Last updated on December 8th, 2022 at 02:22 pm
They call Apple one of the main market participants
Technavio analysts have prepared a forecast for the global wearable medical device market. According to their forecast, in the period from 2020 to 2024, the specified market in monetary terms will grow by $ 10.24 billion. This figure corresponds to average growth of 10% per year over the period under review. This year, growth is projected at 13.88%.
TechNavio analysts predict stable growth in the market for wearable medical devices in the coming years
Wearable medical devices were sold for $ 16.85 billion in 2019, according to Technavio. If the above forecast comes true, the market will reach $ 27.09 billion in 2024.
While the COVID-19 pandemic continues to impact the development of various industries, analysts said the impact is patchy. While demand is falling in some industries, there is no negative effect on others. There are also those where growth prospects are associated with the pandemic. In particular, the wearable therapeutic medical device segment is expected to become the leading market segment during the forecast period.
Analysts include Alphabet, Apple, BioTelemetry, Demant, Garmin, General Electric, Koninklijke Philips, Medtronic, OMRON, and Sonova Group among the main market participants.