Wearable Medical Devices Market to reach nearly US$10 bn by 2023

The top five players in the wearable medical devices market accounted for a combined market share of 47.0% in 2014, which leads to some degree of consolidation in an otherwise fragmented market. Some of the leading companies are Polar Electro, Fitbit, Inc., OMRON Corporation, and Medtronic, with OMRON Corporation holding a significant revenue share of almost 11.0% in the same year. The global electronics company increasingly focuses on home healthcare devices, usually portable medical devices such as pedometers and blood pressure monitors to strengthen its shares. Another major player Fitbit, Inc., pioneers in offering wearable technology devices for tracking fitness to gain a competitive edge over others.

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The presence of large number of regional players makes the wearable medical devices market intensely competitive. Several smaller players in the market strive to develop innovative products to get a strong foothold in the market, while large players are boosting their distribution chains to consolidate their markets shares across regions. The global wearable medical devices market was valued at US$2.7 bn in 2014 and the opportunities in the market is expected to reach about US$10 bn by 2023. The market is projected to rise at a robust CAGR of 18.0% from 2015 to 2023.

Increased Reliability and Portability Bolster Uptake of Wearable Electrocardiographs

Geographically, the global wearable medical devices market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, North America is the major regional market and is expected to reach a valuation of US$4.5 bn by the end of the forecast period. The substantial growth of this regional market is driven by the presence of large number of mid-sized and large companies, rapid emergence of new players, and early adopters.

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Based on diagnostic device, the wearable medical devices is segmented into neuromonitoring devices, vital signs monitors, and fetal monitors and obstetrics devices. The neuromonitoring devices is further sub-segmented into electroencephalograph and electromyography. The major sub-segments of vital signs monitors are heart rate monitor, sleep monitor, activity monitor, and electrocardiograph. The electrocardiograph segment is projected to grow at a significant CAGR of 17.8% during the forecast period, primarily attributed to growing prevalence of cardiovascular diseases.

Real-Time Monitoring of Health Conditions Boost Demand

The global wearable medical devices is primarily driven by the rapidly growing demand for these devices for health monitoring and in the diagnosis of various diseases. Constant product innovations is a key factor boosting the market. The burgeoning demand of portable and high-end devices to monitor fitness among athletes and tech-savvy people is expected to fuel the wearable medical devices market. The growing prevalence world over and the increasing incidence of chronic diseases among geriatric population are anticipated to catalyze the market in the coming years. The need for real-time monitoring of medical conditions of outpatients suffering from chronic medical conditions is another crucial factor spurring the demand for wearable medical devices. In addition, the advent of cost-effective wearable medical devices that provide basic functionalities such as monitoring glucose levels and blood pressure among ailing people is expected to boost the market through the forecast period.

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The use of wearable medical devices for real-time monitoring of health conditions by clinicians is another seminal factor bolstering the uptake of these devices. However, the vulnerabilities associated with hacks of wearable devices is a key concern likely to hinder the adoption to an extent. Be that as it may, several governmental regulations, such as the EU regulations, ensuring the safety and performance of medical wearable is expected to bode well for the market in the coming years. In addition, major collaborations between technology companies and medical device manufacturers are expected to create exciting opportunities for market players.

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