Wearable Medical Device Market Sector, Forecast, Statistics and Outlook Till 2030
Wearable Medical Device Market Overview
The focus is on the development of wearable medical devices that performs maximum functions such as monitoring of blood pressure, heart rate, sleeping habits, etc. The rising burden of diseases such as obesity, heart ailments, diabetes, etc. is being considered for bringing innovations in wearable technology. People are getting increasingly aware of the adverse effects of these diseases and are shifting towards a healthier lifestyle. This, in turn, is projected to fuel demand for personal health monitoring devices and augment the Asia Pacific wearable medical device market in the years to come.
There are quite a few factors that is propelling the growth of the wearable medical device market. These factors according to MRFR (Market Research Future) report include burgeoning demand for wearable medical devices that are technologically advanced, increasing awareness about physical fitness, launch of new healthcare applications that is smartphone linked such as fitness bands, wrist bands and smart watches, growing need for wireless connectivity, constant growth of home healthcare and patient monitoring, rapid advancements in technology and increasing competition. The additional factors that are driving the growth of the Wearable Medical Device Market include shift in trend to wearable devices from traditional devices due to increasing tech savvy population and digitization, rise in geriatric population, increase in healthcare expenditure, increase in patient awareness and increasing incidences of lifestyle diseases. On the contrary, lack of reimbursement and privacy and data security are some factors that may hamper the growth of the wearable medical device market over the predicted years.
The ongoing trend of connecting wearable devices with smartphones has revolutionized the growth pattern of the market. It is expected to gain more popularity across the review period owing to the rising disposable income witnessed in the region. However, the high cost of the technology is expected to restrict the growth of the Asia Pacific wearable medical device market over the assessment period.
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Wearable Medical Device Market Segmentation
By type, the Asia Pacific wearable medical device market has been segmented into diagnostic, vital sign monitoring, and therapeutic devices.
On the basis of application, the Asia Pacific wearable medical device market has been segmented into blood pressure monitoring devices, fitness devices, weight monitoring devices, heart rate monitoring devices, and others.
The Asia Pacific wearable medical device market, by end-users, has been segmented into sports person, patients, and others.
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Wearable Medical Device Market Regional Analysis
By region, the wearable medical device market covers growth opportunities and latest trends across Europe, Asia Pacific, Americas and Rest of the World. Of these, Americas will command the wearable medical device market over the predicted years owing to rising cases of diabetes and obesity here. Canada and the US are the key contributors here. Europe will garner the second position owing to high healthcare expenditure, rising incidences of chronic diseases and growing awareness of physical fitness and health. The wearable medical device market in the APAC region will grow at a rapid pace owing to rising incidence of cardiac diseases and lifestyle and huge population. Also, the production facilities in India and China are emerging rapidly which is adding to the growth of the market in this region.
The Asia Pacific wearable medical device market, for geographical study, has been segmented into India, Japan, China, Republic of Korea, Australia, and Rest of Asia Pacific. China is the largest country-level market for wearable medical devices in the Asia Pacific. The region is also likely to witness a drastic increase in the manufacturing capacity of wearable devices. China houses a massive fraction of the consumers who are motivated by the awareness about the rising incidences of lifestyle diseases such as obesity, diabetes, etc. In addition, India is also catching up with China and signifies tremendous developmental opportunities. It is anticipated to secure the second spot in the Asia Pacific wearable medical device market through the forecast period.
Competitive Dashboard:
Many global leaders have identified the potential of the market in Asia Pacific and are capitalizing on the developmental opportunities present in the region. Some of the key players operating in the Asia Pacific wearable medical device market are Baxter (U.S.), Abbott (U.S.), B. Braun Melsungen AG (Germany), Boston Scientific (U.S.), Becton Dickinson Company (U.S.), Cardinal Health (U.S.), Johnson & Johnson (U.S.), General Electric Company (U.S.), Medtronic (U.S.), Siemens (U.S.), Koninklijke Philips N.V. (Netherland), and Stryker (U.S.).
March 2019- Latest wearable medical device, MEMO Watch that has been specially designed for monitoring and proactively managing chronic cardiac disease has received temporary state approval to suspend or ease regulation to develop communications and information technology. This application will show vital signs mainly ECG (electrocardiogram) and blood pressure and the data will be stored in the remote database.
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