As per the research report titled ‘Global Military Wearable Medical Device Market Size study, By Application (Heart Monitor, Performance Monitor) and Regional Forecasts 2021-2027’, available with the MarketStudyReport, global military wearable medical device market was evaluated at USD 5.7 billion in 2020 and is expected to witness a 30.1% CAGR during the study, eventually reaching USD 36 billion in valuation by the year 2027.
 

The rising adoption of advanced technologies and the ability of the product to withstand high impact are major factors fueling the growth of global wearable medical device market during the study period. Focus towards improving military performance is also boosting the demand for the product across the globe.
 

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Given the rapid technical breakthroughs in the medical sector, Statista believes that smartwatch shipments is expected to reach 253 million by the year 2025. Thus, growing demand for smart devices are also contributing towards the overall market remuneration.
 

Apart from this, increased R&D investment in military activities have resulted in increased product penetration. On the contrary, fluctuating military budgets is likely to hamper the market growth over the forecast period. 
 

By application landscape, the industry is split into performance monitor and heart monitor segments.
 

The geographical reach of worldwide wearable medical device market extends into Europe (Germany, France, Italy, Spain, the U.K.), North America (the U.S, Canada), Asia-Pacific (India, China, Japan, Australia, South Korea), Latin America (Brazil, Mexico), and the rest of the world.
 

The report claims that North America is expected to account for the largest market share by the end of the projection period, primarily because of the increasing R&D activities and its widespread adoption in the medical sector. Strict training and military activities as well as technological advancements aimed at ensuring the safety of the soldiers are also fueling the regional market share. 
 

The major companies involved in the global wearable medical device industry are Zephyr Technology Corporation, Fitbit Inc., Samsung Electronics Co. Ltd., Apple Inc., GOQii, NeuroMetrix Inc., Garmin Ltd., ?ura Health Ltd., Polar Electro Oy, and Bittium Corporation.