Wearable technology has gained momentum in the past few years. Changing lifestyle of young people demands connectivity. The health care segment accounts for a major share of the wearable technology market, considering the innovations in several applications in this area in the last two decades. While a smartphone remains the choice of the global population, the tech world is constructing a future of wearable devices that promises consumers to help them live healthier lives, Mobile phones having wearable sensors embedded in it, and implanted medical devices can help monitor and manage the health. Technology companies interested in health and wellness have introduced various products in the wearable medical devices market including bands, wristwatches, chest and straps that are user-friendly, compact, and noninvasive. In 2013, Google Inc. introduced Google Glass, an eyewear that is highly dynamic. It can be used in various applications across industries. Technology has proven to be a boon for the medical community.
A wearable medical device is an autonomous, non-invasive device that accomplishes medical functions such as monitoring and support over an extended period. The term wearable indicates that the support environment is either clothing or human body. These devices help to monitor activity and sleep patterns. Some of the wearable medical devices also help to detect body temperature, hydration level, heart rate, etc. Wearable medical devices, therefore, help in managing the treatment of chronic diseases such as asthma, heart diseases, and diabetes. The data produced by these devices is frequently supported with analytics. This information can be used by health care organizations to improve care and potentially decrease the cost.
High Cost of Wearable Medical Devices to Restrain Growth of Global Wearable Medical Devices Market
The growing prevalence of diabetes has fuelled the need to monitor blood glucose level as well as other vital signs among patients. This has boosted the demand for wearable medical devices. The ease of use and interpretation of wearable medical devices, increasing per capita income, and the rise in adoption of wearable medical devices are some of the key factors propelling the growth of the global wearable medical devices market. However, the high cost of these devices will restrain the growth of the market, especially across the emerging economies. The overall market has a huge opportunity to grow with the increasing diabetic population in Asia Pacific.
Demand for Activity Monitors to Surge in Coming Years
On the basis of product type, the global wearable medical devices market has been broadly divided into wearable diagnostic medical devices and wearable therapeutic medical devices. Wearable diagnostic medical devices have been further categorized into fetal and obstetric devices, vital signs monitor, and neuromonitoring devices. The wearable therapeutic medical devices segment has been further divided into glucose/insulin monitoring, pain management, and respiratory therapy devices. In 2012, heart rate monitors dominated the overall wearable medical devices market. Heart rate monitors were the first wearable medical devices to be made available commercially. In the near future, the demand for activity monitors is expected to surge significantly.
On the basis of application, the global wearable medical devices market is segmented into remote patient monitoring, sports and fitness, and home healthcare. While the demand from the home healthcare application segment is rising due to the growing number of chronically ill patients, the overall market is expected to be propelled by the increasing usage of wearable medical devices in sports and fitness.
Growing Demand from Asia Pacific to Drive Global Wearable Medical Devices Market
The global wearable medical devices market can be segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. In 2012, North America dominated the overall market with 44% share. The region’s dominance in the market can be attributed to the growing demand for wearable heart rate monitors, coupled with rapid technological advancements. However, in the coming years, Asia Pacific is anticipated to register the fastest growth in the market owing to the growing demand for wearable medical devices across emerging economies such as India and China. The region is projected to expand at a CAGR of over 18% during the period between 2013 and 2019. However, the market is yet to tap the full potential of research and development activities across the region.
Key Players in Global Wearable Medical Devices Market
Some of the key players in the global wearable medical devices market are Corventis Inc., Basis Science Inc., Everist Genomics Inc., Draeger, Intelesens Ltd., Fitbit Inc., Nuubo, LifeWatch AG, Philips Electronics, Omron Corporation, Sotera Wireless, Polar Electro, Zephyr Technology Corporation, and Withings.
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