The market for wearable medical devices is set to explode in the coming years amid the increasing adoption of artificial intelligence and 5G, the embrace of self-monitoring of health conditions and the predilection for home healthcare, a study by Growth Plus Reports found.
The industry is expected to grow to $132.5 billion by 2031, up from $18 billion in 2020, according to a June 17 news release. The sector is segmented into monitoring and diagnostic devices, which track things such as vital signs, sleep and the nervous system, and therapeutic devices for care including pain management, respiratory therapy and rehabilitation.
"Factors such as the increasing prevalence of lifestyle-related diseases, growing awareness about fitness and health among the population globally and increasing wearable monitoring product launches have played a key role in driving the segmental growth," the release said.
Here are 10 of the top players in the market, according to Growth Plus Reports:
- Philips
- Apple
- Fitbit
- Omron Healthcare
- Medtronic
- Garmin
- GE Healthcare
- Sotera Wireless
- BioTelemetry
- Dexcom