Global Wearable Medical Devices Market is Expected to Grow at a CAGR of 13.8% During the Forecast Period Owing to the Emergence of IoT Coupled With Advancements in Wearable Technology, Says Absolute Markets Insights
The primary participants operating in the global wearable medical devices market include Activinsights Ltd, Apple Inc., Boltt, Dragerwork, Fitbit, Garmin Ltd., Intel Corporation
PUNE, India, March 16, 2020: The rising trend of connectivity by exploiting the potential of wireless technologies including Internet of Things (IoT) coupled with the wearables of today’s age are expected to drive the growth of wearable medical devices market globally. The adoption of connected devices owing to advancements in technologies such as IoT, 5G and other wireless communication technologies has become a vital aspect of survival in today’s digital age.
IoT is a communication network between billions of devices connected through internet facilitating collection and transmission of data. The integration of IoT in medical wearable devices has facilitated remote monitoring of different vital signs and health statistics. The advantage of IoT enabled wearable medical devices is that they provide individuals with better control over their health outcomes. Increase in the number of people with chronic medical conditions and the increase in the geriatric population are primarily driving the growth of remote patient monitoring (RPM) services globally.
The RPM, also known as homecare telehealth, is a process where patients can use a mobile medical device to perform a routine test and send this data in real-time to healthcare professionals. Implementing RPM can improve chronic disease management by measuring critical risk indicators such as glucose, blood pressure and alike. For instance, VivaLNK, a healthcare solutions provider, delivers IoT based platforms for delivering remote patient monitoring and in-patient care services. Thus, increasing adoption of IoT enabled devices are expected to drive the growth of wearable medical devices globally owing its advantages over conventional methodologies.
The ongoing technological advancements is expected to provide newer opportunities for the key market players to introduce new products. For instance, the growing prevalence of smart glasses used for visually impaired people, which implements the technology of high-definition cameras. It records and transmit footage in real-time to screens that is located very close to the eyes of the user. Additionally, the integration of technologies such as augmented reality and virtual reality in the healthcare sector is expected to have a positive impact on the growth of the market in the upcoming years. The combination of these devices with IoT will pose futuristic growth opportunities for market players in global wearable medical devices market.
The detailed research study provides qualitative and quantitative analysis of wearable medical devices market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply-side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- The global wearable medical devices market is expected to grow at a CAGR of 13.8% over the forecast period owing to rise in IoT technology powered infrastructure providing connectivity at ease.
- Activity monitors is expected to show potential growth over the forecast period owing to its growing adoption by athletes and sports professionals.
- North America is expected to hold the largest market share during the forecast period. The growth in the region is attributed to the early technology adopters coupled with higher healthcare spending per individual in this region.
- The application of wearable devices in sports and fitness is expected to register highest growth rate owing to rising awareness for physical health.
- The primary participants operating in the global wearable medical devices market include Activinsights Ltd, Apple Inc., Boltt, Dragerwork, Fitbit, Garmin Ltd., Intel Corporation, Intelesens Ltd. (Renew Health Limited), Lifesense, LifeWatch AG, and Monica Healthcare amongst others.
