Albany, New York – According to a new market report published by Transparency Market Research "Wearable Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023", the global wearable medical devices market was valued at US$2.73 billion in 2014 and is projected to expand at a high CAGR of 16.4 % from 2015 to 2023 to reach US$10.7 billion in 2023.
Wearable medical devices are electronic devices that consist of one or more sensors and are embedded into items that are easily attached to body parts such as arms, feet, head, and waist. Wireless communication has become an essential part of recent medical devices. Moreover, in the past few years, several companies have introduced medical devices with advanced wireless communication technologies such as medical radios and wireless sensor networks for in home monitoring, and diagnosis. Integration of wireless connectivity into medical devices has enabled remote patient monitoring, timely treatment, improved care providers, that leads to a better health care system. Wearable medical devices resemble eyeglasses, watch, clothing, jewelry, contact lenses, etc. These devices generate appropriate data, which could be as simple as number of steps taken in a day to complex data such as ECG measurement.
The global wearable medical devices market has been bifurcated into devices and applications. The devices segment comprises two sub-segments: diagnostic devices and therapeutic devices. Diagnostic devices are further classified into heart rate monitors, activity monitors, sleep monitor, electrocardiograph, fetal monitor and obstetric devices, and neuromonitoring devices. Therapeutic devices have been further classified into vital sign monitors, pain management devices, glucose insulin monitoring devices, and respiratory therapy devices. The application segment comprises of three major sub-segments: sports and fitness, remote patient monitoring, and home health care. The market for these segments and sub-segments has been extensively analyzed based on their utility, effectiveness, sales, and geographic presence.
Rise in chronic diseases and need for advanced treatment, increase in awareness about health, and large number of innovators and early adopters ensuring faster market penetration are likely to fuel the growth of this market in the near future. The wearable medical devices market is projected to expand at a high CAGR of 16.4% during the forecast period from 2015 to 2023. Additionally, as per the article published in Journal of diabetes, the large diabetic population is in Asia Pacific countries such as China, Japan, and India and Asian countries accounted for more than 60% of the global diabetes population in 2012. This is likely to drive the wearable medical device market in the region. However, factors such as reimbursement of wearable medical devices and high cost of wearable devices can restrain the growth of the wearable medical devices market. The report offers a detailed analysis of this high growth and outlines a possible growth trajectory at global as well as regional level in terms of value for each wearable medical devices segment.
Heart rate monitor was the largest product segment of the market in 2014. The wearable fetal monitor segment is likely to expand at the highest CAGR during the forecast period. Key factors attributed to the high growth of the sub-segment are rise in the incidence of chronic diseases, ease of use, increase in obesity among the population, and growing awareness about fitness. The report has been compiled in order to update the stakeholders with the incumbent market dynamics through a graphical illustration and in-depth analysis of major sub-segments for each region considered in the study scope.
Major players operating in the global market include Cleveland Medical Devices Inc., Corventis Inc. (Medtronic plc.), Fitbit Inc., Intelesens Ltd., Koninklijke Philips N.V., LifeWatch AG, Nuubo, OMRON Corp., Polar Electro, and Zephyr Performance Systems (Medtronic plc.). The key market players are actively involved in constant innovations and developments related to technology and application to cater to the multi-dimensional needs of the end-users in order to maintain their positions in the global market.
The global wearable medical devices market has been segmented as follows:
Global wearable medical devices market, by diagnostic device
- Wearable vital sign monitors
- Wearable heart rate monitor
- Wearable activity monitor
- Wearable sleep monitor
- Wearable electrocardiographs
- Wearable fetal monitors and obstetric devices
- Wearable neuromonitoring devices
Global wearable medical devices market, by therapeutic device
- Wearable pain management devices
- Wearable glucose/insulin monitoring devices
- Wearable respiratory therapy devices
Global wearable medical devices market, by geography
- North America
- Asia Pacific (APAC)
- Rest of World
Source: Transparency Market Research