Wearable Medical Devices Market - Forecast (2020 - 2025)
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The wearable medical devices market is valued at $29,568.5 million in 2017 and anticipated to grow at a CAGR of 21.30% from 2018-2023. The North American region experienced huge demand for the products in 2017 generating over 13,975.4 million in 2017. The APAC region on the other hand is poised to experience huge growth during the forecast period growing at a CAGR of 21.30%. The monitoring and diagnostic wearable devices were popular across region and had generated an estimated $24,364.1 million in revenues in 2017.
What is Wearable Medical Devices?
Wearable medical devices are monitoring devices for of patients which can be used to continuously track a patient's health condition remotely. The rising prevalence of lifestyle diseases such as diabetic, hypertension and obesity are increasing the demand for wearable medical devices which monitor the medical issues and store the data in the product and forward the same data to the physicians which can be used to analyze and monitor the patient's health on a continuous basis.
Wearable medical devices are available for monitoring different purposes such as sleep monitoring devices, fetal monitoring devices and many other devices. Sleep monitoring devices have to be worn overnight to enable the device to record the oxygen intake and the sleep lapse time and the same data is sent to the physician for analysis and treatment if necessary.
What are the major applications for Wearable Medical Devices Market?
On the basis of application wearable medical devices are applied in some specific areas like home health care, remote patient monitoring, fitness and sports. In fitness the wearable health care helps in monitoring the number of calories burnt by the person and it also gives the information on how many calories have to be brunt still.
ItoM medical, a company based in Netherlands has launched a new launch of ItoM medical which is a wireless asthma monitoring device employing diaphragmatic activity measurement in combination with a dry electrode solution which enables the patients with asthma to control their asthma attacks easily.
Wearable to detect chronic conditions like diabetes, Kidney disease and few types of cancers without the need of any blood test was developed and introduced in the market. This is achieved by measuring the chemical composition of peoples sweat. The wearable device transmits data obtained from the sensors to a mobile application using integrated RFID antenna which help the users to track and analyze data including their ph. levels.
Charity Autism Together, a service provider for children with autism launched a biometric wristband which helps the autistic people to measure minute physiological changes in the body such as skin surface, heart rate and swearing. This product helps to identify periods of high anxiety enabling them to step in and head off any behavior changes.
The Mayo foundation and Itamar Medical has signed an agreement for WatchPAT which is a portable diagnostic device that uses finger based physiology to enable simple and obstructive sleep apnea (OSA) testing which will avoid the complexity and discomfort associated with the air-flow based systems.
Flexible patches is a technology which is used to track the user's body temperature over time. These continuous remote monitoring devices are more often used for young children and cancer patients which are generally placed near the user armpit and gives notification of the patient's temperature such as fever and remind the patient to take medicines through a mobile app.
Who are the Major Players in Wearable Medical Device market?
The companies referred in the market research report includes Fitbit, Philips, Lifewatch, Garmin, Omron, Nokia technologies, Apple Inc, Google Inc, Plar, Jawbone, Xiamoi and more than 10 other companies.
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