ALBANY, New York, January 18, 2019 /PRNewswire/ --
According to the report published by Transparency Market Research, the global wearable medical devices market is expected to reach an estimation of US$ 10 bn by 2023. In 2014, the market earned US$ 2.7 bn. During the forecast period between 2015 and 2023, the market is anticipated to rise at a healthy CAGR of 18.0%. These figures are accounted on the increasing focus on improving healthcare facilities.
Based on devices type, the wearable vital sign segment is expected to hold a significant share in the market. The rising number of people suffering from different heart disorders and increasing incidence of cardiac arrests has boosted the demand of this segment. In addition, increasing developments and advancements in healthcare are likely to drive the demand in this segment. On regional front, North America is projected to lead the market due to the increasing number of diabetic patients. High adoption of medical technologies and the presence of advanced healthcare infrastructure are other factors driving the market's growth.
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Access to Real-Time Health Data to Expand Demand for Wearable Medical Devices
Globally, the patient suffering from diabetes and other chronic disorder increased at a significant rate. This led the growth of wearable medical devices at large scale. With the help of wearable medical devices, interpretation of patient's data become far easy and fast. Due to this reason, it has become popular among non-professional users.
Where hypertension and obesity have grown concerns among people, the use of wearable devices will help in recording various physiological factors including blood pressure, sugar level, and calories. These devices are also beneficial for physicians in giving them real-time access to data and helps in redoing errors. With all the above-mentioned factors, the global wearable medical devices market is expected to grow at a high rate in the coming years.
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High Cost of Wearable Medical Devices to Deter Market Performance
On the contrary, to the expanding warble medical devices market, few restraining factors are likely to deter demand in this market. The high cost of wearable medical devices is one of the major factors restricting the growth of this market. Emerging economies are the one where the demand for these devices is low. Moreover, reimbursement policies have also posed a huge threat to the growth of this market. However, increasing government initiatives on expanding and developing the healthcare sector might help in reducing the effect of these restraints
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The rising number of players in the global wearable medical devices market has increased the competition among the players, observes Transparency Market Research. The market structure is fragmented due to the presence of multiple players both at regional and global level. Key players in the market are focusing on developing and expanding their product line by using advanced technologies. Increasing competition and rising focus on key strategies including merger and acquisition are expected to enhance the overall market's growth in the coming years. For instance, in 2014, Covidien Plc. acquired status-monitoring products from Zephyr Technology Corporation. With this acquisition, there is a possibility that wearable patients monitoring products will be available at a lower cost and expand product portfolio. Some of the prominent players analyzed in the report include Fitbit Inc., Medtronic plc, Omron Corporation, and Polar Electro.
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The information presented in this review is based on a TMR report, titled "Wearable Medical Devices Market (Diagnostic Device - Vital Sign Monitors (Heart Rate Monitor, Activity Monitor, Sleep Monitor, and Electrocardiographs), Fetal Monitors and Obstetric Devices, and Neuromonitoring Devices (Electroencephalograph and Electromyograph); Therapeutic Device (Pain Management, Glucose or Insulin Monitoring, and Respiratory Therapy); Application (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023."
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