A Bright Future for the Wearable Medical Devices Market
According to a new market report
published by Transparency Market Research “Wearable
Medical Devices Market - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2015 - 2023”, the global wearable medical devices market
was valued at US$ 2,727.0 Mn in 2014 and is projected to expand at a high CAGR
of 16.4 % from 2015 to 2023 to reach US$ 10,697.0 Mn in 2023.
Wearable medical devices are
electronic devices that consist of one or more sensors and are embedded into
items that are easily attached to body parts such as arms, feet, head, and
waist. Wireless communication has become an essential part of recent medical
devices. Moreover, in the past few years, several companies have introduced
medical devices with advanced wireless communication technologies such as
medical radios and wireless sensor networks for in home monitoring, and
diagnosis. Integration of wireless connectivity into medical devices has
enabled remote patient monitoring, timely treatment, improved care providers,
that leads to a better health care system. Wearable medical devices resemble
eyeglasses, watch, clothing, jewelry, contact lenses, etc. These devices
generate appropriate data, which could be as simple as number of steps taken in
a day to complex data such as ECG measurement.
The global wearable medical
devices market has been bifurcated into devices and applications. The devices
segment comprises two sub-segments: diagnostic devices and therapeutic devices.
Diagnostic devices are further classified into heart rate monitors, activity
monitors, sleep monitor, electrocardiograph, fetal monitor and obstetric
devices, and neuromonitoring devices. Therapeutic devices have been further
classified into vital sign monitors, pain management devices, glucose insulin
monitoring devices, and respiratory therapy devices. The application segment
comprises of three major sub-segments: sports and fitness, remote patient
monitoring, and home health care. The market for these segments and
sub-segments has been extensively analyzed based on their utility,
effectiveness, sales, and geographic presence.
Rise in chronic diseases and need
for advanced treatment, increase in awareness about health, and large number of
innovators and early adopters ensuring faster market penetration are likely to
fuel the growth of this market in the near future. The wearable medical devices
market is projected to expand at a high CAGR of 16.4% during the forecast
period from 2015 to 2023. Additionally, , as per the article published in
Journal of diabetes, the large diabetic population is in Asia Pacific countries
such as China, Japan and India and Asian countries accounted for more than 60%
of the global diabetes population in 2012. This is likely to drive the wearable
medical device market in the region. However, factors such as reimbursement of
wearable medical devices and high cost of wearable devices can restrain the
growth of the wearable medical devices market. The report offers a detailed
analysis of this high growth and outlines a possible growth trajectory at
global as well as regional level in terms of value for each wearable medical
devices segment.
Heart rate monitor was the
largest product segment of the market in 2014. The wearable fetal monitor
segment is likely to expand at the highest CAGR during the forecast period. Key
factors attributed to the high growth of the sub-segment are rise in the incidence
of chronic diseases, ease of use, increase in obesity among the population, and
growing awareness about fitness. The report has been compiled in order to
update the stakeholders with the incumbent market dynamics through a graphical
illustration and in-depth analysis of major sub-segments for each region
considered in the study scope.
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Major
players operating in the global market include Cleveland Medical Devices, Inc.,
Corventis, Inc. (Medtronic plc.), Fitbit, Inc., Intelesens Ltd., Koninklijke
Philips N.V., LifeWatch AG, Nuubo, OMRON Corporation, Polar Electro, and Zephyr
Performance Systems (Medtronic plc.). The key market players are actively
involved in constant innovations and developments related to technology and application
to cater to the multi-dimensional needs of the end-users in order to maintain
their positions in the global market.
The global wearable medical
devices market has been segmented as follows:
Global
Wearable Medical Devices Market, by Diagnostic Device
·
Wearable
Vital Sign Monitors
o Wearable Heart Rate Monitor
o Wearable Activity Monitor
o Wearable Sleep Monitor
o Wearable
Electrocardiographs
o Others
·
Wearable
Fetal Monitors and Obstetric Devices
·
Wearable
Neuromonitoring Devices
o Electroencephalograph
o Electromyograph
Global
Wearable Medical Devices Market, by Therapeutic Device
·
Wearable
Pain Management Devices
·
Wearable
Glucose/Insulin Monitoring Devices
·
Wearable
Respiratory Therapy Devices
Global
Wearable Medical Devices Market, by Geography
·
North
America
o U.S.
o Canada
·
Europe
o U.K.
o Germany
o Rest of the Europe
·
Asia
Pacific (APAC)
o China
o Japan
o Rest of the APAC
·
Rest
of World
o Middle East
o Africa
o Latin America
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