Global Wearable Medical Devices Market - Segmented by Product Type, Application, Device Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
A wearable medical device is used to track or monitor parameters, such as heart rate, blood glucose level, and blood pressure. The range of devices includes watches, bands, clothing, and accessories. The global wearable medical devices market is expected to register a CAGR of about 19% during 2018-2023 (the forecast period).
Increasing Technological Advancements and Innovations
A medical wearable devices can improve the lifestyles of patients as well as the general population. Currently, these devices are gaining an immense popularity, due to improved technologies that are being introduced every day by key market players. These devices can help consumers manage their health, along with taking care of healthcare costs. Over the last 2-3 years, the healthcare wearable devices market has witnessed a boost, with giant electronic companies competing with the young and crowd-funded startups. The focus is shifting from fitness trackers and apps to wearable medical devices that are designed to collect specific healthcare data.
Increasing per-capita income in developing countries and ease-of-use and interpretation of medical devices are some of the other factors contributing to the market growth.
High Cost of Devices
Wearable medical devices that are available at present have been designed keeping in mind an elite crowd. The cost of wearable devices is one of the major challenges for the growth prospects of the market. Most manufacturers launch their products in the premium product category. For instance, the average selling price (ASP) of a smart wearable is around USD 350-380, depending on the application. The ASP of a healthcare wearable device is around USD 720-750 and for fitness and lifestyle product, it is between USD 280-350.
Additionally, unfavorable reimbursement issues and a lack of awareness are a few other factor restraining the wearable medical devices market growth.
North America to Dominate the Market
The global wearable medical devices market has been segmented on the basis of product type, application, device type, and geography. By geography, it is further segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Owing to the factors, like rising number of incidences of chronic diseases, the need to curb healthcare expenditure, and the growing demand for home-based and remote monitoring devices, North America is dominating the market.
Key Developments in the Market