Medical wearables market forecast to surpass $29 billion by 2026

By: 
April 25, 2019
Global market forecast for medical wearables
Image courtesy Transparency Market Research.

The market for wearable medical devices is forecast to continue to surge, with one recently published report predicting that it will expand at a compound annual growth rate (CAGR) of more than 17% through 2026. The report from Transparency Market Research (TMR; Albany, NY) pegged the market at $6.8 billion in 2017 and projects that it will surpass $29 billion by the middle of the next decade.

Although North America and Europe dominate the medical wearables market, owing to innovation from key companies located there and a relatively high rate of user adoption, the development of an advanced healthcare infrastructure in Asia Pacific will have a knock-on effect on its wearables market. TMR projects a CAGR for that part of the world exceeding 18% through 2026.

Aside from fitness trackers, the use of medical wearables is largely driven by patients suffering from chronic conditions. In particular, demand for glucose and cardiovascular monitoring devices is soaring. According to the International Diabetes Federation, one out of eleven adults is diabetic, and diabetic patients are also at risk of premature death caused by cardiovascular disease.

Although Asia Pacific countries have a large diabetic population, the cost of wearable medical devices is a significant barrier to adoption in some of those countries as well as developing economies around the world, noted the TMR report.

For more information and to request a free sample of the report or to purchase it, go to the TMR website.

FDA clears Current Health's in-home patient monitor

One medical wearable that is making news at the moment is a device developed by Current Health (Edinburgh) that tracks more vital signs than any other all-in-one wearable on the market, according to the company. The product received FDA clearance for in-home use this week; it previously received Class II clearance for use in the hospital.

The passive device is worn on the upper arm and tracks the patient's respiration and pulse rates, skin temperature, posture, and motion and activity with ICU-level accuracy, according to Current Health. Data is transmitted to healthcare providers via WiFi and the system can generate alerts, as needed, which are routed to the appropriate provider. On the patient side, a "chatbot," powered by over 100 disease pathways, engages directly with the patient to capture symptoms, said the company in a press release. The patient-facing tablet incorporates secure text messaging and a video consultation feature.

The company has partnered with Mount Sinai and Banner Health in the United States and several NHS Trusts in the United Kingdom, which benefit from reduced patient readmissions and improved clinical workflow. Current Health cited one NHS Trust that was able to reduce unnecessary home visits by 22% and re-prioritize patient visits based on criticality.

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