Monday, May 16th, 2016 - Future Market Insights

Wearable medical devices are devices which are attached to the human body, they detect and monitor the changes in the body and also captures the data of various areas. These devices are portable in nature, non-invasive, autonomous in functioning and most importantly use for clinical monitoring. Wearable medical devices are of several types like to detect blood sugar, glucose, heart diseases, diabetes, blood pressure, brain activity, ingestion, pain relief, hydration, sleep, temperature etc. Wearable medical devices also provides feedbacks, reports and have easy and timely sensing abilities. Medtronic, which is a medical giant acquired Corventis in 2014. Corventis has FDA clearance for Nuvant offering which is a mobile cardiac telemetry system.

Recently, Google is testing a wrist-worn medical device which would have sensors to produce an ECG measuring the patterns and strength of the wearer’s heartbeat. Also, it checks the skin and pulse temperature. Google also said that other uses of the device also include monitoring heart attack patients after they leave from hospitals to track their cardiac signals and also to check if their health changes if they spend less time moving around in or outside.

Covidien acquired Zephyr Technology which includes products like BioHarness, which is a wearable chest strap to monitor the heart rate, ECG, breathing rate and posture. Zephyr also have a band aid like sensor called BioPatch which has similar features like BioHarness and uses a software called ZephyrLife. In 2014, Basis Science launched Advanced Sleep Analysis and became the first ever wrist based tracker to detect deep (slow wave), REM, and light Non – REM sleep stages. It combines sleep duration metrics, toss and turn and more to provide comprehensive view of the sleep.

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Wearable Medical Devices Market: Drivers & Restraints                

Technological advancement, innovation, rising urban lifestyle, increasing health awareness, rising diseases and chronic illness, portability, increasing per capita income, increasing healthcare expenditure, are the most important driving factors in wearable medical devices market. Since wearable medical devices do clinical monitoring and easy to use, the demand for wearable medical devices has increased.

With so many advantages and splendid features of wearable medical devices, it has few disadvantages too. High cost, lack of awareness and issues in reimbursement are acting as a barrier for wearable medical devices market.

Wearable Medical Devices Market: Segmentation       

Wearable Medical Devices Market is broadly classified on the basis of the following segments –

  • By Product:
    • Wearable Therapeutic Medical Device
    • Wearable Monitoring and Diagnostic Device
  • By Application:
    • Patient Monitoring
    • Sports and Fitness
    • Home Healthcare

Wearable Medical Devices Market: Overview                 

The wearable medical device has grown substantially at a healthy CAGR due to increasing need of integrated healthcare system and rise in demand of diagnostic industry. With rapid technological advancement and innovation, wearable medical device market is expected to grow globally. Asia Pacific would be the fasted growing market in the forecast period due to the increase number of chronic illness.

Wearable Medical Devices Market: Region-wise Outlook               

The wearable medical devices market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, wearable medical devices market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. North America has the largest market for wearable medical devices and is contributing the most as compare to other regions. Asia Pacific is the fastest growing region in the forecast period.

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Wearable Medical Devices Market: Key Players

Some of the key market players in wearable medical devices system market are Fitbit, Jabra, Garmin, Omron Healthcare, Basis Science, Medtronic, Zephyr Technology, Sotera Wireless, Philips electronics, Nuubo, Polar Electro, Draeger, Corventis.

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Wearable Medical Devices Market

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