According to this report Global Wearable medical devices Market was worth $4.57 billion in 2016 and estimated to be growing at a CAGR of 19.58%, to reach $11.18 billion by 2021.
The market is showcasing evident potential in the mentioned forecasting period.
The market continues to gain momentum with the rapid increase in adoption of these devices among patients and launch of technologically advanced, user friendly devices into the market. Lately, Google is working on a wrist-worn medical device which would have sensors to produce an ECG assessing the patterns and strength of the person’s heartbeat.
Wearable medical devices feature wireless data transmission, real time feedback, alerting mechanism and have easy and timely sensing abilities. The data generated by wearable medical devices is further analysed and is used by customers for a better health management.
Wearable medical devices are of several types like to detect glucose, diabetes, blood sugar, heart diseases, blood pressure ingestion, pain relief, brain activity, hydration, temperature, sleep etc.
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Enormous number of ongoing developments and innovations in the healthcare and electronics sector, rising spending capabilities and the ease of use of medical devices the rising incidences of chronic diseases amongst all demographics, all these factors have led to the increased adoption of the technology in turn increasing the growth. Wearable medical devices are facing challenges mainly in allocating cost effective monitoring to patients suffering from chronic disease such as Cancer and other blood diseases.
lack of awareness in the developing countries like Brazil, India, Mexico and others is leading to slower adoption of technology. These factors may act as growth hurdles for the wearable technology is certain regions.
Further, the privacy concerns concerning transmitting sensitive patient information and the need for miniaturized devices with long battery life are few challenges faced by the industry in current scenario.
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The Global market for Wearable medical devices is broadly categorized into Diagnostic Wearable Device Market (Electro Cardiographs, Sleep Monitoring devices, Heart Rate Monitors, Blood Pressure Monitors, Activity Monitors and Electro Encephalographs) and Therapeutic Wearable Device Market (Wearable Pain Management Devices, Glucose/Insulin Monitoring Devices, Wearable Respiratory Therapy Devices). Based on Application, the market is further segmented into Sports and Fitness, Home Healthcare and Patient Monitoring.
The remote patient monitoring market accounted for the highest revenue in 2015 while the sports and fitness market is expected to grow at the fastest rate. On the basis of geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific and Rest of the World.
The wearable medical devices market was dominated by North America, with the overall market share of over 40% globally. North America was followed by Europe and Asia-Pacific.
Asia Pacific is predicted to grow at a rapid pace in the coming few years.
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Some of the major companies dominating the market, by their products and services include Fitbit, Garmin, Jawbone, Polar Electro, Vital connect, Withings SAS, Zephyr Corporation, Basis Science, Omron Corporation, Drager, Lifewatch AG, Sotera Wireless, Abbott Laboratories and Nuubo.
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