About the Diagnostic Wearable Medical Devices Market
Diagnostic wearable medical devices are used to monitor, control, and track an individual's vital signs at regular intervals. These devices are connected to an individual’s body for the measurement of certain physiological information. They are available in the form of eyeglasses, watch, clothing, jewelry, and contact lenses. Diagnostic wearable medical devices monitor physiological data through remote or wireless communication and transmit this information to medical professionals or the user. These are autonomous, non-invasive devices that help assess specific medical functions such as blood pressure, body temperature, respiratory rate, glucose quantity, heart rate, and blood oxygen saturation. These devices also help determine parameters such as the heart rate, muscle activity, and calories burned during exercise and activities such as walking and jogging.
Technavio’s analysts forecast the global diagnostic wearable medical devices market to grow at a CAGR of 14.01% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global diagnostic wearable medical devices market for 2016-2020. To calculate the market size, the report considers the revenue generated by the following five major segments and three applications.Segments type:
Technavio Announces the Publication of its Research Report – Global Diagnostic Wearable Medical Devices Market 2016-2020
Technavio recognizes the following companies as the key players in the global diagnostic wearable medical devices market: Cleveland Medical Device, Fitbit, Medtronic, Omron Healthcare, and Polar Electro.
Other Prominent Vendors in the market are: Basis Science, Drägerwerk, Everist Genomics, Gentag, Intelesens, LifeWatch, Nuubo, Philips Healthcare, ResMed, Vital Connect, and WinMedical.
Commenting on the report, an analyst from Technavio’s team said: “A trend which is already making an impact on the market is the emergence of innovative diagnostic wearable medical devices. Companies are increasingly adopting new technologies to meet the growing consumer needs. Consumers are looking for additional applications, indications, and easy usability. Therefore, companies are focusing on improving the features, diagnosis, and outcomes. For instance, Phillips has launched a new wearable diagnostic device for individuals suffering from chronic obstructive pulmonary disease.”
According to the report, a key growth driver is the growing demand for early diagnosis and preventive medicine. Diagnostic wearable devices enable individuals to obtain real-time data, thus allowing them to track their health status. These devices include biosensing cloth, vital signs monitors, neuromonitoring devices, sensor-embedded equipment, wristband devices for sports and fitness, and sleep rate monitoring devices. For example, biosensing clothing such as Heddoko and Hexoskin allow users to know exactly in which part of the body high pressure is being exerted.
Further, the report states that one challenge that could restrict market growth is data privacy issues. Diagnostic wearable medical devices involve the transfer of individual's health data to healthcare providers, which poses several privacy issues. The implications of giving up one's health data are huge. These devices share an enormous amount of data associated with personal health and fitness to an unquantifiable audience.
Cleveland Medical Device, Fitbit, Medtronic, Omron Healthcare, Polar Electro, Basis Science, Drägerwerk, Everist Genomics, Gentag, Intelesens, LifeWatch, Nuubo, Philips Healthcare, ResMed, Vital Connect, WinMedical.