Innovativeness Begets Market Penetration for Wearable Medical Devices Competitors
An Overview of the Global Wearable Medical Devices Market
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.
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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.
APAC Wearable Devices Sales Increase with Growing Patient Base with Heart Disease and Diabetes
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.
The largest share of wearable medical devices revenue – from the regional perspective – was held by North America in 2014. Players in this region enjoy an advanced healthcare system that allows them to focus more on innovations and future developments. North America is expected to remain the largest revenue holder for wearable medical devices till the end of 2023.
Vital Signs Monitors Continue Being Most Sold Wearable Medical Devices
Vital sign monitors are broadly categorized into electrocardiographs, sleep monitors, activity monitors, heart rate monitors, and others. Of these, heart rate monitors have been the most sought-after wearable medical devices, owing to a high rate of patients with heart disease, along with the growing concern over physical wellbeing. Other devices such as sleep monitors are currently showing a rapidly increasing demand owing to a growth in the number of people who experience sleep deprivation and lack of physical activity.
Measuring vital signs has rapidly become a common application of using wearable devices. Whether for fitness tracking or for monitoring the health of the ill, wearable medical devices players have consistently leaned towards manufacturing vital signs monitors. As a result, this market segment has enjoyed a high rate of innovative efforts to make the products lighter, smaller, cheaper, and more aesthetic. Although this segment is not the fastest-growing one, it is the largest in terms of revenue generated and will continue to be the largest till 2023. Key manufacturers of wearable medical devices include Cleveland Medical Devices, Inc., Fitbit, Inc., Intelesens Ltd., and OMRON Corporation.
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