Wearable Medical Devices Market- Sales Increase with Growing Patient Base with Heart Disease and Diabetes In APAC Region
Asia Pacific is anticipated to be show the fastest growth in wearable medical devices revenue generation in the coming years. Two major factors responsible for this region’s growth rate are the high penetration of a large number of regional players and a growing demand from chronically ill patients. Asia Pacific holds the largest population in the world, along with the largest population of diabetics in the world. Studies have shown that Asians are prone to suffering from Type II diabetes, thereby creating a high need for wearable medical devices that can cater to their needs. Additionally, a growth in health and fitness concerns among individuals, a growth in disposable income, and the large number of regional players choosing to sell mid to low price devices have all contributed to make Asia Pacific the fastest growing region.
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The primary users of wearable medical devices are patients and athletes. As the technologies advanced and became more cost-effective, these devices began trickling towards fitness enthusiasts and also became commercially available to common consumers for basic fitness and sleep monitoring purposes. Current areas of focus for designers and developers lie largely in aesthetics, along with focus on weight, cost, ergonomics, and waterproofing.
Additionally, players are working to incorporate wireless telecommunications technology to make wearable medical devices ‘smarter’ in their communication with smartphones and other connected electronic devices. Advanced data analytic systems and storage are allowing users to store larger periods of data and apply long term analytics to chalk out their overall progress against chronic diseases, fitness, and physical gains.
The key driver for the growth of wearable medical devices sales for now is the reduction in prices of consumer electronics and wearable technologies. They are rapidly becoming affordable and commercially available to wider economic demographics or income groups. The global wearable medical devices market is progressing at a highly optimistic CAGR of 16.4% from 2013 to 2019.
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