Future Market Insights recently studied the wearable medical devices market. Here are five things to know about market activity:
- Global wearable medical device revenues will reach almost $24 billion in 2016, a 4.8 percent growth rate from 2015.
- In 2016, global shipments of wearable medical devices will surpass 106 million.
- The main market growth factors are the increasing prevalence of diseases requiring round-the-clock monitoring and the availability of compact devices compatible with smartphones.
- Two of the largest players in the market are Minneapolis-based device maker Medtronic and San Francisco-based Fitbit.
- Currently, many patients hold back on purchasing wearable devices due to their high price. However, as technology grows and competition intensifies, researchers expect wearable medical devices to become more affordable in the U.S.
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