The global market for wearable medical devices will more than double by 2020, according to a Zion Research report. The report includes an analysis of wearable devices developed to monitor individuals in fitness, hospital and home healthcare application settings.
Among its findings, the report notes:
1. The global market for wearable medical devices reached $3.5 billion in 2014.
2. The market is expected to reach $7.8 billion by 2020, growing at a CAGR of more than 15 percent.
3. North America, which leads the wearable medical device market, had more than 40 percent of the market shares in 2014. North America was followed by Europe and Asia.
4. Asia's wearable medical device market is expected to grow in the coming years.
5. Although wearable medical devices have proved popular for monitoring blood pressure, brain activity and temperature, among other characteristics, the report raises concerns about unfavorable reimbursement policies and data security issues.