Wearable technology has gained momentum of late. Changing lifestyle of young people demands connectivity. The healthcare segment accounts for a major part of the wearable technology market, considering the innovations in several applications in this area in the last two decades. Mobile phones with wearable sensors, implanted medical devices, and home-based telehealth devices can help monitor and manage the health of a patient. Smartphones have made tremendous development in terms of applications and can now accomplish actual diagnostic tests such as the Apple iPhone glucose test. Withings is another company that has collaborated with Apple to introduce a device that actually monitors blood-pressure on the go. Moreover, wearable medical devices for athletes who wish to monitor their performance and condition are available in the market. Similarly, such devices for continuous medical monitoring for outpatients with chronic medical conditions, physicians needing to quantify and detect behavioral aberrations for early diagnosis are also available.
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According to the report, the global wearable medical devices market was estimated to have a valuation close to US$2.7 bn in 2014, which is projected to reach nearly US$10 bn by 2023, rising at a strong CAGR of 18.0% during the forecast period of 2015 to 2023.
Increased Reliability and Portability Bolster Uptake of Wearable Electrocardiographs
Geographically, the global wearable medical devices market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, North America is the major regional market and is expected to reach a valuation of US$4.5 bn by the end of the forecast period. The substantial growth of this regional market is driven by the presence of large number of mid-sized and large companies, rapid emergence of new players, and early adopters.
Based on diagnostic device, the wearable medical devices is segmented into neuromonitoring devices, vital signs monitors, and fetal monitors and obstetrics devices. The neuromonitoring devices is further sub-segmented into electroencephalograph and electromyography. The major sub-segments of vital signs monitors are heart rate monitor, sleep monitor, activity monitor, and electrocardiograph. The electrocardiograph segment is projected to grow at a significant CAGR of 17.8% during the forecast period, primarily attributed to growing prevalence of cardiovascular diseases.
Real-Time Monitoring of Health Conditions Boost Demand
The global wearable medical devices is primarily driven by the rapidly growing demand for these devices for health monitoring and in the diagnosis of various diseases. Constant product innovations is a key factor boosting the market. The burgeoning demand of portable and high-end devices to monitor fitness among athletes and tech-savvy people is expected to fuel the wearable medical devices market. The growing prevalence world over and the increasing incidence of chronic diseases among geriatric population are anticipated to catalyze the market in the coming years. The need for real-time monitoring of medical conditions of outpatients suffering from chronic medical conditions is another crucial factor spurring the demand for wearable medical devices. In addition, the advent of cost-effective wearable medical devices that provide basic functionalities such as monitoring glucose levels and blood pressure among ailing people is expected to boost the market through the forecast period.