The global wearable medical devices market is expected to grow at a compound annual growth rate of 8.1 percent between 2015 and 2020, based on a Wise Guy Reports analysis, according to medGadget.
Here are six observations:
1. The global market is expected to be worth $8.44 billion by 2020, up from $5.7 billion in 2015.
2. Increasing healthcare expenditure, a growing awareness of wearable devices, rising demand for minimally invasive surgery and advancing implant technologies will spur market growth.
3. Costliness of new procedures and poor infrastructure will hinder the market, however.
4. The orthobiologics segment holds the most promise in the market, due to an increasing awareness of injuries in sports.
5. The Untied States, Europe and Japan account for three-fourths of the market, due to their large sporting cultures.
6. Smith & Nephew, Arthrex, össur, Stryker, Conmed, Zimmer Biomet, Breg, Mueller Sports Medicine, Tornier, Skins International Trading, Wright Medical Technology, DePuy Mitek, 3M Company Ace Brand, OttoBock Healthcare and DJO Global are key market players.