The global medical wearable devices market was worth more than USD 3.2 billion in revenue in 2015 and is expected to cross USD 7.9 billion in 2020, growing at a healthy CAGR of 19.8% during the forecast period.
Wearable medical devices are defined as devices with sensors attached to the body that detect and monitor changes in body signatures of various areas and organs. The growth of the global wearable device is driven by several factors, the most important being the technological innovation.
Global Wearable Devices Market- Market Dynamics
At present, the potential socio-economic benefits of wearable devices are large for multiple sectors. For instance, with fitness wearable devices driving the users to exercise, wearable technology can significantly reduce healthcare costs. Investors have started investing in projects ranging from apps to various sensors.
The manufacturers are incorporating advanced sensors and as the size and cost of these sensors decrease, they are incorporated more and more, expanding the range of wearable devices.
The study lists several factors driving the global wearable devices market towards growth. Some of these are listed below.
Technological innovations and advancements leading to introduction of new products
Increasing incidences of chronic diseases and diabetes patients
Ease of use and interpretation of medical devices
Market penetration of smartphones and smart watches(The worldwide smart watches shipments are expected to reach 25 million units in 2015)
Some of the factors restraining the market are:
High cost of the devices
The report segments the market into global diagnostic wearable devices market and global therapeutic wearable devices market. Both the above segments are further divided based on applications and geography. The product type segment has been further categorized into various types of diagnostic and surgical devices, along with vision care products.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Asia-Pacific shows potential due to increasing technological innovations and rising per capita income and a growing economy.
Companies are exploiting the nascent interests and are focusing on creating affordable products offering greater value to both users and their healthcare partners.
Some of the key players in the market are:
Key Deliverables in the Study
Market analysis for the wearable medical devices market, with region-specific assessments and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global wearable medical devices market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions where this industry is blooming and to also identify the regions that are still untapped.
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