Future Market Insights released new data on wearable medical devices this month, predicting the global market will reach $24 million in revenue by the end of 2016.
Here are four things to know about the wearable device market:
- A major reason for the increased popularity of wearable medical devices stems from the flexibility the devices offer to patients with diseases that require 24-7 monitoring.
- The main obstacle for these devices is high cost. However, analysts expect competition to grow and consequently drive down prices, making the devices more affordable.
- The leading player in the wearable medical device market is San Francisco-based Fitbit. Currently, the company's devices act more as fitness trackers than medical devices. However, Fitbit announced in April that it would enter the medical device market, opening the company up to regulation from the Food and Drug Administration.
- Other companies dominating the market including Minneapolis-based Medtronic, Munich-based Siemens AG, and Amsterdam-based Phillips.
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