The Global market for Wearable Medical Devices is poised to reach $8.3 billion by the end of 2019 growing at a CAGR of 17.7%. Wearable medical devices are devices with sensors attached to the body that detect and monitor changes in body signatures of various areas and organs.
The market is driven by factors such as large number of innovators & new technologies being introduced into the market increase in the incidence of chronic & diabetic patients, emerging economies presence, increase in per capita income thereby larger disposable income availability and the ease of use and interpretation offered by the devices.
However, expensive instruments and reimbursement issues are hindering the growth of the wearable medical devices market.
The Global Wearable devices market can be segmented on the basis of Diagnostics, Therapeutics, Applications and Geography. Geographically, the market is segmented into North America, Europe, Asia Pacific, Middle East, Africa and South America.
Coming to the applications segment of the wearable devices market, the market can be segmented into categories such as Sports & Fitness, Remote Patient Monitoring and Home Healthcare. Currently, Remote patient monitoring segment of the applications market is the largest in the world. Patient monitoring systems with advanced features, especially wireless or remote capability are among the fastest growing medical devices. The aging population and the associated increases in diseases such as congestive heart disease and diabetes as well as the cost of treating those conditions is driving sales of these devices. Use of new patient monitoring technologies can result in a need for fewer personnel, increased coverage by existing personnel and a reduction in errors and are expected to lead to better patient care and the recognition of serious health problems before they become an issue.
It is followed by the likes of Home Healthcare which is the 2nd largest segment of the application sector. This can be attributed to the increase in the aging population and the ease of use offered by the devices which does not require expertise in handling the devices and can be used by the layman. This is one of the prime reasons, the Global Wearable device market is on the rise. Recent technological advances have been instrumental in the development of Sports & Fitness sector. New devices which can monitor the fitness level, heart beat rate and other various applications have been helpful in the reshaping of the Sports industry. This might well be growing at a rapid rate in the future.
The major players in the market currently are Apple, Google, Microsoft, Acer, LG, Basis Science, Corventis, Draeger, Everist Genomics, Intelesens, LifeWatch AG, Nuubo, Omron Corporation, Phillips, and Zephyr Technology Corporation.