Global Wearable Medical Devices Market: Growth, Trends and Forecasts – By Product Type
The Global market for wearable medical devices is one of the fastest growing markets with a CAGR of 17.7% between 2014 and 2019 and is estimated to reach $8.3 billion by 2019. Wearable medical devices are non-invasive sensors that record vital signs such as heartbeat, pulse, skin temperature and blood pressure.
These devices have of late gained popularity not only in the healthcare set-ups but also in the Sports and fitness domain. The wearable electrocardiograms and heart monitors ensure early diagnosis and treatment of any heart disease and have revolutionized patient care and made it possible to monitor the patient’s medical condition from home. In the recent years, people have become more conscious about their health and well being which has increased the usage of fitness monitoring devices and hence escalating the wearable device market.These being personal care devices have a larger market.
The wearable medical device is segmented based on segment into diagnostic devices (wearable vital sign monitors, wearable fetal monitors and obstetric devices and wearable neuromonitoring devices), therapeutic devices (wearable pain management devices, insulin and glucose monitoring devices and respiratory therapy devices, by application (Sports and fitness, remote patient sensing and home healthcare) and by geography (North America, Europe, Asia-Pacific and Rest of the world).
The advancement not only in medical device technology but also mobile communication, wireless and information technology has brought out innovative devices making the technology popular. The increasing awareness and affordability have also contributed to the booming wearable medical device market. In recent years, there is an increased incidence of diseases like diabetes and cardiac dysfunction which require continuous monitoring of the patient condition making these devices a necessity in the day-to-day life. There is also increasing awareness of technology, healthcare and general wellbeing that will keep these devices in demand. The only constraints are the inability to handle the constant stream of data and storage of the large amount of data generated. Since the technology is fast advancing, the devices get replaced from the market quickly.
North America with USA holds the largest share of the market closely followed by Europe. This is because of the high per capita income makes these devices affordable in these countries. But Asian countries such as China, India and Japan have the fastest growing markets because of the fast emerging technology, the growing population and increasing availability of healthcare facilities. Some of the key players in the market are Draeger (Germany), Everist Health (USA), Intelesens Ltd (UK), LifeWatch AG (USA), Nuubo (Spain) and Polar Electro (Finland). The key players in the sports and fitness associated wearable device market are Google (USA), Apple (USA) and Fitbit (USA).