According to a report published by Grand View Research, Inc.; the global wearable medical devices market is anticipated to reach a valuation of around USD 27.8 billion by 2022. Factors such as technological advancements and growing awareness about physical fitness are expected to drive the market. Rapid rise in digitization and tech-savvy population can further fuel the demand. Moreover, increasing popularity of home healthcare can propel the market during the forecast period (2012 to 2022).
High prevalence of lifestyle diseases such as obesity, diabetes, and hypertension are boosting growth of the market for wearable medical devices. These diseases require round-the-clock monitoring of blood pressure, blood sugar levels, and calorie intake. This factor is anticipated to bode well for adoption of wearable devices. Technological innovations and development of advanced products including glucose monitoring instruments, wristbands, smartwatches, and fitness bands are projected to drive the market.
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Moreover, development of new smartphone-based applications with wireless connectivity to integrate wearable medical devices can bode well for market expansion. The data collected by these devices can be forwarded to physicians for real-time access to data and to minimize the errors. However, issues related to data privacy and security as well as poor reimbursement policies can restrict the market growth to an extent. Rising cybercrimes and hacking incidences can hinder possibility of having secure and confidential platforms for patients.
The worldwide wearable medical devices market can be segmented on the basis of product, site, application, and region. Based on product, the market can be bifurcated into diagnostic and therapeutic devices. In 2014, the diagnostic segment led the overall market due to growing application of monitoring and diagnostic devices in home healthcare and remote patient monitoring.
The therapeutic segment is further fragmented into insulin/glucose monitoring, pain management, and rehabilitation and respiratory therapy devices. The Insulin/glucose monitoring segment accounted for major market share in 2014 and expected to show lucrative growth during the forecast period Growing Research and Development (R&D) activities and swift approvals are responsible for this expansion.
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On the basis of site, the market for wearable medical devices can be categorized into headband; handheld; strap, clip, bracelet and watches; shoe sensors, and others. Advancements in health bands, smart watches, and other wrist worn devices are anticipated to bode well for segment growth over the forecast period. Rising demand for user-friendly devices and technological advancements by leading players are anticipated to further boost demand.
Based on application, the market can be split into sports and faintness, remote patient monitoring, and home healthcare. In 2014, home healthcare emerged as the leading application segment and it is likely to continue leading over the forecast period. Constant technological developments for accurate and easy to use medical devices can drive growth in the forthcoming years.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA). In 2015, North America occupied the largest market share due to availability of advanced healthcare infrastructure, increasing occurrences of diabetes, obesity, cardiovascular disorder, and other chronic diseases. Rise in per capita income healthcare spending are anticipated to bode well for regional expansion. Growing applications of remote patient monitoring, home healthcare, and presence of Original Equipment Manufacturers (OEM) are expected to further fuel regional growth during the forecast period.
Asia Pacific is anticipated to display lucrative CAGR of around 32% over the forecast period due to launch of technologically advanced healthcare systems and supportive government efforts. Rising elderly population, healthcare expenditure, and per capita income can further drive the growth. Japan is the largest country in terms of regional contribution. Growing R&D efforts and high healthcare spending are expected to be the primary driving factors. Emerging countries such as India and China are anticipated showcase significant growth over the forecast period.
Europe is poised to register notable growth due to the rising geriatric population in U.K. and Germany, which is anticipated to drive demand for continuous health monitoring. Additionally, high healthcare spending, improvement in healthcare infrastructure, and disposable income are the major regional drivers. For instance, the total healthcare spending of U.K. is 9.9% of its Gross Domestic Product (GDP). However, in Germany it is around 11.1% of the country’s total GDP.
Key players operating in the wearable medical devices market include Basis Science, Inc.; Garmin, Philips Electronics; Zephyr Technology Corporation; and Fitbit Inc.
Grand View Research has segmented the global Wearable Medical Device Market on the basis of products and region:
Global Wearable Medical Devices Product Outlook (USD million), 2012 – 2022
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Diagnostic devices
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Vital sign monitors
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Heart rate monitors
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Activity monitors
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Electrocardiographs
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Pulse oximeters
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Spirometers
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Blood pressure monitors
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Other devices
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Sleep monitoring devices
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Sleep trackers
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Wrist actigraphs
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Polysomnographs
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Other devices
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Electrocardiographs Fetal & Obstetric Devices
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Neuromonitoring devices
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Electroencephalographs (EEG)
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Electromyographs (EMG)
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Other devices
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Therapeutic devices
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Pain management device
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Neurostimulation device
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Other devices
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Insulin monitoring device
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Insulin pumps
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Other devices
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Rehabilitation device
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Accelerometers
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Sensing devices
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Ultrasound platforms
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Others
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Respiratory therapy device
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Ventilators
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PAP
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Portable oxygen concentrators
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Other devices
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Global Wearable Medical Devices Application Outlook (USD million), 2012 – 2022
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Sports & Faintness
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Remote Patient Monitoring
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Home healthcare
Global Wearable Medical Devices Site Outlook (USD million), 2012 – 2022
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Handheld
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Headband
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Strap, clip, bracelet and watches
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Shoe sensors
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Others
Wearable Medical Devices Region Outlook (USD million), 2012 – 2020
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North America
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Europe
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Asia Pacific
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Latin America
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MEA
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