Wearable medical devices consist of sensors attached to the body, which detects and monitor changes in different parts of body and organ. Increase in awareness and health facilities and advancement in technology and innovation in the devices, are some of the factors propelling the wearable medical devices market growth. Smart watch, wristband, and smartphones are some of the wearable medical devices which are targeted by the companies. This is owing to factors such as their high demand and user friendly approach, and it also reduces hospital based expenditure. In near future technology is expected to play a major role in healthcare services. These devices help pharmaceutical companies in conducting valuable clinical trials. Wearable medical devices are available in wide range having different functions such as alerting mechanism, real-time feedback, and wireless data transmission.
Wearable medical devices market taxonomy
On the basis of type, the global wearable medical devices market is segmented into:
On the basis of site of use, the global wearable medical devices market is segmented into:
On the basis of application, the global wearable medical devices market is segmented into:
Innovation in technology and increase in healthcare awareness is driving market growth
Rapid advancement in technology leads to innovation in existing product and introduction of new products. Increase in health concerns, sedentary lifestyle, and rise in awareness regarding health and fitness drives the wearable medical devices market growth. Furthermore, increase in geriatric population and constant increase in lifestyle disease fuels the market. According to the United Nations Department of Economic and Social Affairs, the global geriatric population is expected to increase by 56%, from 901 million to 1.4 billion over the period of 2015-2030. Major companies concentrate on user friendly wearable medical device with various features such as Bluetooth, wireless connectivity, and long battery life. There is tremendous increase in chronic diseases such as diabetes and respiratory diseases, which has increased the use of wearable medical devices. These devices are used to record heart rate, temperature, steps taken by the patient, and glucose level of the body. According to Centers for Disease Control and Prevention (CDC), in 2014, around 21 million people are diagnosed with diabetes in U.S. According to the report published by Insights Association, it is expected that wearable medical device market may reach to US$ 53 billion, with annual growth of 25-35% through 2015-2018.
Developed regions are major growth engines of the wearable medical device market
Regional segmentation of wearable medical devices market by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America dominates in the wearable medical devices market. Asia Pacific is expected to drive growth of wearable medical devices market over the forecast period, owing to technological advancement and increase in geriatric population in emerging countries such as India, China, and Japan. According to World Economic Forum, it is expected that geriatric population of Asia Pacific will exceed 2 billion by 2050. This is owing to factors such as rise in chronic diseases especially diabetes, increased awareness regarding the use of continuous glucose monitor, and increasing healthcare investments.
Key players to support the growth of wearable medical devices market
Various players present across the globe which are running into the competition of innovation, improved product, and user-friendly approach. Some of the major players operating in the wearable medical devices market include Life Watch AG, Google Inc., Apple, Medtronic Plc., Omron Corporation, Philips Healthcare, and Polar Electro.
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