The increasing trend of connectivity, as well as the spread of the Internet of Things (IoT) and its proliferation throughout wearable devices is expected to drive the growth of the wearable medical device market globally.
After the gradual integration of IoT technology in recent years, wearable devices are now capable of advanced remote monitoring of vital signs and health statistics.
This has led to the development of remote patient monitoring (RPM) devices, which have seen a strong demand as the number of people with chronic medical conditions and the geriatric population are both growing.
In the long run, IoT can help provide the public with better control over their health outcomes.
This is due to the use of RPM devices, which can improve the management of chronic diseases by measuring critical risk indicators, such as glucose, blood pressure and others.
RPM also has various benefits for end users and hospitals, such as low cost of healthcare, the reduction of extended hospitalisation as well as fewer doctor appointments.
Overall, the global wearable medical device market size is expected to reach $29.6 Billion by 2026 and at a Compound Annual Growth Rate (CAGR) of 17.7%, according to Transparency Market Research.
A major component of this market is the demand for blood glucose monitoring devices, which are used for effective diabetes diagnosis and treatment.
Among the advancements made in blood glucose level monitoring technology is the development of continuous glucose monitoring (CGM) devices, which were designed to help track glucose levels in the interstitial fluid as a basis for improving metabolic control and contribute to better diabetes management.
CGM devices can be used by both Type 1 and Type 2 diabetics, although they are primarily used by Type 1 diabetics due to the critical need for tight glucose control.
However, they are also often utilised by younger users to reduce A1C without increasing hypoglycemia, or those suffer from frequent lows and potentially dangerous night time hypoglycemia.
Overall, the global market for continuous glucose monitoring devices is estimated to reach USD 6.1 Billion by 2025 while expanding at a CAGR of 17.8% over the forecast period and being driven by a growing aging population, a rising diabetes population and pressure to cut health-care costs, according to data provided by iHealthcareAnalyst, Inc.