Global Wearable Medical Devices Market Poised for Steady Growth

Incorporation of wearable devices technology into health care, pharmaceuticals and medical devices sector is turning out to be a revolutionising amalgamation of two flourishing, independent markets. The advent of wearable medical devices market happened few years ago, when wearable devices were being developed with personal monitoring functionality. Health care markets are witnessing a major advancement due to boost in the growth of global wearable medical devices market.

In 2016, the estimated shipment for wearable medical devices will surpass 106 million, generating a US$ 23,980.5 Mn revenue at a 4.8% y-o-y growth over 2015.

Wearable medical devices are likely to become more ubiquitous in the near future as they serve the purpose of determining results for several preliminary medical tests. Introducing wearable medical devices will help consumers assess genuine medical tests on a daily basis.

Wearable medical devices market will soon increase and expand in a route similar to technology devices market. The genuineness of results provided by wearable medical devices will make it as popular as smart phones applications.

The key factors bolstering growing demand for wearable medical devices include variation in its applications, multiple functionality, cost-effectiveness and increasing awareness among end-users. The most crucial factor in growth of wearable medical devices market is the products promoting health monitoring at personal level and on a regular basis. Health care sector advances into its ambitious goal of initial medical services accessible to every consumer with the help of wearable medical devices.

Improving patients’ lives is another key driver for the rising demand in wearable medical devices. The global wearable medical devices market is specially segmented on the basis of end-user requirements. A wearable medical device such as health bands can be worn on wrists to monitor heart rate and calorie combustion of any regular person, while a customised face mask is provided to help patients who are unable to move voluntary muscles.  

Apart from the basis of application type and consumers’ demand, wearable medical devices market is also segmented on the basis of product type and distribution channel. Wearable therapeutic product such as pulse oximeters, blood pressure monitors, infant motion sensing monitors and cardiac diagnostic devices will project a 51.2% market share in the global wearable medical devices market by the end of next ten years. Distribution channel segmentation will see continuing boost in sales of wearable medical devices from pharmacies, hospitals and drug stores.

Affordable smart watches top the list of promising future trends for global wearable medical devices market. Tech giants like Apple and Microsoft are likely to develop their own wearable medical devices division, making these products more popular than the rest. Existing key players like Bayer AG, Panasonic Corp., Owlet Baby Care and Hoffmann-La Roche Ltd. will incite the wearable medical devices market with more advanced and developed products.

Health care and medical devices industry will see substantial rise in North America, APEJ and Western Europe. The growth of wearable medical devices market will be proportional to the rise in health awareness among consumers in other regions across the globe.