Wearable Medical Devices are also referred as autonomous wearable devices providing medical monitoring or support, over a prolonged period of time which are either embedded into the clothes or worn as an accessory. These wearable devices are usually non-invasive physiological sensors providing medical feedback through processing modules and also have wireless data transmission capacity
Market Outlook:
Wearable medical devices are small, unobtrusive and light-weight and are designed for operation by unskilled users Since, wearable medical devices are non-invasive, flexible and easier to use and hence, are replacing the traditional diagnostic methods. Alerting mechanism, real time feedback, decision support and wireless access to information are few latest developments leading to the more adoption of the wearable devices.
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Increasing penetration of smartphones and rising number of smartphone based healthcare applications compatible with devices is expected to spur the market demand over the forecast period. Furthermore, growing awareness about physical fitness and increasing preferences for wireless connectivity among the healthcare providers is also projected to impact the industry growth positively.
Major players:
Philips (Netherlands)
Fitbit (US)
Garmin (Switzerland)
Omron (Japan) and LifeWatch (Switzerland).
Nokia Technologies (US)
Advanced medical wearables also facilitate instant connectivity with cloud. Thus, concerned medical personal will be informed about the irregularities with the patient’s health, allowing crucial steps to be taken in time for the patient’s health. Furthermore, growing accuracy of medical devices in remote monitoring of patients is expected to comfort doctors for therapy based on the data recorded through these devices.
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The market of wearable medical devices is segmented into patches, smartwatches, smart clothing, and activity monitors. Activity monitors is expected to acquire the largest share of the wearable medical devices market. Key factors responsible for the growth —includes rise in adoption of sedentary and unhealthy lifestyle, increase in the number of diseases pertaining to lifestyle and growing awareness of health and fitness among consumers. Wearable medical devices have application in various arenas including remote patient monitoring devices, home based healthcare and sports and fitness. Sports and fitness application segment is expected to witness highest compound annual growth over the forecast period. The segment growth is attributed to the popularity of the trend to track one’s health progress and the increased focus of people on the respective physical fitness, thereby improving the quality of life.
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