According to the report “Global Wearable Medical Devices Market,” published by Market Data Forecast, the global market is projected to reach USD 11.18 billion by 2021 from USD 4.57 billion in 2016, at a CAGR of 19.58% from 2016 to 2021.The term wearable medical device describes autonomous devices that are worn by a person and provide medical monitoring or support over a prolonged period of time. Their distinguishing characteristic is that they are worn either as an accessory or are embedded into clothing. Such devices normally incorporate non-invasive physiological sensors, data processing modules, medical feedback, and wireless data transmission capabilities. They are small, light, unobtrusive, and designed for operation by unskilled users. Current developments include real-time feedback, alerting mechanisms, medical decision support, and wireless access to information. Wearable medical devices offer the supporting hardware for dealing with the emerging medical trend of delivering point-of-care service, unconfined medical monitoring and support, and assisting in the remote management of medical conditions for rehabilitating patients, the chronically ill, and the disabled.
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Global Wearable Medical Devices Market: Drivers & Restraints
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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Global Wearable Medical Devices market: Segmentation
By Diagnostic Wearable Devices
- Wearable Electro Cardiographs
- Wearable Sleep Monitoring devices
- Heart Rate Monitors
- Blood Pressure Monitors
- Activity Monitors
- Electro Encephalographs
By Therapeutic Wearable Devices
- Pain Management Devices
- Glucose/Insulin Monitoring Devices
- Respiratory Therapy Devices
- Sports and Fitness
- Home Healthcare
- Patient Monitoring
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Global Wearable Medical Devices market: Overview
The diagnostic wearable medical devices market is envisaged to witness tremendous growth and will post a CAGR of more than 19% over the forecast period. Diagnostic wearables provide real-time health information, thus allowing the end users to have complete control over their health and well-being. Moreover, these wearable fitness devices help the users make decisions on issues affecting their bodies, enabling early diagnosis of chronic diseases. Also, health tracking devices and biosensing clothing, such as Heddoko and Hexoskin, offer detailed information on the part of the body that is experiencing discomfort and exerting high pressure. This helps athletes and sports persons to avoid serious injuries. Furthermore, wearable devices also help individuals monitor and track calorie intake and keep a track of their sleep pattern. The growing emphasis and importance on early diagnosis and preventive medication will result in the augmented adoption of diagnostic wearable medical devices in the future.
The miniaturization of diagnostic wearables is one of the emerging trends spurring the growth prospects of this market during the predicted period. There has been an increasing focus on the development of smaller, more reliable, and more energy-efficient devices compared to the previous generations of wearables. For instance, a new ingestible tablet embedded with a sensor the size of a grain of salt was developed recently. This sensor is coupled with a wearable transmitter to monitor the physiological conditions and the intake of medications. Moreover, the miniaturization of wearable health devices is anticipated to have a positive impact on the rapidly growing IoT market. The advances in the IoT technology will enable future health systems to use wearables to establish connections and come up with standard solutions for diverse medical conditions.
Global Wearable Medical Devices market: Region-wise Outlook
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.
Key Questions Answered
- What is the current and future Wearable Medical Devices market outlook worldwide? What trends are affecting the Global market?
- What is the competitive landscape and market share of major players in the Wearable Medical Devices space globally?
- What are the key, high growth markets that Wearable Medical Devices manufacturers should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Wearable Medical Devices currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook Wearable Medical Devices?
- What are the challenges and barriers that have hindered widespread adoption of Wearable Medical Devices?
Global Wearable Medical Devices market: Key Players
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.
Reasons to buy Global Wearable Medical Devices market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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