Wearable Medical Device Market Is Anticipated To Generate Significant Revenues by 2027

• The global wearable medical device market is anticipated to be worth USD 93.19 billion by the year 2027, according to a recent report by Grand View Research, advancing at a very high CAGR of 27.9% during this period.

• Wearable devices include electronic gadgets that can be worn by the consumers on different body parts such as wrists and legs, in order to collect data regarding the person’s health and exercise habits, while also helping them in making informed decisions based on the results. The rapid proliferation of technology across majority of the global economies, coupled with the influx of the IoT industry, is one of the major reasons for the widespread usage of wearable medical devices worldwide.

• The use of wearables has been very pronounced in the healthcare sector, as consumers have become very aware with regards to their health. Devices such as heart rate, blood pressure and activity monitors, sleep monitors, along with therapeutic devices such as insulin pumps and neurostimulation devices have witnessed high demand from the health-aware demographic, and even more so in recent years.

• A study by Business Insider Intelligence found that more than 80% of the consumers are willing to wear fitness technology, with 75% further stating that wearables help them engage with their own health. Additionally, a report by Accenture found that the consumer use of wearables in the United States grew from just 9% in 2014 to 33% in 2018, pointing to the rapidly rising popularity of this technology. This has encouraged many big as well as small companies to invest in R&D in this space.

• The growth in the number of cases relating to chronic diseases such as diabetes, obesity and hypertension, among many others, has been continuous over the past few years, on account of the sedentary working lifestyle being followed by majority of the population. This has led to recommendations from physicians and doctors about the proper monitoring of health conditions to people, so that they can combat or avoid these disorders, thus leading to the rapid growth in demand for health monitoring devices. Use of insulin pumps by diabetics, and blood pressure monitor by people suffering from high blood pressure and other illnesses has become commonplace.

• The rapid emergence of home healthcare and remote patient monitoring systems has also increased the attractiveness of wearable medical devices. The devices can be worn continuously without affecting one’s daily routine, and the healthcare providers are kept constantly in the loop about the person’s current condition or situation. The current coronavirus pandemic has forced people with various illnesses to stay at home, which has created an ideal scenario for the use of wearable devices to relay health information to their doctors or physicians.

• In terms of product, the market is segmented into therapeutic and diagnostic devices. The therapeutic segment is expected to show fastest growth over the forecast period, due to the strong demand for asthma and pain relief-related products, along with developments in insulin management devices. In terms of diagnostic devices, the neuromonitoring segment had the largest market share in 2019, on account of the growing prevalence of neurological disorders such as Parkinson’s and Alzheimer’s disease, especially among the elderly population, around the globe.

• In terms of application, the home healthcare segment led the market in 2019, on account of the growing population of the elderly people demanding efficient healthcare systems, along with the need to reduce healthcare expenditure through efficient patient discharging at hospitals. The number of home health agencies stood at 12,200 in 2016, according to the CDC, and has grown steadily since. The remote patient monitoring segment is expected to show substantial market growth in the coming years.

• North America was the dominant regional segment in 2019, on account of the presence of a huge target population base, suffering from chronic disorders such as CVDs, diabetes, obesity as well as sleep-related issues. According to a 2016 report by Fortune Magazine, sleep deprivation costs USD 411 billion each year to the United States, which brings into focus the importance of sleep monitoring devices, as an aide to improve sleeping patterns.

Read More Details@ https://www.grandviewresearch.com/industry-analysis/wearable-medical-devices-market

Recent Trends and Developments

• The current outbreak of COVID-19 has encouraged researchers to determine how wearable and smart health devices can be used for detecting the disease in a person. Researchers at Duke University have started a study known as ‘CovIdentify’, which explores how data collected by Fitbits, Apple Watches and smartphones can be made useful for detecting symptoms of COVID-19 in the user.

• Emergency medical workers at the University of California, San Francisco Medical Center and the Zuckerberg San Francisco General Hospital have been provided with a ‘smart ring’ from the wearable tech company Oura, which can measure crucial metrics such as skin temperature and heart rate, potentially alerting users about COVID-19 even before the symptoms appear. More than 30,000 Oura ring owners have signed up for studies regarding this development.

• In January 2020, Polar Electro introduced the POLAR H9, adding to the company’s portfolio of heart rate sensors. The product takes the basics from the POLAR H10, and offers features such as multiple connectivity options, connectivity with the free POLAR BEAT application, compatibility with different GPS watches as well as smartphone apps including Nike Run Club, MapMyFitness, Runkeeper and Zwift, among others, as well as extended battery life. The device is available in sizes XS-S and M-XXL.

• In January 2020, Withings unveiled the ScanWatch, the first global hybrid smartwatch that combines medical grade electrocardiogram for detecting arrhythmia, and sleep apnea detection. The device offers a 30-day battery life, and will be available in Europe and the United States in the Q2 of 2020, pending CE and FDA clearance.