Wearable Medical Devices Market: Top 5 factors driving the global industry trends
Global wearable medical devices market growth will be augmented by growing awareness about physical fitness and rising demand for fitness tracking and monitoring devices. Increased consumer incomes and increasing cases of chronic diseases will lead to the rapid adoption of smart wearables.
As per WHO, the ratio of diabetes among adults aged over 18 years rose to 8.5% in 2014 from 4.7% in 1980. The growing prevalence of diabetes is predominantly attributed to an unhealthy diet and sedentary lifestyle. However, it can be treated, and its consequences could be avoided with proper diet, medication, physical activity, and regular screening. In addition to diabetes, the rising incidence other chronic diseases that require regular screening will augment the technology adoption.
According to a Global Market Insight, Inc., analysis report, global wearable medical devices market size will surpass US$87.5 billion by 2025. Described below are some key factors driving the market trends.
Demand for thermal wearable medical devices
Advantages of wearable devices such as non-invasiveness and real-time monitoring shall augment demand for body and temperature monitoring devices among consumers. Additionally, the incorporation of thermal sensors that monitor body temperature from wrist skin will boost the adoption of smart wearable technology. Reportedly, the body and temperature monitor device segment of wearable medical devices industry is estimated to grow at 40% CAGR up to 2025.
Technological advances in diabetes care devices
The wearable medical devices market, based on application is categorized into sleep tracking, obesity control, diabetes care, cardiac health, and fitness monitoring devices. The prevalence of diabetes among the elderly population has increased significantly over the years. This has resulted in the advent of technologically advanced electrochemical sensors that track skin interstitial fluid and sweat to monitor blood glucose concentration. Notably, the diabetes care devices segment was valued at US$1.8 billion in 2018 and is likely to grow substantially in the coming years.
To access sample pages of this report titled, “Wearable Medical Devices Market Size By Device (Activity/Fitness Monitors, Blood Glucose Monitors, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors, Hearing Aids), By Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking), By End-Use (Home Healthcare, Remote Patient Monitoring, Fitness and Sports), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
Wide application of wearables in home healthcare
Wearable medical technology application in-home healthcare settings is estimated to experience a 40% CAGR through 2025. Ongoing advancements in wearable technology and increasing preference for personalized in-home healthcare services will foster the technology development. These devices provide greater convenience to patients and reduce the number of regular visits to healthcare centers.
Rapid adoption of wearable gadgets in India
India wearable medical devices industry share is forecasted to expand at 46.7% CAGR in the forthcoming years. The regional market trends can be attributed to the high adoption rate of new technology, the advent of latest healthcare gadgets, and innovative advertisement and promotional campaigns by firms in the region. Also, growing awareness about physical fitness and rising incidences of chronic diseases will lead to widespread adoption of fitness trackers and other smart wearables.
Prominent companies constituting global wearable medical devices market include Omron Corporation, Fitbit, Koninklijke Phillips N.V., and Sotera Wireless, among others. These companies are emphasizing on several strategies for business expansion such as advertisement campaigns, events, and others to promote new wearable medical device technologies and expand their customer base.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.