According to TMR, the large number of regional players makes for a highly competitive landscape. Smaller players are constantly pushing innovative boundaries in order to gain market share, while the larger names enjoy a greater amount of consumers’ trust and have a strong distribution chain.
The primary users of wearable medical devices are patients and athletes. As the technologies advanced and became more cost-effective, these devices began trickling towards fitness enthusiasts and also became commercially available to common consumers for basic fitness and sleep monitoring purposes. Current areas of focus for designers and developers lie largely in aesthetics, along with focus on weight, cost, ergonomics, and waterproofing.
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Additionally, players are working to incorporate wireless telecommunications technology to make wearable medical devices ‘smarter’ in their communication with smartphones and other connected electronic devices. Advanced data analytic systems and storage are allowing users to store larger periods of data and apply long term analytics to chalk out their overall progress against chronic diseases, fitness, and physical gains.
The key driver for the growth of wearable medical devices sales for now is the reduction in prices of consumer electronics and wearable technologies. They are rapidly becoming affordable and commercially available to wider economic demographics or income groups. The global wearable medical devices market is progressing at a highly optimistic CAGR of 16.4% from 2013 to 2019.
High Innovation Rate and Growing Patient Pool Drive Wearable Medical Devices Sales
“The two key drivers that players in the wearable medical devices can latch on to are the giant scope of innovation and the growing number of people that need these devices,” states a TMR expert. “Market penetration is, however, easier said than done, due to the large number of players that already exist on regional and global scales. But despite these numbers, the right kind of innovative effort can bring about major success for new entrants in wearable medical devices.”
Companies are generally providing devices for two types of customers. The first is the wealthy, tech-savvy consumer who is highly conscious about his/her health, and the second type comes from a lower economic bracket and is looking for cheaper devices that provide basic utilities. Targeting both audiences can prove to be successful with the right kind of products and concepts, and will additionally depend on the region in which a player wishes to hold base.
At the same time, the sales of wearable medical devices are consistently driven by a growing global population that comes with a higher percentage of the elderly and patient pool with chronic diseases. Those suffering from issues such as diabetes are showing a high demand for fitness trackers and other wearable medical devices that can help them keep track of their physical health.