Zion Research has published a new report titled “Wearable Medical Devices Market (Monitoring and Diagnostic Wearable Device, Wearable Vital Sign Monitors, Therapeutic Wearable Device, Wearable Rehabilitation Devices and Health & Fitness Devices) For Sports and Fitness, Remote Patient Monitoring, Home Healthcare Applications – Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020.” According to the report, the global wearable medical devices market was valued at USD 3.50 billion in 2014 and is expected to generate revenue of around USD 7.80 billion in 2020, growing at a CAGR of over 15% between 2015 and 2020.
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A wearable medical device can be defined as a biosensor that monitors physiological data, generally using remote or wireless communication, as part of any wearable device that attaches to the human body. Activity monitors, smart watches, smart clothing and patches are some of the major example of wearable medical devices. Most wearable medical devices have been developed with focus on the exercise and activities like walking, jogging, muscle activity and calories burned, heart rate, etc. Wearable medical devices are used for various types of physiological measurements such as blood pressure, brain activity, continuous glucose, temperature, infant care, skin conductance, sleep, etc.
Wearable medical devices market is driven by more functionality and separate capability like being able to operate without a smartphone or other external device. This has been resulted into increase in consumer acceptance. With increasing health consciousness among people, rising chronic diseases such as diabetes, and inclining healthcare expenditure, the demand for wearable medical device is expected to witness outstanding growth in the years to come. Moreover, rising per capita income, accuracy of monitoring devices coupled with portability is driving wearable medical device market. However, wearable medical device market is expected to witness major challenges such as high cost of wearable medical devices, unfavorable reimbursement policies, data security issues and most importantly adverse government regulations.
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On the basis of product segment wearable medical devices market can be segmented as monitoring and diagnostic wearable device, wearable vital sign monitors, therapeutic wearable device, wearable rehabilitation devices and health & fitness devices. Wearable medical devices market is dominated by monitoring and diagnostic wearable device in 2014. Heart rate monitors is important monitoring and diagnostic device. Activity monitors is one of the fastest growing segments in the market. Therapeutic wearable medical device is another growing segment of this market. Sports and fitness, remote patient monitoring and home healthcare are the key application of wearable medical device. Home healthcare is the leading market in wearable medical device. This can be attributed to the ease of use and the accuracy of these wearable devices.
The wearable medical devices market was dominated by North America, leading the overall market in 2014 with over 40% share in 2014. North America was followed by Europe and Asia-Pacific. Asia Pacific is also expected to grow at a rapid pace in the years to come. Increasing health awareness among end-users in emerging economies such as India and China is fuelling growth of wearable medical devices market in the region.
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Global wearable medical devices market is highly competitive, with the presence of well-established global market participants such as Basis Science, Inc., Corventis, Inc., Draeger, Everist Genomics, Inc., Fitbit, Inc., Intelesens Ltd., Garmin, Nuubo, Omron Corporation, Philips Electronics, Polar Electro, Recent Developments, Sotera Wireless, Withings, etc.
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