ALBANY, New York, April 24, 2019 /PRNewswire/ -- The wearable medical devices market US$6.8 bn in 2017. The market is predicted to grow at 17.0% CAGR during 2018-2026. Among many different devices, the diagnostic and monitoring devices segment is expected to lead growth. The segment is expected to grow significantly due to growing incidences of chronic illnesses, growing awareness about health, and lowering prices.
Asia Pacific region is expected to register the fastest CAGR growth during 2018-2026. The regional wearable medical devices market is predicted to grow at 18.8% CAGR. High penetration of digital technology, large number of low priced- devices, and large market size are expected to drive robust growth in the region.
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Diabetes to Propel the Wearable Medical Devices Market
According to Center for Disease Control and Prevention Center (CDC), nearly 85 million Americans have prediabetes. This equals to one in every three adults. Additionally, 9 out 10 people are not aware of their conditions. Moreover, prevalent conditions such as sugary diets, lack of exercise, and polluted environment are likely to exacerbate the current scenario. Hence, 2018-2026 period presents a major opportunity for the wearable medical devices market. CDC is launching initiatives such as lifestyle change program, which are expected to increase awareness, leading to diagnosis, and more investment in prevention and treatment.
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Adoption of Technologically Advanced Devices Further Drives Growth in Wearable Medical Devices Market
Apple launched a FDA approved wearable medical device in the market in 2018. The device can detect falls and perform electrocardiograms. The watch created a benchmark in the market by constituting for over half the total sales in the market, despite its associated high cost. Growing investment and encouragement by government policies for cheaper and engaging medical devices, are expected to help further this growth. In 2018, the US government made value driven services like digital applications a key component for availing reimbursement compensation. Growing enthusiasm among consumers, lowering prices, and growing focus on innovation worldwide are expected to drive major growth for the wearable medical devices market.
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Rising Awareness a Boon for the Wearable Medical Devices Market
Growing pollution, sedentary lifestyle, and rising chronic illnesses are leading to increased awareness about the wearable medical devices market. Many players in the market are focusing on advertising their technology to remain fit as a signature benefit. Growing issues in urban areas such as high-blood pressure, increasing congestion, and busy lifestyle are making such benefits extremely appealing to consumers. Additionally, chronic illnesses such as cancers are on the rise. On the other hand, hospitalization and diagnostic services are extremely expensive and can't be used on a regular basis. Hence, monitoring tools along with fitness devices are also expected to gain more traction in the wearable medical devices market in the near future.
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The wearable medical devices market depicts a competitive and fragmented landscape. The fragmentation of the market is expected to increase as large number of small players enter the market, reports Transparency Market Research (TMR). Some key players in the wearable medical devices market Samsung Electronics Co. Ltd., Xiaomi Technology Co., Ltd, Garmin Corporation, Apple Inc., Fitbit, Inc., Polar Electro, and Huawei Technologies Co., Ltd.
The next frontier of innovation in the wearable devices market is the expansion of applications to carve wearable technology's independent identity. Innovation in the medical device market is posing a major challenge as downward cost-pricing is putting additional pressure on manufacturers. Additionally, growing demand for more capable devices from consumers and constant entry of new players are expected to keep the wearable medical devices market extremely competitive. Currently, blood pressure monitoring, and standard fitness are major features of wearable technology.
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The study presented here is based on a Transparency Market Research report titled "Wearable Medical Devices Market (Device - Diagnostic and Monitoring Devices (Vital Signs Monitoring Devices, Glucose Monitoring Devices, Sleep Monitoring Devices, Fetal Monitoring and Obstetric Devices, Neuromonitoring Devices), Therapeutic Devices (Pain Management Devices, Rehabilitation Devices, Insulin Pumps, Respiratory Therapy Devices); Product Type - Smart Watches, Activity Monitors, Patches, Smart Clothing; Application - Sports and Fitness, Home Healthcare, Remote Patient Monitoring; Distribution Channel - Online Channels, Pharmacies, Hypermarkets) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026".
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