Global Wearable
Medical Devices Market
Wearable medical devices consist of sensors
attached to the body, which help detect and monitor changes in different parts and
organs of the body. Surging awareness, health facilities, and innovations in
technology and devices, are some of the integral factors propelling the global
wearable medical devices market growth. Smart watches, wristbands, and
smartphones are some of the most popular wearable medical devices used
worldwide. The high demand for these wearable gadgets is triggered by their
user-friendly approach, and moreover, these devices are said to significantly reduce
hospital-based expenditure as well. In the near future, technology is expected
to play a pivotal role in healthcare services. The wearable medical devices
help pharmaceutical companies in conducting valuable clinical trials. Furthermore,
these are available with a wide array of functions, such as an alerting
mechanism, real-time feedback, and wireless data transmission.
Wearable Medical Devices Market Taxonomy
On the basis of device type, the global
wearable medical devices market is segmented into:
- Diagnostic Medical Devices
- Therapeutic Medical Devices
Based on the type of use, the global wearable
medical devices market is segmented into:
- Hand-held
- Shoe Sensor
- Headband
- Wrist-worn
In terms of application, the global wearable
medical devices market is segmented into:
- Remote Patient Monitoring
- Sports & Fitness
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Technological innovations and
increased health awareness to propel global market growth
Rapid advancements in technology, introduction
of new products, growing health concerns, sedentary lifestyles, and rising awareness
about health and fitness accelerate the development of the global wearable
medical devices market. According to the United Nations Department of Economic
and Social Affairs, the global geriatric population is expected to increase by around
56%, which is from 901 million to 1.4 billion over the period of 2015-2030. The
major companies concentrate on the development of user-friendly wearable
medical devices, with a plethora of features, such as Bluetooth, wireless
connectivity, and a long battery life. With a tremendous increase in the
prevalence of chronic diseases, such as diabetes and respiratory diseases, there
has been a massive surge in the use of wearable medical devices around the
globe. These devices are used to record the heart rate, temperature, steps
taken by a patient, and glucose levels of the body. According to the Centers
for Disease Control and Prevention (CDC), around 21 million people in the U.S.
were diagnosed with diabetes in 2014.
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Developed regions across the globe are
major growth engines for the global wearable medical devices market
North America leads the global wearable
medical devices market. Furthermore, the Asia Pacific market is likely to
witness rampant growth over the forecast period, owing to technological
advancements, and expanding geriatric population, especially in the emerging
countries of the region, such as India, China, and Japan. Increasing chronic
diseases, mainly diabetes, augmented awareness of the significance of
continuous glucose monitoring, and surmounting healthcare investments are the
other integral factors leading to market growth in the region. According to the
World Economic Forum, Asia Pacific’s geriatric population would potentially exceed
2 billion by 2050.
Key Players
Some of the major players operating in the
global wearable medical devices market include Life Watch AG, Google Inc.,
Apple, Medtronic Plc., Omron Corporation, Philips Healthcare, and Polar
Electro. These players are currently focused on product innovation and
improvement.
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