Wearable medical devices 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.
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.
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Wearable medical devices offer various solutions to
both, patients as well as physicians or health care providers. These solutions
can primarily be classified into four categories, namely therapeutic purposes
or disease management; monitoring and feedback, assisting in rehabilitative
processes and health & fitness purposes.
Monitoring
and diagnostic wearable devices accounted for the majority share of 78% in the
global Wearable Medical Device Market in 2014. This segment is estimated to
generate revenue of $34.4 Billion by 2020.
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The
market for wearable medical devices has seen a dramatic rise in recent years
owing to factors such as increase in health consciousness among people, overall
health trends to move care from hospitals to homes and subsequently to personal
care and so on. As a result, medical device manufacturers are shifting their
focus from fully fixed equipment to portable devices and more recently to
wearable ones.
Further,
with Innovation and Advancements in Wearable Technology:
- Sensor
Technology
- Wireless
Communication Technology, and
- Wearable
Computational Technology
These
made possible the development of small, light, durable, comfortable, safe and
low cost wearable medical devices. The miniaturization of wearable devices has
also enabled clinical monitoring beyond the hospital area, to the home or
during outdoor activities.
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Based upon their design and technical features,
wearable medical devices have found usage in three specific areas, namely -
Home Health Care, Remote Patient Monitoring and Fitness & Sports. In 2014,
the home-healthcare constituted the largest end-user group, accounting for 68%
of the global wearable medical device market revenue.
These devices are widely preferred by people who want
to live independently at their own homes and lead an active life, without
support of others. Aging population and increase in prevalence of chronic
diseases have led to a high demand of home healthcare, wherein accurate
treatment control and vital signs monitoring is essential. Sports and fitness also held a
major share of the wearable medical device market in 2014 and is poised to
exhibit a growth of 22.2% over 2015 – 2020.
The growing demand for fitness and sports wearable
devices is driven by rise in health consciousness and health consumer
expenditure.
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However, the high costs for the wearable devices act as
constraint for mass adoption of wearable devices globally. The price
sensitivity, particularly in the APAC market, has hindered the growth of
wearable medical devices. The high price of wearable medical devices has been a
barrier for penetration of these devices in the market. Also, stringent
government regulations with regards to wearable medical devices are likely to hinder the entry of new devices in the market
resulting in slower growth.
The top five companies in the Wearable Medical Devices
Market
- 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. The big players are launching new products and acquiring the smaller
companies, to augment their product portfolio and also to develop innovative
products by leveraging the core competencies, thereby enhancing their product
portfolio. Companies are also looking at acquisitions in this market to expand
their capabilities and position themselves in this growing market.
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