Global wearable medical device market likely to grow at a CAGR of 17.7% during 2015-2020
According to a report published by Research and markets, the global wearable devices market is expected to cross USD 7.8 billion in 2023 by growing at a CAGR of 17.7% over 2015-2020. Currently, monitoring and feedback solutions dominate the global wearable medical devices market with a 70% share. In countries like India, Brazil and Mexico, adoption of new technology is slower due to high costs of devices, reimbursement issues and a lack of awareness. The key aspects driving the growth of the market include a huge number of ongoing projects and innovations in the healthcare and electronics sector, rise in the incidence of chronic diseases, rise in spending and increasing use of medical devices, which altogether led to growing adoption of technology. Some of the key players in the global wearable devices market are Medtronic plc, DePuy Synthes, Stryker Corporation, NuVasive, Inc., Globus Medical, Inc., Arthrex, Inc., B. Braun Melsungen AG, CONMED Corporation, Smith & Nephew plc, Zimmer Biomet, Orthofix International, Spinal Technology, Inc., and ReWalk Robotics.