Wearable Medical Devices are also referred as autonomous wearable devices providing medical monitoring or support, over a prolonged period of time which are either embedded into the clothes or worn as an accessory.
Scope of the Report:
These wearable devices are usually non-invasive physiological sensors providing medical feedback through processing modules and also have wireless data transmission capacity. Wearable medical devices are small, unobtrusive and light-weight and are designed for operation by unskilled users Since, wearable medical devices are non-invasive, flexible and easier to use and hence, are replacing the traditional diagnostic methods. Alerting mechanism, real time feedback, decision support and wireless access to information are few latest developments leading to the more adoption of the wearable devices. Increasing penetration of smartphones and rising number of smartphone based healthcare applications compatible with devices is expected to spur the market demand over the forecast period. Furthermore, growing awareness about physical fitness and increasing preferences for wireless connectivity among the healthcare providers is also projected to impact the industry growth positively.
Reduced need for visiting the doctor for simple diagnostic procedures is considered to be one of the driver driving the market growth. Consequently, patients, diagnostic centers, pathology labs, specialty clinics and doctors themselves prefer wearable medical devices over the traditional diagnostic methods. The data produced is electronically transferred to the doctor for analyzing the important incidences with the patient. Various mobile applications are also capable for notifying the erratic changes in the body’s temperature which can help the physicians to understand the root cause behind the instabilities. The physician can therefore describe the guidelines for the patients and recommend prohibitions behind the irregularities in the report. Wearable devices are also capable of remote healthcare since, the devices are equipped with Electrocardiograph (EKG) which can monitor patients’ heart activity. Manufacturers are also developing sensors for breathing which can monitor respiration and blood pressure (BP) while registering critical changes. Devices like electroencephalogram (EEG) are equipped with complex sensors that records muscle activity via stimulations within the user’s brain.
Advanced medical wearables also facilitate instant connectivity with cloud. Thus, concerned medical personal will be informed about the irregularities with the patient’s health, allowing crucial steps to be taken in time for the patient’s health. Furthermore, growing accuracy of medical devices in remote monitoring of patients is expected to comfort doctors for therapy based on the data recorded through these devices.
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The market of wearable medical devices is segmented into patches, smartwatches, smart clothing, and activity monitors. Activity monitors is expected to acquire the largest share of the wearable medical devices market. Key factors responsible for the growth —includes rise in adoption of sedentary and unhealthy lifestyle, increase in the number of diseases pertaining to lifestyle and growing awareness of health and fitness among consumers. Wearable medical devices have application in various arenas including remote patient monitoring devices, home based healthcare and sports and fitness. Sports and fitness application segment is expected to witness highest compound annual growth over the forecast period. The segment growth is attributed to the popularity of the trend to track one’s health progress and the increased focus of people on the respective physical fitness, thereby improving the quality of life.
Stringent regulatory norms provided by the Food and Drug Administration (FDA) for apps for recording critical data may hamper the market growth. However, the wearable medical devices pertaining to diabetes management, fitness apps and similar medical intentions are steering clear of the FDA. Healthcare wearables are an evolving product segment in the global medical devices industry. Rapid innovation and the potential to decrease the cost of regulatory compliance, allowing a stable ground for the manufactures to flourish in the market.
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By Key Players:
Wearable Medical Devices have a highly competitive market comprising big and small companies. Some of the key players include Philips (Netherlands), Fitbit (US), Garmin (Switzerland), Omron (Japan) and LifeWatch (Switzerland). Other players that are also operating in this market include, Nokia Technologies (US), Drägerwerk (Germany), Polar (Finland), Jawbone (US), ActiveInsights (UK), World Global Network (US), Xiaomi (China), VitalConnect (US), Monica Healthcare (UK), and Misfit (US).
By Regional Analysis:
North America regional market is projected to dominate the wearable medical device market, followed by Europe which can be attributed to the developed healthcare infrastructure, technologically advanced healthcare apps and the presence of key market players in these regions. Asia Pacific region is yet to catch up with this technology and hence, has huge potential for growth.
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