MRFR is Leading Research Firm who recently published “Wearable Medical Device Market Research Report” which includes Growth Study, Regional Analysis, Top Industry Players Formation, Major Drivers, Upcoming Trends and Forecast to 2023.
Wearable Medical Device Market – Overview
Innumerable advances have taken place in medical technology which has augmented the lives of numerous people. One such advancement is the wearable medical device. These devices can assist in various health conditions and offers 24/7 clock-monitoring devoid of affecting the wearer’s routine life.
The best feature about these devices is that they have in-built self-monitoring features which promote healthy living and also reduce cost. Following the rise in chronic diseases, people are choosing home healthcare over hospital services as it is an efficient and cost-effective treatment. The wearable medical devices help to manage chronic medical conditions namely heart diseases, diabetes and asthma by tracking the vital symptoms such as body fat, blood oxygen level, heart rate and respiration.
These devices have wireless data transmission, alerting mechanism, real-time feedback and timely and easy sensing abilities. The global wearable medical device market is likely to surpass USD 27,255.6 at an outstanding 23% CAGR over the predicted years (2015-2023).
Leading Key Players
Leading players profiled in the wearable medical device market include NIKE INC., Philips, Sony Corporation, Apple Inc., Boston Scientific Corporation, LG Electronics Inc., Honeywell International Inc., Fitbit Inc., Qualcomm Inc., Omron Corporation, Medtronic PLC, Motorola Solutions Inc. and others.
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Market Segmentation
MRFR report offers a complete segmental analysis of the wearable medical device market on the basis of type, device, application, and distribution channel.
Based on type, the wearable medical device market is segmented into activity monitors, smart watches, patches, smart clothing and others. Of these, activity monitors will dominate the market over the predicted years due to increasing incidences of lifestyle diseases, increasing awareness of health and fitness, and growing adoption of unhealthy and sedentary lifestyles.
Based on device, the wearable medical device market is segmented into diagnostic and monitoring devices and therapeutic devices. Of these, diagnostic and monitoring will lead the market over the predicted years.
Based on application, it is segmented into remote patient monitoring, home health care, sports academies and fitness and others. Of these, sports academies and fitness will dominate the wearable medical device market due to increasing focus on physical fitness to augment the quality of life coupled with increasing trend to track health progress.
Based on distribution channel, the wearable medical device market is segmented into hypermarkets, pharmacies, online channel and others.
Growth Drivers and Restrains
There are quite a few factors that is propelling the growth of the wearable medical device market. These factors according to MRFR (Market Research Future) report include burgeoning demand for wearable medical devices that are technologically advanced, increasing awareness about physical fitness, launch of new healthcare applications that is smartphone linked such as fitness bands, wrist bands and smart watches, growing need for wireless connectivity, constant growth of home healthcare and patient monitoring, rapid advancements in technology and increasing competition.
The additional factors that are driving the growth of the wearable medical device market include shift in trend to wearable devices from traditional devices due to increasing tech savvy population and digitization, rise in geriatric population, increase in healthcare expenditure, increase in patient awareness and increasing incidences of lifestyle diseases.
On the contrary, lack of reimbursement and privacy and data security are some factors that may hamper the growth of the wearable medical device market over the predicted years.
Detailed Regional Analysis
By region, the wearable medical device market covers growth opportunities and latest trends across Europe, Asia Pacific, Americas and Rest of the World. Of these, Americas will command the wearable medical device market over the predicted years owing to rising cases of diabetes and obesity here.
Canada and the US are the key contributors here. Europe will garner the second position owing to high healthcare expenditure, rising incidences of chronic diseases and growing awareness of physical fitness and health.
The wearable medical device market in the APAC region will grow at a rapid pace owing to rising incidence of cardiac diseases and lifestyle and huge population. Also, the production facilities in India and China are emerging rapidly which is adding to the growth of the market in this region.
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Industry News
March 2019- Latest wearable medical device, MEMO Watch that has been specially designed for monitoring and proactively managing chronic cardiac disease has received temporary state approval to suspend or ease regulation to develop communications and information technology. This application will show vital signs mainly ECG (electrocardiogram) and blood pressure and the data will be stored in the remote database.
These students of applied medical Devices institute (aMDI) have developed the hand hygiene compliance system with a goal to reduce hospital infections. The three-Device system is designed for nurses, doctors and other healthcare workers who come in direct contact with patients.
All three Devices work in synchro to ensure that caregivers are complying with health standards. This system serves as a quick reminder for the healthcare professionals and workers and will also help hospital administrators to determine its compliance rate and improve workflow.
The company (Sterilogy) will continue to work with aMDI (Students) to fine-tune the current design in preparation for beta testing and mass production. Many hospitals in the Detroit area are interested in beta testing the new system, which has five patents granted and one patent pending.
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