accessed here: http://www.futuremarketinsights.com/toc/rep-gb-826