Pune, India, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Wearable Medical Device Market Synopsis
The Global Wearable Medical Device Market is upping the benchmark considerably by targeting a market valuation of USD 27.25 Billion during the forecast period (2017-2023), Market Research Future (MRFR) reveals in a detailed analysis. In the process, the wearable medical device market is expected to scale a stellar CAGR of 23% during the forecast period. Designed solely to provide optimal assistance to experts and simplify procedures related to diagnosis and treatment, these devices have proved themselves convenient in the evolving healthcare sector. This anticipated market growth can be attributed to the gradual ingress and proliferation of the smart technology in the healthcare industry.
Smart-age Solutions to Influence the Industry
IT, telemedicine, and wearable medical devices, the trio has formed an entwined network where they reciprocate to the needs of the each other’s and consequently, revolutionized the healthcare sector without compromising the cost. Prevalence of chronic diseases such as diabetes and cancer in countries across the globe and susceptibility of elderlies to various ailments have given rise to a demand for constant monitoring which, in turn, has ensured a burgeoning market for the wearable medical devices. Guided by smart technologies and user-friendly interfaces, these devices provide real-time information to refine the implemented treatment procedures. Automation and smart applications have furthered the cause by aiding the device cross barriers such as age, class, and country.
But in its impacts, it is not skewed towards the medical practitioners only. It guides the patients as well by giving timely reminder regarding intake of medicines, providing minute details of the drug usage, tracking prescriptions, and monitoring the vitals to maintain sound health.
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Neck and Neck Competition
Currently, a number of market players are influencing the market. Among them, Fit bit Inc., Omron Corporation, and Philips are conjointly accounted for more than 28% of the global market in 2016. The market demography is expected to remain the same as these players are largely banking on an expansion of their portfolio and merger & acquisition to maintain their command. Spearheaded by Fit bit Inc., the market has Philips and Omron Corporation in second and third position respectively. Philips’ new CarePoint 5.0 is an intuitive wireless health technology that ensures resident safety and response in geriatric communities. Medtronic Inc. and Stryker Corporation are the other market key players. Stryker Corporation is expanding their portfolio through strategic acquisitions of Novadaq Technologies Inc. in 2017, and Physio-Control International Inc., in 2016.
Segmentation - Analysis
Activity monitors, smart watches, smart clothing, and patches form the type-based segmentation of the wearable medical device market. The crest is now being occupied by activity monitors owing to their far-flung utility in monitoring lifestyle diseases such as diabetes. Meanwhile, the smart clothing segment is set to rise with the highest CAGR with the assistance of the awareness regarding fitness trackers for sports and fitness-related activities.
Diagnostic & monitoring devices and therapeutic devices found the device type segment. Diagnostic & monitoring devices accrue the maximum market share as its extensive use, and wide availability have helped it garner fame from different quarters. However, the latter is also gaining traction with the growing demand for a sub-segment of the therapeutic devices, pain management devices.
By application, the Wearable Medical Device Market comprises sports academies and fitness, remote patient monitoring and home healthcare. Rising awareness regarding sports and fitness related activities has ensured the top spot for the first sub-segment. Whereas, home healthcare is expected to score high due to the growing geriatric population.
Distribution channel comprises pharmacies, online channel, and hypermarkets. Pharmacies are currently holding the premier position. However, the online channel can register an astounding CAGR of 23.7% during the forecast period and in future may leapfrog pharmacies in terms of generated revenue.
The Regional Frontiers
Regions discussed in the report highlight the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The Americas are currently leading the market with the U.S. as their frontrunner. The clamoring demand for wearable medical devices is mainly coming from a massive population shaped by obese and diabetic patients. The APAC is expected to grow at a breakneck speed where the presence of a hitherto untapped market is showing remarkable prospect.
Diagnosis & Treatment Simplified
The technological advancements in the healthcare sector are far from stagnation, and the continual evolution is simplifying the treatment procedure. For instance, Cyrcadia Health’s iTBra has its focus set on one of the compelling issues of the time. The global surge in breast cancer cases among women. By wearing the dual breast patches as a bra insert and allowing monitoring of circadian metabolic changes in heat connected to cellular activity common in breast tumors, women can now have an early detection which can help increase the chances of cure.
TempTraq is another device that enables parents to have a constant eye on their babies’ health. It can detect the slightest of fluctuation in temperature and alert the parents accordingly.
However, IT service, since its inception, has been encountering threats from hackers. A serious security breach can leak confidential patient-related data eventually bottlenecking the market. As an effective countermeasure, manufacturing companies are taking the route of tie-ups in an effort to safeguard the data. This is also creating a conducive market for the new entrants ensuing which they can further invest in the development of the sector.
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