Saturday, June 20, 2015

Convenience and Increasing Fitness Awareness to Drive Wearable Medical Devices to a $41 Billion Market by 2020

Wearable Medical Devices (WMD) are autonomous, non-invasive devices that perform specific medical functions such as managing treatment of chronic diseases or monitoring vital signs of human body.
A wearable medical device incorporates capabilities such as wireless data transmission, real time feedback and assessment and so on. Many products with such capabilities are currently commercially available in the market and are targeted at health marketers, researchers, health conscious individuals, and athletes. Based upon the end-users, The Wearable Medical Devices Market has been segmented into - home healthcare, remote patient monitoring and fitness & sports. During the forecast period of 2015-2020, the market is projected to grow remarkably at 21.3% to generate revenue of $41.3 bn by 2020.


Global Wearable Medical Devices Market, By End Use Applications, 2014 – 2020 ($M)

Source: IndustryARC Analysis, Expert Insights

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The wearable technology is creating a future that equips the users with devices to ensure their health and fitness. The hectic lifestyle in current global scenario has taken toll on human health. Consumers are thus growing increasingly concerned about personal health. They are looking at continuous healthcare monitoring devices to assuage this concern. Consumers are giving more importance to wearable health devices that can make them more aware about their daily life schedule. The wearable devices market already consists of equipment that can monitor important health parameters including heart rate, blood pressure and blood oxygen levels. The growing market for wearable healthcare in long term care market is projected to drive the market. These developments will assist the wearable devices to gain a significant position in the global health ecosystem, thereby boosting their market further in the future. Other factors such as growing elderly care market, large influx of original device manufacturers, increasing consumer base for wearable devices among younger generation will also propel the market. However, stringent government regulations regarding the accuracy of data generated by these devices are highly rigorous, and are likely to slow the rate of adoption of these devices.

Global Wearable Medical Devices Market Revenue, By Geography, 2014 (%)

Source: IndustryARC Analysis, Expert Insights

In 2014, North America held the largest share in the Global WMD market. This can be ascribed to increasing concern about personal health, growing elderly care market and increasing government funding. The European WMD market accounted for 30% of the overall revenue, followed by the APAC region. The growing economies in APAC have led to increased disposable income among customers thus propelling the wearable medical device market. RoW region accounted for 3% share in the Global WMD market in 2014.

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The dominant players in the Wearable Medical Devices market as of 2014:
  • Zephyr Technology Corp.
  • Omron Healthcare, Inc.
  • Basis Science
  • Sotera Wireless, Inc., and
  • Polar Electro Oy.
Though these companies have a dominant position in the market, there are a few companies such as Philips Healthcare, ResMed, Fitbit, Inc, giving stiff competition to the top players with their innovative product designs.

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