The wearable devices are a non-invasive medical device that is used to monitor parameters such as heart rate, blood pressure, and blood glucose level, and to treat and diagnose specific conditions. It also has capabilities of wireless data transmission and assessment. The global wearable medical devices market is growing at a significant rate, due to technological advancement in medical devices, and boosting the penetration of smartphones. The market has witnessed high demand for activity monitors over the last few years due to the increasing prevalence of lifestyle-associated and chronic diseases.
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The increasing emphasis on physical fitness, mounting demand for wireless connectivity amongst healthcare providers, and an increasing number of smartphone-based healthcare apps compatible with wearable devices are the primary growth drivers for the wearable medical devices market. Moreover, technological advancement in medical wearable devices and increasing access to smartphones is also surging the demand for wearable devices. These devices can help consumers to cope with their health, along with taking care of healthcare costs.
Increasing awareness and growing preference of home healthcare, and increasing demand for remote patient monitoring is also facilitating the growth of the wearable medical devices industry. Mounting healthcare cost and growing geriatric population has increased the need for remote patient monitoring. Remote patient monitoring improves health outcomes at minimum cost. The increasing prevalence of lifestyle-associated diseases and increasing adoption of unhealthy lifestyles are also boosting the growth of the market. For instance, according to World Health Organization in 2015, approximately 1.6 million deaths were caused by diabetes.
The key challenge for the new entrants is the survival in capital intensive and highly regulated wearable medical devices market. In addition, there is less product differentiation offered by existing players, which further increases the competition among the existing players. Moreover, most medical device providers are adding wearable components to their product line.
Geographically, North America is the largest wearable medical devices market as in the region the healthcare infrastructure is developed. Technological advancement and development of vastly advanced healthcare apps and compatible devices are also up surging growth of the North American wearable medical devices market. Moreover, the increasing prevalence of lifestyle-associated diseases and sedentary lifestyles,s and the growing geriatric population are boosting the growth of the wearable market in North America.
Asia-Pacific is observed to witness the fastest growth in the market, as the region comprises of increasing adoption of smartphones, large population base, increasing prevalence of lifestyle-associated diseases, and favorable government support.
Key players in the wearable medical devices market are catering to the demand for these devices by investing in technologically advanced products in their product portfolio across the globe. In January 2016, LifeWatch received Food and Drug Administration (FDA) received for LifeWatch Mobile Cardiac Telemetry (MCT) Patch, a 1-lead ECG system, to monitor heartbeat for adverse cardiac events. In January 2018, Polar Electron partnered with Europeative, to promote a healthy and active European lifestyle. Fitbit Inc., Koninklijke Philips N.V., Polar Electro, Drägerwerk, Nokia Technologies, World Global Network, VitalConnect, and Xiaomi are some of the key players offering wearable medical devices.
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