HYDERABAD, India and MINNEAPOLIS, March 8, 2016 /PRNewswire/ --
According to the Market Report "Wearable Medical Devices Market - By Type (Therapeutic Wearable Devices, Diagnostic Devices, Vital Sign Monitoring Devices, Others) Application (Home Health Care, Remote Patient Monitoring, Fitness And Sports, Others) & Geography - Forecast (2015-2020)", published by IndustryARC, the wearable medical devices market is projected to grow remarkably at 21.3% to generate revenue of $41.3 Billion by 2020.
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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. Many products with such capabilities are currently commercially available in the market and are targeted at health marketers, researchers, health conscious individuals, and athletes.
The Global Wearable Devices Market is estimated to reach $41.3 billion by 2020, growing at a CAGR of 21.3% during 2015-2020 from around $15.7 Billion in 2015. Sleep trackers are the fastest growing product segment currently followed by wearable continuous blood glucose monitors and respiratory monitors according to IndustryARC. The North American Market is estimated to grow at 21% during the forecast period to reach $19.3 Billion by 2020. The U.S is the largest Market in this region followed by Canada and Mexico. The global shipments of wearable medical devices is also estimated to reach 422.5 millon units by 2020.
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The current generation of Wearable Medical Devices mostly relies on user intervention to record data that is processed offline later on. The market has seen a dramatic rise in recent years owing to factors such as increase in health consciousness among people, increase in health consumer behavior among people, greater health trend to move from hospital care to home care 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.
Based on the fact that wearable medical devices offer solutions for both personal (patient) and user (physician or health care provider), they can be broadly classified into three categories -
The millennial population has evolved themselves into more information oriented generation that has been facilitated by the revolution in computing technology. As the consumers from this age group are becoming more health conscious than their predecessors amidst the fast paced life, the wearable medical devices market is set to grow. Keeping in mind the expectations of today's fast paced generation; device manufacturers are frequently collaborating with designers and developers to cater to several types of enthusiasts including sports, fitness and health.
The increasing concern about personal health is set to propel the wearable devices market in this region. Growing elderly care market and increasing government funding into it is also a key driver for the adoption of WMD in North America. The entry of consumer electronics and smartphone manufacturers has enhanced the awareness of wearable medical devices. For instance, Apple and Omron Healthcare have recently entered this market creating high demand for their products. Americas is followed by Europe and APAC in market size for 2014 with varying growth rates to 2020.
Major Players in the Market Are:
Though these Companies have a dominant position in the market, there are a few companies giving stiff competition to the top players with their innovative product designs.
Wrist Wearable device manufacturers have utilized mergers and acquisitions as well as product launches to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in high growth markets. The product launches have played a key role in the growth of the major players as a whole, as the growing demand for connected wrist wearable devices both in technological features as well as aesthetic design propels the companies to invest into R&D. Companies have also focused on R&D and innovation of new products to enter the growing wearable medical devices market from related consumer electronics and smartphone markets.
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The Market Segmentation by Geography;
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