Wearable Medical Devices Market Boosted By Growing Adoption of Health Trackers Among Fitness Enthusiasts | IndustryARC

Wearable Medical Device Market

Wearable Medical Devices Market Expects North America to Continue Market Share Dominance

The Wearable Medical Devices Market deals with the development, manufacture and distribution of wearable fitness technology and other medical wearables that utilize health trackers and wearable sensors. Wearable medical devices or medical wearables can be described as electrical contraptions that utilize wearable sensor technology to monitor, identify and log any changes in an individual’s organs or body.

The primary target group for the Wearable Medical Devices Market are patients, athletes and people who are proactively looking to maintain good health or fitness. As wearable technology and wearable sensors continue to improve and the price reduces, general fitness enthusiasts and people looking to make style statements are also expected to be drive the demand. Currently, wearable fitness technology is being looked at from an aesthetic perspective as well as its weight and waterproof level.

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Scope & Regional Forecast of the Wearable Medical Devices Market

The Wearable Medical Devices Market expects the primary growth drivers to be a few factors: reduction in price of wearable health devices with time; wearable fitness technology pushing users to be more fitness conscious; greater adoption of health trackers to drive down healthcare costs; continuing innovation of wearable sensor technology; and the diverse possibilities of applying wearable health devices for various uses.

Currently, the Wearable Medical Devices Market also faces a few challenges in the form of providing cost effective health monitoring systems to patients, especially those experiencing chronic varieties like cancer and other diseases affecting the blood. But, as the R&D on these diseases as well as wearable technology continues, the Wearable Medical Devices Market expects to overcome these obstacles.

North America dominated the Wearable Medical Devices Market in 2015 due to diseases like diabetes, heart, respiratory, etc., being reported in the region as well as affordable healthcare in the form of Obamacare. A rise in the elderly population, increase in chronic diseases and spiraling healthcare costs are expected to drive global demand in the future.

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Segmentations & Key Players involved in the Wearable Medical Devices Market

According to IndustryARC findings, the Wearable Medical Devices Market can be broken down into various segmentations on the basis of –

Therapeutic Devices: Respiratory Therapy Devices (Positive Airway Pressure Devices, Continuous Positive Airway Pressure [CPAP] Machines, Wearable Ventilators, Wearable Portable Oxygen Concentrators), Pain Relief/Management Devices (Neuro Stimulation Devices) and Insulin Management Devices (Wearable Insulin Pumps).

Monitoring & Diagnostic Devices: Vital Sign Monitoring Devices (Activity Monitors, Electrocardiograms/ECG Monitors, Heart Rate Monitors, Pulse Oximeters, Spirometers, Wearable BP Monitor), Sleep Monitoring Devices, Fetal & Obstetric Devices, Neuro Monitoring Devices and Blood Glucose Monitoring Devices.

End User Application: Home Healthcare, Remote Patient Monitoring and Fitness & Sports.

Some of the key players involved in the Wearable Medical Devices Market according to IndustryARC are as follows:

  • LifeWatch AG
  • Zephyr Technology Corporation
  • Omron Healthcare
  • Philips Healthcare
  • Intelesense