The Global Wearable Medical Device Market is expected to grow with a CAGR of 18% during the forecasted period 2017-2023.
The Global Wearable Medical Device Market generated near around USD 2 billion during 2016 and is expected to reach approximately USD 6 billion by the end of the forecasted period. Wearable medical devices have become a trend among youth today. People are now concerned about their health and fitness. These devices keep a track of number of activities performed by an individual, for instance, number of steps taken while walking. Extensive use of fitness trackers by adults and strict regulations governing standards for the manufacturing of medical devices also boost the demand for wearable medical devices. Prominent market players are now targeting the youth by product differentiation and selling the devices at affordable prices.
The wearable devices are generally used in hospitals, at home and by individual person for his or her personal fitness. The wearable devices are easy to use and provide individual real time information about the heart rate, blood pressure, weight, sleeping and other such information related to health and maintain life healthy in various ways. In August 2016, Philips launched a new line of wearable health devices listed with the FDA.
Furthermore, innovation and advancements in wearable technology, especially miniaturization of sensor technology, wireless communication technology, and wearable computational technology trigger the development of small, durable, comfortable, safe and low cost wearable medical devices. The miniaturization of wearable devices has also enabled clinical monitoring beyond the hospital area, in the home or during outdoor activities. In May 2015, Bayer Material Science LLC launched a new polycarbonate blend for wearable medical devices. This device can perform a variety of important tasks, such as monitoring vital signs or delivering drugs.
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China is the largest market for these devices due to increasing awareness regarding fitness and health, technological advancement and increasing prevalence of diabetes and heart diseases. According to the World Health Organization, the number of annual cardiovascular events account to 41% of total deaths in China, while number of diabetic patients in India was about 65 million in 2016, which will reach to 101 million by 2030.
Wearable medical devices market is flourishing and is expected to continue its speedy growth due to changing lifestyle of people, increasing prevalence of obesity and diabetes and growing awareness about health. According to the International Diabetes Federation, about 420 million adult population worldwide was suffering from diabetes in 2016, which is increasing at the rate of 8.4% per year and is expected to reach 625 million by 2040. High cost of fitness trackers may restrain the market growth.
Regional Analysis of Wearable Medical Device
Asia Pacific is showing great growth potential in the wearable medical device market in the forecasted period. Increasing awareness among individuals, increasing income and rising fitness and healthcare concern across the globe is resulting in the growth the Wearable Medical Device market. North America and Europe are other significant markets for the market due to technological advancements.
Some of the key players in the wearable Medical Device market are: Fitbit Inc., Garmin, Vital Connect, Omron Corp., Sotera Wireless, Jawbone, Pebble Technology Corp., Basis Science Inc., Withings, Intelesens Ltd., Covidien Plc, LifeWatch AG, Polar Electro, Philips Electronics, and Everist Genomics.
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Key Questions Answered In This Report
- What will the market size and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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