The Global Wearable Healthcare/Medical Devices Market is expected to reach USD 32.57 billion by 2027, according to a new report released by Reports and Data. Increasing adoption of smartphone-based applications for healthcare monitoring by individuals as well as healthcare providers is a major cause for a rise in their demand. The growing prevalence of heart diseases, diabetes, obesity, and hypertension is expected to increase the adoption of wearables in the coming years.
Based on WHO statistics, the number of people with diabetes has escalated from 108 million in 1980 to 422 million in 2014. Additionally, research has also shown diabetes to be a major cause of blindness, kidney failure, heart attacks, stroke, and lower limb amputation. Adoption of wearables would help reduce the prevalence as well as mortality rate associated with diabetes because the devices would enable people to track their glucose levels. For instance, continuous glucose monitors have witnessed increased adoption among diabetic patients. Apart from monitoring glucose levels, the patients are also able to make an informed choice regarding their diet and physical activities.
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The Asia Pacific is expected to be a critical revenue-generating region in the forecast period, projected to deliver a CAGR of 19.1% in the forecast period. Statistics suggest that the Asia Pacific houses around 60% of the global diabetic population. Based on the International Diabetes Federation (IDF) Diabetes Atlas, in 2017, 82 million adults aged 20-79 years were living with diabetes in the South-East Asian region. Out of this, around 45.8% of cases were diagnosed. The adoption of wearable devices would thus help monitor glucose levels and prevent further complications associated with diabetes.
Further key findings from the report suggest
- Diagnostic and Monitoring Devices are expected to control a significant share of the overall market. Adoption of these devices can aid in the faster diagnosis of diseases like diabetes, hypertension, and cancer. The iTBra, developed by Cyrcadia Health, can help detect breast cancer. According to the World Cancer Research Fund, more than 2 million new cases of breast cancer were registered in the year 2018. Belgium recorded the highest number of cases of breast cancer in women, followed by Luxembourg and the Netherlands. Adoption of these breast patches could help detect cancer even in dense breast tissue. Dense breast tissues are four to six times more likely to develop tumors. Breast patches will most likely decrease the number of breast biopsies significantly during the forecast years.
- The Asia Pacific market is forecast to grow at a CAGR of 19.1% in the following years. The rising incidence of cardiovascular diseases in the region is a key factor impacting market growth. The mortality rate of heart diseases in the major countries in the region, including China, Japan, and India are considerably high. The American Heart Association’s statistics indicate that South Asians have higher levels of triglycerides and “bad” cholesterol (LDL-C), along with lower levels of (HDL-C) or “good” cholesterol. Moreover, in 2015, around 226 million people in China, and 199 million people in India reported hypertension or high blood pressure, one of the critical indicators of heart diseases.
- Key participants dominating the market include Fitbit, Philips, Garmin, Lifewatch, Medtronic, NeuroMetrix, Qardio, and Omron. Fitbit is a leading player in the wearable healthcare/medical devices sector. It offers a wide range of health wearables for heart rate monitoring, sleep tracking, and step tracking. The company’s manufacturing facilities are located across the U.S., Europe, Asia Pacific, and Middle East & Africa. Until 2017, the company had sold around 15.34 million wearable devices.
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For this report, Reports and Data segments the Global Nanomedicine Market on the basis of products, drug delivery system, application, and region:
- Product Outlook (Revenue, USD Billion, 2017-2027)
- Fitness Trackers
- Body Sensors
- Wearable Patches
- Wrist Devices
- Heart Straps
- Posture Monitors
- Movement Sensors
- Wearable Defibrillator
- Smart Clothing
- Smart Glasses
- Wearable Camera
- Device Outlook (Revenue, USD Billion, 2017-2027)
- Diagnostic and Monitoring Devices
- Vital Signs Monitoring Devices
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Fetal Monitoring & Obstetric Devices
- Neuro-monitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
- Cardiac Devices
- Application Outlook (Revenue, USD Million, 2017-2027)
- Sports & Fitness
- Remote Patient Monitoring
- Home Healthcare
- Emergency Medical Care
- Diagnostic and Monitoring Devices
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- Regional Outlook (Revenue, USD Billion, 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
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