The global wearable medical devices market size is anticipated to touch USD 27.8 billion by 2022, finds Grand View Research, Inc. Due to continuous improvements in technology, the data collected from wearable devices can be used in identifying early signs of underlying health conditions. The technology is appealing to consumers and convenient for doctors as well. Instances of these devices include Fitbit, Apple Watch, and Withings.
The wearable medical devices market is expected to exhibit around 28% CAGR over the forecast period (2012 to 2022). Demand for technologically advanced wearables by health-conscious consumers are expected to boost market growth over the forecast period. In addition, demand for wireless devices in the healthcare sector and launch of health-based mobile applications are projected to augur demand in the forthcoming years. Rise of tech savvy consumers amid increasing digitization, and rising health awareness are other factors which may play a huge role in driving the market.
The high adoption of smartphones and rise in chronic health conditions like diabetes are anticipated to influence the market in near future. The increasing per capita income of consumers globally is predicted to boost the adoption of wearables. However, security concerns about patient data and privacy can impede market growth. Nevertheless, the rising inclusion of Internet of Things in daily lives can positively impact the market for wearable medical devices. Furthermore, miniaturization of electronic components is expected to transform wearables into desirable devices. Smart clothing, demand for portable devices, and developments in flexible electronics are expected to open up new avenues by 2022.
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The wearable medical devices market is segmented by product, application, site, and region. By product, the market is divided into therapeutic and diagnostic devices. Major applications include home healthcare, remote patient monitoring, and sports and fitness. On the basis of sites, the market is fragmented into shoe sensors, strap, clip, bracelet, and watches, headband, handheld, and others.
Regions covered in the market report include Latin America (LATAM), North America, Middle East and Africa (MEA), Europe, and Asia Pacific (APAC). North America dominated the wearable medical devices market with over 40% market share in terms of demand in 2015. Rising healthcare spending and consumer disposable incomes can be credited for this growth of the region. In addition, presence of original equipment manufacturers (OEMs) and sophisticated healthcare infrastructure are other factors expected to spur adoption of wearables in the region. Corporate wellness schemes designed by enterprises for the well-being of employees can also positively affect market through 2022.
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The APAC wearable medical devices market has potential to expand at around 32% CAGR during the forecast period owing to launch of advanced products, government support, rise in geriatric populace, and high healthcare spending. Japan is expected to be the largest contributor to the market owing to the increasing populace and healthcare needs of its citizens. The India and China regions are anticipated to display a strong CAGR over the forecast period due to need for health management and establishment of new hospitals by multispecialty hospital chains.
The Europe market is driven by rise of non-communicable diseases, high healthcare spending by governments of Germany and U.K., and need for round-the-clock monitoring. Rise in expendable income and adoption of advanced healthcare infrastructure can further augment market in the forthcoming years. In addition, efficient delivery of healthcare in rural sectors is expected to drive the demand for wearables. The positive nod from insurance companies will be a boon to medical device manufacturers and can affect regional market growth.
The MEA market for wearable medical devices is expected to be fruitful due to the rise of health-conscious consumers, government initiatives with emphasis on health and checkups, and demand for wearables can transform the market. In addition, demand for fitness bands, smart clothing, and smartphone applications can be instrumental to market growth over the forecast period.
Key market players include Omron Corporation; LifeWatch AG; Fitbit Inc.; VitalConnect; and Basis Science, Inc. The influence and massive industry presence of giant corporations such as Apple and Google has threatened the emergence and existence of several start-ups. This is evident by the shutdown of Pebble and its subsequent acquisition by Fitbit in 2016.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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