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Market Analysis
Overview
The global wearable medical device market size was valued at USD 10.3 billion in 2018.
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The market is expected to surpass $29 billion by 2026, according to a report from Transparency Market Research (TMR), expanding at a projected compound annual growth rate (CAGR) of more than 17% over the next seven years.
A new study by Juniper Research has found that by 2023, wearables such as, health trackers and remote patient monitoring devices will become ‘must haves’ and spend $20 billion annually
The wearables market is set to triple in size in the next five years and become worth over $25 billion, according to industry analyst firm, CCS Insight. ... “Smartwatches will remain the main source of wearables revenue.” states Ben Wood, CCS Insight's Chief of Research.
The smart wearable market was valued at 216.18 million units in 2019 and is expected to reach 614.31 million units by 2025, at a CAGR of 19.1% over the forecast period 2020 - 2025
3.8 million U.S. children and teens utilized wearable devices in 2019. 25 million wearable device units were sold to children in China in 2019.
CCS Insight believes growing adoption of basic cellular-enabled watches, predominantly aimed at kids, is an important factor in the wearables market. The demand for these devices is especially strong in China and there are signs of interest in other regions, despite modest uptake so far, partly because of privacy concerns.
