Wearable technology has gained momentum of late. Changing lifestyle of young people demands connectivity. The healthcare segment accounts for a major part of the wearable technology market, considering the innovations in several applications in this area in the last two decades. Mobile phones with wearable sensors, implanted medical devices, and home-based telehealth devices can help monitor and manage the health of a patient. Smartphones have made tremendous development in terms of applications and can now accomplish actual diagnostic tests such as the Apple iPhone glucose test.
Withings is another company that has collaborated with Apple to introduce a device that actually monitors blood-pressure on the go. Moreover, wearable medical devices for athletes who wish to monitor their performance and condition are available in the market. Similarly, such devices for continuous medical monitoring for outpatients with chronic medical conditions, physicians needing to quantify and detect behavioral aberrations for early diagnosis are also available.
According to the report, the global wearable medical devices market was estimated to have a valuation close to US$2.7 bn in 2014, which is projected to reach nearly US$10 bn by 2023, rising at a strong CAGR of 18.0% during the forecast period of 2015 to 2023.
Wearable Electrocardiographs Projected for Healthy Growth Rate
In terms of diagnostic devices, the report segments the global wearable medical devices market into vital signs monitors, fetal monitors and obstetric devices, and neuromonitoring devices. The segment of vital sign monitors has been further sub-segmented into heart rate monitor, activity monitor, sleep monitor, electrocardiographs, and others.
Out of these, heart rate monitor currently serves the maximum demand, reaching an estimated valuation of US$2.5 bn by 2023, although the sub-segment of wearable electrocardiographs are projected for the best CAGR of 17.8% during the forecast period, owning to its factors such as reliable, light weight, risk associated with cardiac arrhythmias, increasing prevalence of cardiovascular disease, and cost effectiveness. However, the lack of security and privacy of important data, short battery life, and slow-rate of acceptability by individuals are anticipated to hinder the growth rate of the sub-segment during the forecast period.
North America Serves Maximum Demand
Geographically, the report studies the opportunities available in the regional market in North America, Europe, Asia Pacific, and Rest of the World. Currently, North America serves maximum demand, valued at US$1.6 bn in 2016, which is projected to reach US$4.5 bn by the end of 2023, expanding at a CAGR of 15.8% during the forecast period of 2015–2023. The dominance of this region is attributed to the large number of early adopters and consumers, presence of several mid-sized and large players, and increasing number of new players.
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North America market for Wearable medical devices is mainly dependent on the country of the U.S. and Canada. According to CDC, 29.1 million people in the U.S. have diabetes, which is driving the uptake of glucose monitors, heart rate monitors, and activity monitors. Collectively, the segment of vital signs monitors is most profitable in this region.
Fitbit Inc., Omron Corporation, and Medtronic plc., are identified by the report as the most prominent companies in the global wearable medical devices market.
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