North America is the largest region for wearable medical devices. It’s expected to reach $13.2 billion in revenue by 2023. The Asia-Pacific region’s unmet need for healthcare technology and the growing geriatric population give it the greatest potential for growth.
via BCC Research
New findings from Juniper Research reveal that wearables, including health trackers and remote patient monitoring devices, are set to become ‘must haves’ in delivering healthcare, with $20 billion forecast to be spent annually on these devices by 2023.
According to the latest worldwide market study by Juniper Research, there will be an estimated 417 million hearables in use by 2022. This includes fitness-focused devices, hearing augmentation and purely audio-focused devices.
Global shipments of wearable devices are forecast to reach 125.3 million units in 2018, that’s up 8.5% from 2017. The growing popularity of smartwatches and greater wearables adoption in emerging markets will combine to produce a five-year compound annual growth rate (CAGR) of 11% with shipments reaching 189.9 million units in 2022.
Growth continued in the global wearables market during the second quarter of 2018 as shipments reached 27.9 million units — that’s up 5.5% from the previous year. The market experienced similar revenue gains, growing by 8.3% year-over-year to $4.8 billion, fueled by the popularity of smartwatches.
The worldwide wearables market took another step forward in the third quarter of 2017 (3Q17) with total shipment volume reaching 26.3 million units, that’s up by 7.3 percent year over year, according to the International Data Corporation (IDC).
ABI Research forecasts enterprise retail wearable shipments will reach nearly 10 million in 2022, increasing from just 2 million in 2017 — that’s a compound annual growth rate (CAGR) of 38 percent.
Source: Digital Lifescapes