Market research: Wearables market to reach $10.7 billion worldwide by 2023

ALBANY, N.Y. - According to a new market report published by Transparency Market Research, the global wearable medical devices market is projected to expand at a high compound annual growth rate of 16.4 % from 2015 to 2023 to reach $10.7 billion in 2023.

 

Rise in chronic diseases and need for advanced treatment, increase in awareness about health and large number of innovators and early adopters ensuring faster market penetration are likely to fuel the growth of this market in the near future, Transparency noted. 

 

Heart rate monitor was the largest product segment of the market in 2014. The wearable fetal monitor segment is likely to expand at the highest CAGR during the forecast period. Key factors attributed to the high growth of the sub-segment are rise in the incidence of chronic diseases, ease of use, increase in obesity among the population and growing awareness about fitness.