The latest market report published by Credence Research, Inc. “Wearable Medical Devices Market – Growth, Future Prospects, Competitive Analysis, 2017 – 2025,” the global wearable medical devices market was valued at US$ 4,400.7 Mn in 2016, and is expected to reach US$ 22,754.6 Mn by 2025 expanding at a CAGR of 17.09 % from 2017 to 2025.
Browse the full report Wearable Medical Devices Market – Growth, Future Prospects, Competitive Analysis, 2017 – 2025 report at https://www.credenceresearch.com/report/wearable-medical-devices-market
According to the World Health Organization report, in 2012, non-communicable diseases were responsible for death of 38 million people, which is 68% of the world’s 56 million deaths. Approximately 16 million deaths were under 70 years of age, these premature deaths are preventable if there is rising public health awareness, inclination for physical activity and preference for more healthy diet. The technocommerical industry has addressed to this health issue by launching the novel healthcare apps, smart watches, smart clothing and other such solutions designed to complement the physical activity training with resourceful data. Monitoring devices are useful in giving data such as blood glucose, oxygen levels, EEG data etc. useful to monitor prognosis of chronic diseases.
Activity monitors lead the product market segment due to rising public health awareness and provides important health parameters such as heart rate, blood glucose and blood oxygen levels etc. Smart watches promise tremendous growth for the duration 2017-2025 due to factors such as gives quick access to health related notifications, and currently smart watches are becoming trendsetters among gadget lovers.
Diagnostics and monitoring devices provides a promising market and currently holds the largest market share due to increasing number of elderly patients suffering with sleep and neurological disorders, and rise in the number of hypertensive and type 2 diabetes patients requiring frequent monitoring of blood glucose and electroencephalogram data. Therapeutic devices are set to have a significant market growth due to rising prevalence of pain disorders such as post-surgical pain, trigeminal neuralgia and joint pain, growth in prevalence of type 1 diabetes patients requiring immediate insulin treatment, and pain management in terminally ill patients suffering with cancer.
The wearable medical devices market is technologically driven and includes major players such as Corventis, Inc., Drägerwerk AG & Co. KGaA, Fitbit, Inc., Garmin Ltd., Jawbone, Inc, LifeWatch AG, Omron Corporation, Philips Healthcare, Polar Electro Oy, Withings SA, and Zephyr Technology Corporation.
Key Market Movements:
- Rising prevalence of chronic diseases such as hypertension, type-2 diabetes, sleep apnea etc.
- Increasing health awareness in public and disposable incomes in the developing nations to drive wearable medical devices market growth
- Supportive regulatory environment for wearable medical devices products
- Technological advancement in the healthcare apps and gadgets providing latest health notification, reminders, diet and exercise regime