Global Wearable Medical Device Market – Overview
Wearable medical devices have become a trend among youth today. People are now concerned about their health and fitness. These devices keep a track of number of activities performed by an individual, for instance, number of steps taken while walking. Extensive use of fitness trackers by adults and strict regulations governing standards for the manufacturing of medical devices also boost the demand for wearable medical device Market. Prominent market players are now targeting the youth by product differentiation and selling the devices at affordable prices.
The wearable devices are generally used in hospitals, at home and by individual person for his or her personal fitness. The wearable devices are easy to use and provide individual real time information about the heart rate, blood pressure, weight, sleeping and other such information related to health and maintain life healthy in various ways. In August 2016, Philips launched a new line of wearable health devices listed with the FDA. Furthermore, innovation and advancements in wearable technology, especially miniaturization of sensor technology, wireless communication technology, and wearable computational technology trigger the development of small, durable, comfortable, safe and low cost wearable medical devices. The miniaturization of wearable devices has also enabled clinical monitoring beyond the hospital area, in the home or during outdoor activities. In May 2015, Bayer Material Science LLC launched a new polycarbonate blend for wearable medical devices. This device can perform a variety of important tasks, such as monitoring vital signs or delivering drugs.
China is the largest market for these devices due to increasing awareness regarding fitness and health, technological advancement and increasing prevalence of diabetes and heart diseases. According to the World Health Organization, the number of annual cardiovascular events account to 41% of total deaths in China, while number of diabetic patients in India was about 65 million in 2016, which will reach to 101 million by 2030.
Wearable medical devices market is flourishing and is expected to continue its speedy growth due to changing lifestyle of people, increasing prevalence of obesity and diabetes and growing awareness about health. According to the International Diabetes Federation, about 420 million adult population worldwide was suffering from diabetes in 2016, which is increasing at the rate of 8.4% per year and is expected to reach 625 million by 2040. High cost of fitness trackers may restrain the market growth.
The global market of wearable medical device is expected to grow with a CAGR of 18% during the forecasted period 2017-2023. The market generated near around USD 2 billion during 2016 and is expected to reach approximately USD 6 billion by the end of the forecasted period.
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Apple Inc. (U.S), Abbott (U.S), Basis, an Intel Company (U.S), Fitbit, Inc. (U.S), Garmin Ltd. (U.S), Jawbone (U.S), LifeWatch (Stelzerland), OMRON Corporation (Japan), Koninklijke Philips N.V. (Netherland), Polar Electo (Finland) and others are some of the prominent players at the forefront of competition in the global wearble medical device market and are profiled in MRFR Analysis.
Global Wearable Medical Device Market – Regional:
Globally, wearable device market comprises of four regions North America, Europe, Asia Pacific and Middle East & Africa.
North America is the largest market for Wearable Medical Device. This is due to increasing number in the technology adoption for the wearable medical devices and the homecare devices for the fitter health life.
Europe accounts for the largest market share owing to the demand for technological innovation in medical devices and availability of funds for research and development. Furthermore, increasing demand for fitness and health tracking devices also determine the market growth. Germany is the largest market followed by UK, which is expected to be the fastest growing market in Europe due to increasing chronic disease like diabetes and heart diseases.
Countries in Asia Pacific have a great potential for the growth of this market. Asia Pacific market for medical devices is driven by innovative technology for continuous monitoring of health status of a patient in hospitals as well as sportsmen and athletes. The demand for easy to use wearable medical devices is increasing in China and India. Furthermore, increasing prevalence of cardiovascular diseases, diabetes and obesity drive the market growth. Growing trend in the use of wearable medical devices such as smart watches also influences the growth of the market.
The Middle East region also shows a growth in the wearable devices market owing to strengthening healthcare system, and demand for technology in healthcare. In the Middle, lack of physical exercise, lifestyle changes and rising prevalence of chronic diseases are factors driving the growth of this market.
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