Wearable Medical Devices Market, Analysis & Forecast through 2024

Preamble:

Since the last few years, the term ’wearable medical devices’ has come into account and is gaining burgeoning demand in the market. Wearable medical devices are actually non-invasive, autonomous biosensors,which monitors a specific (sometimes multiple) medical function to get proper physiological data and records them. Thus, wearable medical devices help its user to monitor different health paradigms for a measured period of time on personal or professional level. These devices are small size, light in weight, easily wearable on the human body or on a piece of clothing and user – friendly even among geriatric population.

Wristbands, smart watches, smart clothing, pacemakers, activity monitors and many others use to cater these kinds of devices.

Usability:

These wearable health aids help in monitoring blood glucose, blood oxygen saturation level, skin temperature , heart rate, electro cardio graph and in monitoring many chronic diseases.Primarily, wearable market device got admiration for tracking fitness levels, different physical activities and sleeping obstructions(in sleep apnea cases).

Wearable market devices have decreased the frequency of in-person visits to clinics and hospitals and haveallowed the physicians to control remotely any metabolic changes happening in their patients within seconds. Another privilege is getting warnings for diagnose serious diseases from patient’s viewpoint, as it is impeding the cost of long hospital stay.

Notable industry movements:

Escalating factors:

• Sedentary life style is giving rise to diseases like diabetes, hypertension, obesity, cardiovascular diseases and others.Thereby focus on physical fitness in general
• Government aids towards spreading healthcare awareness
• Technology freak persons with increased demand of self-monitoring healthcare related devices
• Portable size with ease of use even for a non-skilled users
• Launch of different smart phones with in-built apps to connect with those wearable devices
• Attractive product features with innovative marketing strategies
• High demand for wireless connectivity among healthcare providers and physicians

Restraining factors:

• Major cause in this prospect is perception problem. Consumers have no firm knowledge yet about the benefits of wearable medical devices
• High cost of wearable products
• Mental block about the mass shift to modern wearable devices from conventional devices
• Data security issues are also deterring the market growth
• Lack of enough technologically advanced cardiac monitoring devices professionals
• Low battery life along with high power consumption
• Sometimes consumers are facing accuracy and memory problems related with the devices, impeding the growth further.

Segmentation:

Wearable medical devices market can be segmented based on product, type, distribution channels, application and geographical regions.

Segmentation based on product:

By 2016, based on product, the market is expected to be dominated by monitoring and diagnostic wearable devices segment. The causal factor can be attributed to user-friendly devices and accuracy in their calculations.

Segmentation based on distribution channels:

• Online channels
• Clinics
• Hospital pharmacies
• Hypermarkets

In wearable medical devices market, physicians as well as distributors are expected to prefer pharmacies in the forecast period.

Segmentation based on application:

• Health and fitness
• Home healthcare
• Sports healthcare
• Patient monitoring

Due to prevalence of life threatening diseases, home healthcare segment is expected to dominate the major market in the coming years.

Segmentation based on geographical regions:

Geographically, North America is expected to dominate the wearable medical devices market owing to ultra-modern technological advancements, popularity of healthcare apps and wearable devices and government funding for more R&D. This trend is going to follow by European countries soon.

However, next upcoming market will be of Asia-Pacific countries in the coming forecast period. The major factors can be accounted as increased geriatric population, technological advancement in this field, more upcoming investors to boost the market growth and focussed view towards healthy lifestyle by strata of society dwellers.

Head turners:

Wearable medical devices market is one of the fastest growing markets in current scenario with major players along with new entrants, some of which are:

• Apple(U.S.)
• Abbott laboratories(U.S)
• Compumedics(Australia)
• Draeger medical (Germany)
• Dexcom (U.S.)
• Eurotech (Italy)
• Fossil (U.S.)
• Goggle (U.S.)
• Honeywell (U.S.)
• Intel (U.S.)
• Insulet (U.S.)
• Johnson& Johnson (U.S.)
• Lenovo(U.S.)
• Medtronic(Dublin)
• Masimo corporation(U.S.)
• Nokia (Finland)
• NIke (U.S.)
• Nuubo (Spain)
• OSI Systems (U.S.)
• Pebble technology (U.S.)
• Samsung (South Korea)
• Sony (Japan)
• Sotera Wireless (U.S.)
• Xiaomi (China)
• Zephyr (U.S.)