The Global Wearable Medical Device Market is expected to grow with a CAGR of 18% during the forecasted period 2017-2023. The 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.
Global Wearable Medical Device Market – Overview
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.
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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.
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.
Global Wearable Medical Device Market – Regional:
Globally, wearable device market comprises of four regions North America, Europe, Asia Pacific and Middle East & Africa.
North America is the largest market for Wearable Medical Device. This is due to increasing number in the technology adoption for the wearable medical devices and the homecare devices for the fitter health life.
Europe accounts for the largest market share owing to the demand for technological innovation in medical devices and availability of funds for research and development. Furthermore, increasing demand for fitness and health tracking devices also determine the market growth. Germany is the largest market followed by UK, which is expected to be the fastest growing market in Europe due to increasing chronic disease like diabetes and heart diseases.
Countries in Asia Pacific have a great potential for the growth of this market. Asia Pacific market for medical devices is driven by innovative technology for continuous monitoring of health status of a patient in hospitals as well as sportsmen and athletes. The demand for easy to use wearable medical devices is increasing in China and India. Furthermore, increasing prevalence of cardiovascular diseases, diabetes and obesity drive the market growth. Growing trend in the use of wearable medical devices such as smart watches also influences the growth of the market.
The Middle East region also shows a growth in the wearable devices market owing to strengthening healthcare system, and demand for technology in healthcare. In the Middle, lack of physical exercise, lifestyle changes and rising prevalence of chronic diseases are factors driving the growth of this market.
Wearable Medical Device Market Segments:
The Wearable Medical Device Market can be segmented on the basis of Application: Sports Fitness, Remote Patient Monitoring, Home Healthcare. On the basis of Product the market can be segmented as: Diagnostic, Therapeutic Device.
Wearable Medical Device Market Key Players:
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.
Major Table of Content: Global Wearable Medical Device Market Research Report- Forecast Till 2027
1.2 Scope Of The Study
1.2.1 Research Objectives
1.2.2 Assumptions & Limitations
1.3 Market Structure
2. RESEARCH METHODOLOGY
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
3 REPORT EXCERPT
4 FORECAST INDICATORS
4.2 Growth Drivers
4.3 Growth Barriers
4.4 Growth Opportunities
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