San Francisco, 15 November
2018: According to a report by Grand View Research, Inc., global
wearable medical devices is anticipated to value USD 27.8 billion by 2022.
Growing requirement for remote health monitoring and home healthcare is anticipated
to propel demand for wearablemedical devices. These devices are likely to offer advanced features
making healthcare monitoring easy for users.
Rising cases of chronic
diseases such as hypertension, diabetes, and obesity are expected to boost demand
for round-the-clock wearable monitoring devices. Shifting consumer preference
from traditional to advanced wearable medical devices owing to digitization can
influence growth of market. Continual technological advancements in health
monitoring devices and rising competition can fuel growth of market.
Introduction of advanced products such as wrist watches, fitness bands, and
smart watches can augment market growth. Rising integration of healthcare data
with portable devices to provide physicians with real-time access of essential
data to analyze and reduce errors can spur market growth during the forecast
period (2012 to 2022).
The wearable medical devices
market can be segregated on the basis of product, medical, site, and region. Based
on product, the market can be bifurcated into therapeutic and domestic. In
2014, domestic segment dominated the market and accounted for largest market
share. The segment can include sleep monitoring, vital sign monitoring,
electrocardiographs, fetal & obstetric, and neuromonitoring devices.
Increasing applications of monitoring and diagnostic products in remote
monitoring and home healthcare can fuel growth of market.
Access
Research Report of Wearable
Medical Device Market@ www.grandviewresearch.com/industry-analysis/wearable-medical-devices-market
However, therapeutic segment
expected to witness lucrative growth during the forecast period. High demand
from increasing number of patients is likely to fuel growth. The segment can
include insulin monitoring, pain management, rehabilitation and respiratory
therapy devices. In 2014, insulin monitoring devices accounted for substantial
market share and is likely to grow at similar pace over the forecast period. In
addition, rising R&D and speedy approval of wearable devices can stimulate
growth of segment.
Based on application, the
market can be classified into remote patient monitoring, sports & fitness,
and home healthcare. In 2014, Home healthcare segment dominated the market and
accounted for largest market share. It is likely to grow at similar pace over
the forecast period. Continual technological advancements in medical devices to
offer high accuracy and easier use by individuals without professional
assistance can fuel market growth.
Based on site, the market can
be categorized into headband, handheld, shoe sensors, strap, clip, bracelet and
watches, and others.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/medical-devices
Regional segmentation includes
Europe, North America, Asia Pacific, Latin America, and Middle East &
Africa. In 2015, North America dominated the market and accounted for largest
market share during the forecast period. Rising cases of chronic diseases such
as cardiovascular disorder, diabetes, and obesity can influence growth of
market. In addition, high demand for remote patient monitoring and home care
for purpose of continuous, regular, and long-term monitoring of patients is
likely to stimulate growth of market. Moreover, growing need to reduce frequent
visits of patient to hospitals can augment growth of market in the region.
In Asia Pacific, the market is
expected to witness significant growth during the forecast period. Frequent
introduction of technologically advanced systems in the region can fuel market
growth.
In addition, favorable
initiatives from local governments regarding use of such medical products is
likely to impel market growth. Moreover, increasing healthcare expenditure
attributed to rising number of geriatric population can stimulate growth of
market over the forecast period. Japan is expected to be largest contributor to
growth of market in the region attributed to rising R&D and high healthcare
expenditure. However, China and India are likely to grow at fast over the
forecast period owing to rising cases of chronic diseases among geriatric
population.
In Europe, the market is
likely to grow well during the forecast period owing to increase in geriatric
population in countries such as United Kingdom and Germany. This, in turn, is
expected to surge demand for round the clock monitoring. Total healthcare
expenditure of Germany is 11.1% of country’s GDP. However, in United Kingdom
9.9% of country’s GDP is likely to be spend on healthcare.
Some of the leading companies offering wearable medical
devices are Vital Connect; Fitbit Inc.; Garmin; Omron Corp.; and Sotera
Wireless.
Access
Press Release of Wearable Medical Device Market@ www.grandviewresearch.com/press-release/global-wearable-medical-device-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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