Global Wearable Medical Devices Market Overview:
Wearable medical devices feature wireless transmission, timely feedback, alerting mechanism and have straightforward sensing capabilities. The information generated by wearable medical devices is analyzed and employed by customers for a more robust health management. Wearable medical devices Market are used for monitoring of various diseases like sight aldohexose, diabetes, blood glucose, heart diseases, pain relief, brain activity, hydration, temperature, sleep and so on. The Global Wearable Medical Devices Market was valued at USD 5.5 billion in 2016. With a CAGR of 28.8%, the market size is expected to grow rapidly to cross USD 19.5 billion by 2021.
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Drivers and Restraints:
An enormous variety of current developments and innovations within the care and physical science sector, rising use of medical devices and incidences of chronic diseases amongst all demographics, have led to the augmented adoption of the technology, in turn, increasing the market expansion. Wearable medical devices face challenges in providing efficient observation to patients affected by chronic diseases like Cancer and different blood diseases. Lack of awareness within the developing countries like Brazil, India, and Mexico are resulting in the slower adoption of technology. These factors could act as growth hurdles for the wearable technology for certain regions. Further, the privacy considerations regarding sending sensitive patient data and also the want for miniaturized devices with long battery life are few challenges faced by the trade. The activity monitors section is anticipated to account for the most important share of the wearable medical devices market. The high growth during this section is attributed to factors such as the rising adoption of inactive and unhealthy lifestyles, rising prevalence of chronic diseases, and growing awareness of health and fitness.
The wearable medical devices market is dominated by North America, with the market percentage of over 40% globally. North America is trailed by Europe and the Asia Pacific. The Asia Pacific is anticipated to develop at a fast pace in the coming few years.
The leading companies of the wearable medical devices include Fitbit, Garmin, Jawbone, Polar Electro, Vital connect, Withings SAS, Zephyr Corporation, Basis Science, Omron Corporation, Drager, Lifewatch AG, Sotera Wireless, Abbott Laboratories and Nuubo.
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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