Wearable Medical Devices Market : Industry Outlook and Trend Analysis
The Wearable Medical Devices Market was worth USD 3.68 billion in 2014 and is expected to reach approximately USD 16.65 billion by 2023, while registering itself at a compound annual growth rate CAGR of 18.26% during the forecast period. Wearable medical devices are handheld tools for monitoring that are utilized for identifying and monitoring disease. Because of the Increase in chronic illnesses, patients are picking healthcare at home as a practical and efficient method for treatment, as opposed to hospital services. Rising requirement for viably overseeing chronic disorders, developing number of disorders related to lifestyle, advent of cutting edge devices for healthcare management, expanded concentration towards healthy lifestyle are factors anticipated to boost the growth of the market. Also, developing awareness about early diagnosis of disease and treatment combined with increasing requirement for enhancing way of life and personal satisfaction will additionally boost the market development.
Drivers and Restraints
Developing prevalence of diabetes is one of the main considerations driving the development of the market. Individuals experiencing diabetes need to screen and keep a track of their key parameters including body weight, food intake, physical action and glucose level once in a day. This has brought about significant development of the market. For example, according to International Diabetes Federation IDF , in 2015, diabetes influenced 415 million individuals worldwide and this number is foreseen to increase over the forecast period. Additionally, it was discovered that 1 of every 11 adults experience the ill effects of diabetes. Therefore, the rising predominance of diabetes will help the market development for wearable medical devices in not so distant future. Additionally, expanded focal point of key players on creating innovative wearable devices to meet the neglected therapeutic needs will additionally impel the market development.
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The Wearable Medical Devices Market is segmented on the basis of product and application. Based on product the market is segmented into Therapeutic Devices and Diagnostic devices. The devices assist in carrying out vital operations to monitor an individual’s condition on real time basis. Based on application the market is segmented into Home Healthcare, Remote Patient Monitoring and Sports and Fitness.
Regional Outlook and Trend Analysis
Geographically, the market for wearable devices in North America has risen as the undisputed pioneer among the various territorial fragments. The high rate of robust healthcare infrastructure, diabetes, and early implementation of medical technologies are behind the astral development of the territorial market. Moreover, the vital monitors fragment has pulled in enormous request in North America which has profited the general territorial market.
The leading players in the market are Zephyr Technology, Philips, LifeWatch AG, Fitbit, Vital Connect, Garmin Ltd and Omron. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Wearable Medical Devices Market is segmented on the basis of regions as follows-
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
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