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Since the last few years, the term ’wearable medical devices’ has come into account and is gaining burgeoning demand in the market. Wearable medical devices are actually non-invasive, autonomous biosensors,which monitors a specific (sometimes multiple) medical function to get proper physiological data and records them. Thus, wearable medical devices help its user to monitor different health paradigms for a measured period of time on personal or professional level. These devices are small size, light in weight, easily wearable on the human body or on a piece of clothing and user – friendly even among geriatric population.
Wristbands, smart watches, smart clothing, pacemakers, activity monitors and many others use to cater these kinds of devices.
These wearable health aids help in monitoring blood glucose, blood oxygen saturation level, skin temperature , heart rate, electro cardio graph and in monitoring many chronic diseases.Primarily, wearable market device got admiration for tracking fitness levels, different physical activities and sleeping obstructions(in sleep apnea cases).
Wearable market devices have decreased the frequency of in-person visits to clinics and hospitals and haveallowed the physicians to control remotely any metabolic changes happening in their patients within seconds. Another privilege is getting warnings for diagnose serious diseases from patient’s viewpoint, as it is impeding the cost of long hospital stay.
Notable industry movements:
Sedentary life style is giving rise to diseases like diabetes, hypertension, obesity, cardiovascular diseases and others.Thereby focus on physical fitness in general
Government aids towards spreading healthcare awareness
Technology freak persons with increased demand of self-monitoring healthcare related devices
Portable size with ease of use even for a non-skilled users
Launch of different smart phones with in-built apps to connect with those wearable devices
Attractive product features with innovative marketing strategies
High demand for wireless connectivity among healthcare providers and physicians
Major cause in this prospect is perception problem. Consumers have no firm knowledge yet about the benefits of wearable medical devices
High cost of wearable products
Mental block about the mass shift to modern wearable devices from conventional devices
Data security issues are also deterring the market growth
Lack of enough technologically advanced cardiac monitoring devices professionals
Low battery life along with high power consumption
Sometimes consumers are facing accuracy and memory problems related with the devices, impeding the growth further.
Wearable medical devices market can be segmented based on product, type, distribution channels, application and geographical regions.
Segmentation based on product:
Therapeutic wearable medical devices
o Hearing aid
o Respiratory therapy devices
o Non invasive ventilation
o Sleep apnea devices
o Insulin pumps
Cardiac monitoring devices
· Wearable blood pressure monitors
· Wearable heart rate monitors
· Wearable pulse oximeters
Wearable monitoring and diagnostic devices
Obstetric and fetal devices
· Infant motion sensing monitors
· Wearable fetal monitors
Health and fitness devices
Fitness tracking devices and apps
Continuous Glucose monitoring devices
By 2016, based on product, the market is expected to be dominated by monitoring and diagnostic wearable devices segment. The causal factor can be attributed to user-friendly devices and accuracy in their calculations.
Segmentation based on distribution channels:
In wearable medical devices market, physicians as well as distributors are expected to prefer pharmacies in the forecast period.
Segmentation based on application:
Health and fitness
Due to prevalence of life threatening diseases, home healthcare segment is expected to dominate the major market in the coming years.
Segmentation based on geographical regions:
· Rest of the Europe
· Rest Of The Asia
Rest of the World
Geographically, North America is expected to dominate the wearable medical devices market owing to ultra-modern technological advancements, popularity of healthcare apps and wearable devices and government funding for more R&D. This trend is going to follow by European countries soon.
However, next upcoming market will be of Asia-Pacific countries in the coming forecast period. The major factors can be accounted as increased geriatric population, technological advancement in this field, more upcoming investors to boost the market growth and focussed view towards healthy lifestyle by strata of society dwellers.
Wearable medical devices market is one of the fastest growing markets in current scenario with major players along with new entrants, some of which are:
Draeger medical (Germany)
Johnson& Johnson (U.S.)
OSI Systems (U.S.)
Pebble technology (U.S.)
Samsung (South Korea)
Sotera Wireless (U.S.)
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