Global Wearable
Medical Device Market is
expected to reach USD 27.8 billion by 2022, according to a new report by Grand
View Research, Inc. rising prevalence of conditions such as obesity and
hypertension, as a result of sedentary lifestyle is anticipated to boost the
demand for wearable medical devices. Moreover, increasing health awareness is
further expected to augment the demand for these devices.
Additionally, growing incidences of
chronic conditions, such as diabetes, which require round-the-clock monitoring,
are expected to increase the demand for wearable technology. Technological
innovation is projected to be vital for growth of this industry over the
forecast period. Smart watches, smart bands, and smart clothing are anticipated
to be the key areas for development. Increasing penetration of smart cellular
phones is expected to assist growth of this technology. However, patient
privacy and security concerns along with complexity in engineering are expected
to impede growth of the industry.
In
depth research report on
Further key findings from the study suggest:
·
Diagnostic
wearable medical devices held substantial share in 2014 owing to increasing
usage in remote patient monitoring as well as home healthcare
·
Therapeutic
wearable devices are anticipated to exhibit remunerative growth over the
forecast period. Increasing penetration of products, such as insulin monitors,
is assisting the growth of wearable equipment.
·
Diagnostic
devices such as vital sign monitors are expected to witness lucrative growth
over the forecast period. Rising incidences of chronic diseases are expected to
boost the demand for this equipment.
·
Wearable
medical devices have applications in sports & fitness monitoring, home
healthcare, and remote patient monitoring. Home healthcare held significant
shares of around 50.0% in 2014. Simplified usage of this equipment along with
ability to synchronize with cellular phones as well as tablet devices assisted
the growth of this segment.
·
On the
contrary, remote patient monitoring is projected to exhibit growth rate of over
25.00% in the next seven years. Increasing geriatric population base coupled
with demand for continuous monitoring is expected to fuel the growth.
·
Strap/clip/bracelet
or watches held substantial shares of around 40.0% in 2014, and is expected to
grow at a lucrative rate over the forecast period. Simplified engineering,
aesthetically appealing products, and synchronization with mobile application
are anticipated to drive this segment’s growth.
·
North America
dominated the overall market with approximately 40.0% of shares. This can be
attributed to increasing per capita income as well as rising healthcare
spending, and advanced healthcare infrastructure and presence of OEM in this
region.
·
Asia Pacific
is projected to grow with a rapid rate of around 32.0% over the forecast
period. Economic development coupled with improving healthcare systems is
expected to help the industry grow in this region.
·
Key companies
of the wearable medical devices industry include Fitbit Inc., Garmin, Vital
Connect, Omron Corp., Sotera Wireless, Jawbone, Pebble Technology Corp., Basis
Science, Inc., Withings, Intelesens Ltd., Covidien Plc, LifeWatch AG, Polar
Electro, Philips Electronics, and Everist Genomics
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
·
Diagnostic
devices
o
Vital sign
monitors
o
Heart rate
monitors
o
Activity
monitors
o
Electrocardiographs
o
Pulse
oximeters
o
Spirometers
o
Blood pressure
monitors
o
Other devices
o
Sleep
monitoring devices
o
Sleep trackers
o
Wrist
actigraphs
o
Polysomnographs
o
Other devices
o
Electrocardiographs
Fetal & Obstetric Devices
o
Neuromonitoring
devices
o
Electroencephalographs
(EEG)
o
Electromyographs
(EMG)
o
Other devices
·
Therapeutic
devices
o
Pain management
device
o
Neurostimulation
device
o
Other devices
o
Insulin
monitoring device
o
Insulin pumps
o
Other devices
o
Rehabilitation
device
o
Accelerometers
o
Sensing
devices
o
Ultrasound
platforms
o
Others
o
Respiratory
therapy device
o
Ventilators
o
PAP
o
Portable
oxygen concentrators
o
Other devices
Global
Wearable Medical Devices Application Outlook (USD million), 2012 - 2022
·
Sports &
Faintness
·
Remote Patient
Monitoring
·
Home
healthcare
Global
Wearable Medical Devices Site Outlook (USD million), 2012 - 2022
·
Handheld
·
Headband
·
Strap, clip,
bracelet and watches
·
Shoe sensors
·
Others
Wearable
Medical Devices Region Outlook (USD million), 2012 – 2020
·
North America
o
U.S.
o
Mexico
·
Europe
o
UK
o
Germany
o
France
·
Asia Pacific
o
Japan
o
China
o
India
·
Latin America
o
Brazil
o
Mexico
·
MEA
o
South Africa
o
Saudi Arabia
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About Grand View
Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market
analysis reports, please visit: http://www.grandviewresearch.com/
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