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Wearable Medical Technology Market: Introduction
The commercialization of wearable devices has drastically increased in the recent years, as the size of computers has reduced and the advancements of smart sensors has created new opportunities for the creation of small and enhanced trackers for a wide range of functions from smart bracelets to smart glasses. Medical wearable devices constitutes the core of wearable technology development. This has created new opportunities across the globe and growing competition has increased the stress on the manufacturers towards implementing more efficient ways of providing health status.
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Market Dynamics
The wearable medical technology market is majorly driven by the rising necessity of advanced health management devices, rising number of chronic diseases worldwide, large number of ongoing projects, and the ease of use of medical devices is anticipated to increase the demand for wearable medical devices. Wearable medical devices offer wide range of functions such as a monitoring glucose, reminder for patients, monitor chronic diseases such as heart diseases, and blood sugar and various other parameters. The devices also offer various other functions such as local processing, reports and feedback, communication capabilities and easy & timely sensing. Some of these devices include smart watches, smart clothing, smart equipment and activity monitors. Wearable devices in the medical sector are cardioverter defibrillators, that are designed for both monitoring and treating abnormal heart rhythms. These devices can provide interval doses of electric current for people with dysrhythmias as per the requirement.
Lack of awareness among users in the developing countries such as China, Mexico, Brazil, and India about the technology this may hamper the pace of adoption in these countries. Additionally, medical wearable devices being expensive, may result in slower adoption rate hampering the market growth. Key issues challenging the market includes of device connectivity, communication, privacy concerns in sharing sensitive patient data and battery life.
Market Segmentation
The Wearable Medical Technology Market has been categorized into devices, applications and geography. On the basis of devices, the market is segmented into diagnostic & monitoring devices, therapeutic devices. Diagnostic & monitoring devices are further categorized into heart-rate monitoring, pulse monitoring, blood pressure monitoring, and glucose monitoring among others. Therapeutic devices segment is categorized into pain management, and rehabilitation therapy among others. Wearable medical technology market based on application is segmented into sports & fitness, home healthcare, and patient monitoring. Sports and fitness segment is anticipated to hold the highest market share over the forecast period. This is majorly attributed to growing focus on physical fitness among people in order to improve the quality of life, due to the rising trend of tracking health improvement.
Regional Analysis
North America wearable medical technology market experienced the highest market share in the year 2017. Asia-Pacific is anticipated to be the fastest growing region over the forecast period 2018-2025. Growth of chronic diseases such as diabetes and increasing elderly population in countries such as Japan is projected to support the overall technology growth. The growing awareness for the necessity of continuous health monitoring and an improved per capita spending on the healthcare services across APAC offers positive impact on the growing technology demand.
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Wearable Medical Technology Market: Competitive Landscape
The key players in Wearable Medical Technology Market Philips, XIAOMI, jawbone, Monica Healthcare, Dragerwerk, Lifewatch, Garmin, FITBIT among other key players. In August 2018, Garmin International announced the launch of heart health app that will be compactable with the wearable devices featuring optical heart rate monitoring that includes Fenix, vivo series devices, and forerunner.