wearable healthcare electronic devices market is expected to grow to US$ 15,254.6 million by 2019

The report presents a global analysis of human wearable healthcare electronics and devices market in terms of product types and geography. The wearable medical devices and healthcare electronics market is remarkably new, dynamic and has the ability to bring great successes. A large portion of the wearable medical devices is occupied by fitness monitors, trackers and heart rate monitors that are considered as consumer products and thus unregulated by most healthcare authorities across the world. Recently, the U.S. FDA issued draft guidance for low risk devices that are concerned with improving health habits and monitor routines. Most fitness monitors have a large error margin as compared to medical devices that are employed for same function in clinics and hospitals such as heart rate monitors and blood pressure monitors. The global wearable healthcare electronic devices market was valued at US$ 5,793.9 million in 2014 and expected to grow to US$ 15,254.6 million by 2019 at a CAGR of 18.4% from 2015 to 2019.

The wearable medical devices and healthcare electronics market is remarkably new, dynamic and has the ability to bring great successes. A large portion of the wearable medical devices is occupied by fitness monitors, trackers and heart rate monitors that are considered as consumer products and thus unregulated by most healthcare authorities across the world. Recently, the U.S. FDA issued draft guidance for low risk devices that are concerned with improving health habits and monitor routines. Most fitness monitors have a large error margin as compared to medical devices that are employed for same function in clinics and hospitals such as heart rate monitors and blood pressure monitors. The draft states that the products categorized under these low risk devices have "an intended use that relates to maintaining or encouraging a general state of health or a healthy activity," such as a device that helps "log, track, or trend exercise activity." The devices may also have "an intended use claim that associates the role of healthy lifestyle with helping to reduce the risk or impact of certain chronic diseases or conditions" when the science clearly shows a healthy lifestyle can have an impact. Wearable medical electronics also encompass significant crucial electronic devices such as blood pressure monitors, blood glucose monitors, ECG, infusion pumps, pulse oximeters, temperature sensors among other devices.

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One of the major drivers of this market is the growing trend of mixing fashion with healthcare. New trendy devices combine a style statement of keeping up to date with technological advances. Due to a strong purchase power in economically developed regions, over 75% of people may have a wearable healthcare electronic device by 2020. Due to rising incidence in chronic pain, the demand for wearable therapeutic devices such as transcutaneous electrical nerve stimulation (TENS) and electromagnetic stimulation (PEMF) among several others has increased significantly. Echelon a company that manufactures PEMF devices recently launched a device for pain relief called Chiropractor of the Future. Other innovative devices such as CUR (cure) and Quell although clinically unproven have been built on soundly on existing therapy techniques and promise more freedom of movement to patients having chronic pain.

New entrants who have introduced disruptive technologies such as Medtronic, Abbott and Johnson & Johnson with wearable glucose/insulin pumps and monitors are poised to capitalize the explosion in diabetic population in Asia in coming years. Competing with them are companies such as Pancreum with its highly acclaimed Genesis artificial pancreas. The primary advances in technology through the years has been wireless connectivity, increased data collection of health parameters and miniaturization of hardware components. Pediatric and fetal monitoring devices such as MIMO, Sproutling and Owlet are in a strong position to capitalize a market where parents cannot spare time personally to constantly check on their children and can continue juggling with other chores. The global market for wearable healthcare electronic devices is anticipated to grow very quickly in coming years with increased adoption expected from emerging economies of Asia, Latin America and Middle-East. The analysis shows the potential of Asia-Pacific to become the largest adopter of wearable health tech in coming years. Rising number of Asian consumer electronic companies such as Samsung, LG, Micromax and Xiaomi entering this market clearly illustrates their understanding of how profitable the association of wearables market is with mobile communications technologies. Micromax and Xiaomi are directly competing with other majors such as Apple and Samsung in this highly profitable and preferably unregulated healthcare electronics domain.

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