LONDON, Nov. 2, 2015 /PRNewswire/ -- Wearable Medical Electronics Devices are devices which act as biosensors and are attached to the human body, to detect and monitor changes in certain crucial body signatures of various areas in the body and capture physiological data. Keeping its function in mind, these devices are designed to be non-invasive in nature, autonomous in functioning and are primarily used in clinical monitoring. Electronic Wearable Medical devices serve multiple functions ranging from monitoring blood sugar, glucose, chronic diseases such as heart diseases, diabetes and various other parameters. They also provide local processing, feedbacks and reports, communication capabilities, easy and timely sensing abilities. Activity monitors, smart clothing, smart equipment and smart watches are examples of a few of them.
Wearable Medical devices offer solutions to both physicians and health care providers. The services/solutions offered can be categorized into four segments: Disease Management, Monitoring & Feedback, Rehabilitation and Health & Fitness processes. The Monitoring and Feedback solutions accounted for more than 70% share of the Global Wearable Medical Device Market in 2015.
The Global Wearable Healthcare Market was worth $3.3 billion in 2015 and estimated to be growing at a 17.7% CAGR, to cross $7.8 billion by 2020. The market is showcasing evident potential in the current context.
The market driven by a number of factors such as large number of ongoing projects and innovations in the healthcare and electronics sector, the rising incidence of chronic diseases among all demographics, rising spending capabilities and the ease of use of medical devices; all of the following factors have led to the increased adoption of the technology. However, the technology faces certain drawbacks of high costs of devices, issues in reimbursement and lack of awareness in the developing countries like India, Brazil, Mexico and others leading to slower adoption. These factors may act as a roadblock to the growth of the technology is certain countries.
The Market can be broadly segmented as Diagnostic Wearable Market and Therapeutic Wearable market which can be again segmented according to the particular functions of the devices as Wearable Vital Sign Monitors, Global Wearable Foetal Monitors and Obstetric devices and Neuro-monitoring devices; and Wearable Pain Management Medical devices, Glucose/Insulin Monitoring devices and Wearable Respirator devices respectively. The technology has applications in Sports and Fitness, Patient Monitoring and Home Healthcare. Market study indicates that the Home health monitoring account for the largest share. This is due to the ease of use and the accuracy of these wearable devices.
The Market can be geographically segmented into North America, Europe, Asia-Pacific and RoW, with North America occupying the largest consumer base in the world. Europe and APAC follow the list in the same order. The growing chronic illness in APAC has made the region an area of immense potential and promise. However, the price sensitivity, in the region has considerably hindered the growth of the market in the region.
The market has more relevance today since trends show that people prefer a more independent life, without the support of others. The technology is specially inclined for the ill and the aged population, for whom home healthcare is very vital. Further, the generation is becoming a more information-oriented technology; a generation which values data to be in its fingertips. Indeed, the boundary between clinical and consumer health technology has becoming more and more blur today.
The major companies dominating the market for its products, services and continuous product development are Basis Science, Coventis Inc., Draeger, Everist Genomics Inc., Fitbit Inc., Intelensens Ltd., Lifewatch AG, Nuubo, Omron Corporation, Philips Electronics, Polar Electro, Sotera Wireless Inc., Zephyr Technology and Withings. Trends in mergers and acquisitions indicate that the smaller companies are acquiring the bigger ones for higher innovations by utilizing their core competencies. The technology offers potential of change in treating patients all over the world.
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