Transparency Market Research Report Added "Wearable Medical Devices Market" to its database.
Albany, NY -- (SBWIRE) -- 03/29/2016 -- The rising demand for remote monitoring, especially for chronically ill patients has pushed the growth of the global wearable medical devices market. Technological advancements and increasing awareness about the importance of monitoring the vital body statistics have further augmented the market's growth. The global wearable medical devices market is estimated to expand at a CAGR of 16.4% during the period between 2013 and 2019. The overall market was worth US$2.0 bn in 2012 and is projected to reach a valuation of US$5.80 bn by 2019.
High Cost of Wearable Medical Devices to Restrain Growth of Global Wearable Medical Devices Market
The growing prevalence of diabetes has fuelled the need to monitor blood glucose level as well as other vital signs among patients. This has boosted the demand for wearable medical devices. The ease of use and interpretation of wearable medical devices, increasing per capita income, and the rise in adoption of wearable medical devices are some of the key factors propelling the growth of the global wearable medical devices market. However, the high cost of these devices will restrain the growth of the market, especially across the emerging economies. The overall market has a huge opportunity to grow with the increasing diabetic population in Asia Pacific.
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Demand for Activity Monitors to Surge in Coming Years
On the basis of product type, the global wearable medical devices market has been broadly divided into wearable diagnostic medical devices and wearable therapeutic medical devices. Wearable diagnostic medical devices have been further categorized into fetal and obstetric devices, vital signs monitor, and neuromonitoring devices. The wearable therapeutic medical devices segment has been further divided into glucose/insulin monitoring, pain management, and respiratory therapy devices. In 2012, heart rate monitors dominated the overall wearable medical devices market. Heart rate monitors were the first wearable medical devices to be made available commercially. In the near future, the demand for activity monitors is expected to surge significantly.
On the basis of application, the global wearable medical devices market is segmented into remote patient monitoring, sports and fitness, and home healthcare. While the demand from the home healthcare application segment is rising due to the growing number of chronically ill patients, the overall market is expected to be propelled by the increasing usage of wearable medical devices in sports and fitness.
Growing Demand from Asia Pacific to Drive Global Wearable Medical Devices Market
The global wearable medical devices market can be segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. In 2012, North America dominated the overall market with 44% share. The region's dominance in the market can be attributed to the growing demand for wearable heart rate monitors, coupled with rapid technological advancements. However, in the coming years, Asia Pacific is anticipated to register the fastest growth in the market owing to the growing demand for wearable medical devices across emerging economies such as India and China. The region is projected to expand at a CAGR of over 18% during the period between 2013 and 2019. However, the market is yet to tap the full potential of research and development activities across the region.
Key Players in Global Wearable Medical Devices Market
Some of the key players in the global wearable medical devices market are Corventis Inc., Basis Science Inc., Everist Genomics Inc., Draeger, Intelesens Ltd., Fitbit Inc., Nuubo, LifeWatch AG, Philips Electronics, Omron Corporation, Sotera Wireless, Polar Electro, Zephyr Technology Corporation, and Withings.
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