According to a new report published by Transparency Market Research titled, "Wearable Medical Devices Market (Heart Rate Monitors, Activity Monitors, ECG, Pulse Oximeters, EEG, EMG, Glucose/Insulin Management, Pain Management, Wearable Respiratory Therapy) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global market for wearable medical devices was valued at $2 billion in 2012 and is expected to reach an impressive value of $5.8 billion in 2019. The report represents the market’s growth at a compound annual growth rate (CAGR) of 16.4% in the forecast period, 2013 to 2019.
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The term wearable technology is used quite often these days. With its popularity growing in the global market it gets important to understand the multifarious sub-sectors this demanding industry brings to the table. While the market has massively witnessed the implementation of the wearable technology in gadgets such as smart glasses or Google Glass; however, the largest share of sales has been in the fitness monitoring industry. Since the innovation of various medical technologies and applications, the healthcare segment is one of the major sectors witnessing rising growth of the wearable technology in the last two decades.
Wearable medical devices have merged with the tele-radiology and telemedicine arenas allowing patients to detect and monitor changes in their body in different areas and organs. The modern day wearable medical devices are easy to handle and interpret, and thus, are widely used among people desiring for improved physical fitness. Wearable medical devices are used by patients, people aware of personal fitness, and even athletes.
This report studies the diagnostic wearable medical devices for observing vital signs such as, pulse oximetry, heart rate, electrocardiograms, blood pressure, fetal monitors, and neuromonitors. Similarly, pain management devices, wearable glucose/insulin monitors, and respiratory devices such as CPAP are observed under the therapeutic wearable medical devices market segment.
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This report also delivers the various segments involved in the wearable medical devices market, including the devices currently available in the market and those that are predicted to be introduced as innovative devices in the near future. The market study on wearable medical devices estimates leading technologies within the segment and analyzes it in terms of revenues for the period of nine years, from 2011 to 2019. The market also analyzes popular market segments such as, activity monitors and heart-rate monitors as major drivers on a global level.
Wearable medical devices that can measure heart rate, temperature, and different parameters have paramount importance while watching physical fitness of a patient or a person. The market is extremely trendy and dynamic in nature laying major emphasis to ergonomics and aesthetics of medical devices.
Today, wearable medical devices have been transformed into an effective gadget that is not just used to monitor heart rate but is also used to store abundant patient information and data such as, SPO2, blood pressure, water content in the body, heart rate, and temperature, among many other diagnostic parameters.
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Smart phones and wrist watches have consumed the largest share and made an extremely impressive expansion in the market. These devices have expanded in terms of applications that can now perform real diagnostic tests for instance, the Apple iPhone Glucose test. Over 65% of technologies in the market for wearable medical devices consist of wrist held devices in the form of watches or other devices that can be strapped to different areas of the body such as, torso, waist, and arms.
Besides, aesthetics as one of the key factors of the wearable medical devices market, other features for durability includes making the devices weatherproof and waterproof.
The geographical analysis of the wearable medical devices market includes market details for four major regions in the world, namely, Europe, North America, Asia-Pacific, and Rest of the World (RoW). Of all the regions, the North American market for wearable medical devices remains in the commanding position with a market share of 44% in 2012. Other emerging countries of Asia-Pacific and Rest of the World are expected to remain in a strong position as the expansion of purchase power for these devices rises among the population. Nevertheless, in terms of competition and total revenue, the market is highly fragmented and observes no specific leader.
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