According to the Polaris Market, the estimated size of wearable devices in the medical market in 2027 is 85.6 billion dollars. The report gives an insight into the dynamics of the current market as well as a detailed analysis of the expected growth of the market.
Wearable medical equipment include the devices worn by people to provide information on fitness or support. They may be accessories or embedded in clothes. They function via wireless transmission, non-invasive sensors, and data processing. Medical feedback is provided.
Recently, there have been developments in these wearables, including analysis in real-time, alert mechanisms, and decision support systems. They offer remote management for people in rehabilitation as well as people who are chronically ill or disabled.
Factors of Growth
The main factors that are causing this market’s growth are the following: the increase of fitness awareness, technological advancement, increasing cases of lifestyle-related illnesses, and medical innovations by electronic companies.
Some of the most prominent market players engaging wearable devices are OMRON Corp., Apple, Inc., Garmin Ltd, Fitbit, Inc., Xiaomi Technologies, and Huawei Corporation. What most of these companies have in common is their focus on creating affordable yet functional and stylish wearable devices.