Global Wearable Medical Device Market - Growth, Trends and Forecasts (2015-2020)
The Global Wearable Medical Devices Market has been estimated at USD 3.3 billion in 2015 and is projected to reach USD 7.8 billion by 2020, at a CAGR of 17.7% during the forecast period from 2015 to 2020.
Wearable medical electronics devices are devices that act as biosensors and are attached to the human body to detect and monitor changes in certain crucial body signatures of various areas in the body and capture physiological data. Keeping their function in mind, these devices are designed to be non-invasive in nature, autonomous in functioning, and are primarily used in clinical monitoring. Electronic wearable medical devices serve multiple functions, such as monitoring blood sugar, glucose, and chronic diseases like heart diseases, diabetes, and various other parameters. They also provide local processing, feedbacks and reports, communication capabilities, and easy & timely sensing abilities. Activity monitors, smart clothing, smart equipment, and smart watches are a few examples of the same.
These wearable medical devices offer solutions to both physicians and health care providers. The services/solutions offered can be categorized into four segments, namely, disease management, monitoring & feedback, rehabilitation, and health & fitness processes. The monitoring and feedback solutions segment accounted for more than 70.0% share of the global wearable medical device market in 2015.
This market is driven by a number of factors, such as the large number of ongoing projects and innovations in the healthcare and electronics sectors, the rising incidences of chronic diseases among all demographics, the growing capabilities, and the ease of use of medical devices. However, this market faces certain drawbacks, such as high costs of devices, issues in reimbursement, and lack of awareness in the developing countries, such as India, Brazil, Mexico, and others,. These factors may act as a roadblock to the growth of the market.
This market can be broadly segmented into diagnostic wearable market and therapeutic wearable. These are again segmented according to the particular functions of the devices as wearable vital sign monitors, global wearable foetal monitors, obstetric devices, and neuro-monitoring devices; and wearable pain management medical devices, glucose/insulin monitoring devices, and wearable respirator devices respectively. This technology has applications in sports and fitness, patient monitoring and home healthcare. Market study indicates that the home health monitoring segment accounts for the largest share in this market. This is due to the ease-of-use and the accuracy of these wearable devices.
The market has also been geographically segmented into North America, Europe, Asia-Pacific, South America and, Middle East and Africa, with North America occupying the largest consumer base in the world. Europe and APAC follow the list in the same order. The growing chronic illnesses in Asia-Pacific have made this region an area of immense potential and opportunities. However, the price sensitivity in this region has considerably hindered the growth of this market.
The market has more relevance today since trends show that people prefer a more independent life without the support of others. This technology is specially inclined for the ill and aged population, for whom home healthcare is quite vital.
The major companies dominating this market for its products, services, and continuous product developments are Basis Science, Coventis Inc., Draeger, Everist Genomics Inc., Fitbit Inc., Intelensens Ltd., Lifewatch AG, Nuubo, Omron Corporation, Philips Electronics, Polar Electro, Sotera Wireless Inc., Zephyr Technology, and Withings. The current trends in mergers and acquisitions indicate that the smaller companies are acquiring the bigger ones for higher innovations by utilizing their core competencies. The technology offers a huge potential of change in treating patients all over the world.
Key Deliverables in the Study
1. Market analysis for the Global Wearable Medical Devices Market, with region specific assessments and competition analysis on global and regional scales
2. Market definition along with the identification of key drivers and restraints
3. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
4. Extensively researched competitive landscape section with profiles of major companies along with their market shares
5. Identification and analysis of the macro and micro factors that affect the global wearable medical devices market on both global and regional scales
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