Management of Patients to Drive Global Wearable Medical Device Market
Wearable medical devices are electronic devices which record and store health data of patients in order to manage their symptoms or assist them with their daily routines. The focus on fitness and healthy lifestyles has provided these devices a broad industry to explore. Market Research Future (MRFR) has compiled a list of drivers, challenges, and opportunities in the latest iteration of the global wearable medical device market report with projections for the period of 2018 to 2023 (forecast period).
Market Outlook
The global wearable medical device market size can balloon to USD 27,200 million by 2023. It was valued at USD 7,859.4 million in 2017. It is predicted to display a 23% CAGR during the forecast period. The utilization of wearables to combat the towering costs of healthcare is the primary driver of the market. These devices have been successful in the management of diseases such as asthma, diabetes, and heart conditions. Other factors driving market growth are rise of lifestyle diseases, cost-effectiveness of these devices, and rise of connected healthcare mobile applications.
The proliferation of smartphones owing to its user-friendly features and convenience has driven the use of wearables. The various metrics such as temperature, heart rate, and others have led to its adoption among physicians and other medical personnel. Healthcare applications have pushed notifications to patients to keep them updated with appointments, medicine intake, and other instructions and lower patient waiting queues. Development of applications to integrate artificial intelligence (AI) in its systems to assist medical personnel as well as the growth of telemedicine has encouraged market growth.
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High prevalence of sedentary diseases has led to the rise of personalized medicine and remote monitoring. These devices can monitor vital metrics without affecting the daily routines of patients. Patients have decided to become aware of their health and measure it with metrics in-built inside the mobile application.
But concerns of data security can hamper the market growth.
Segmentation
The global wearable medical device market has been segmented by type, device type, application, and distribution channel.
By type, the market is segmented into smart clothing, activity monitors, smart watches, and patches. Activity monitors held the largest market share in 2017, but the smart clothing segment is expected to register the highest growth rate during the forecast period. Smart clothing can lead to high sales of wearables owing to health enthusiasts using the sensors in wearables to monitor their health.
By device type, it is segmented into diagnostic & monitoring devices and therapeutic devices. The therapeutic devices are likely to garner huge revenues owing to the rise in non-invasive treatment options. Development of pain relief wearables by companies for tackling the epidemic of opioid addiction can drive the segment growth. For instance, the Oska Pulse device by Oska Wellness can alleviate pain levels by using its proprietary Pulsed Electromagnetic Field (PEMF).
By application, it is segmented into remote patient monitoring, sports academies and fitness, and home healthcare.
By distribution channel, it is segmented into hypermarkets, pharmacies, and online channel.
Regional Analysis
The Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) are major regions covered with respect to the global wearable medical device market.
The Americas are purported to lead the market primarily due to customers and patients in the U.S. The large patient pool and management of cardiovascular diseases are main drivers of the regional market. Presence of prominent players as well as regular updates to wearables for upgrading their features and capacities will bode well for the global wearable medical device market. On the other hand, the APAC region is likely to showcase a stupendous CAGR during the forecast period.
Competitive Outlook
NIKE INC., Boston Scientific Corporation, LG Electronics Inc., Motorola Solutions Inc., Qualcomm Inc., Omron Corporation, Medtronic PLC, Sony Corporation, Apple Inc., Honeywell International Inc., Fitbit Inc., and Philips are key players of the global poultry vaccines market.
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