The objective of this updated report is to evaluate recent developments in the market for wearable medical devices in 2017 and 2018, including technology, growth drivers and industry challenges, to estimate the market, and to provide global market revenue forecasts from 2018 to 2023.
In recent years, the emergence of wearable technology has disrupted the healthcare industry, leading to increased adoption and growth in the market for wearable medical devices. These devices have an impact far beyond typical consumer uses such as fitness and tracking of activity and have penetrated the area of medical applications such as diagnosis, monitoring and, to some extent, chronic disease treatment. Convergence of wearables such as smartwatches and activity trackers with medical – grade products has encouraged the growth of smart healthcare technology.
To address a wide range of ailments, a wide range of wearable medical devices are being developed. While these wearable devices are not yet at the forefront of the healthcare industry, A large number of manufacturers of medical devices have begun to add wearable components to their product lines to address unmet domestic healthcare and remote monitoring needs – two areas of exponential growth.
Medical device companies, both industry giants and start – ups, invest heavily in R&D to develop innovative wearables that can handle a host of medical conditions ranging from obesity and sleep apnea to diabetes, Chronic obstructive pulmonary disease (COPD), asthma and heart disease, as well as rehabilitation and monitoring of progressive nervous system disorders such as Parkinson’s disease.
The increasing prevalence of diseases requiring round – the – clock monitoring is an important driver of the market for wearable medical devices and is expected to contribute significantly to the industry’s double – digit growth, particularly in view of the global increase in the geriatric population. In particular, real – time activity and health monitoring, remote patient monitoring, home healthcare convenience, and a booming fitness trend are key factors behind this exponential growth. Also promoting the adoption of medical wearables are technological advances and attractive product features such as smartphone connectivity.
Concerns such as data privacy, security, an uncertain regulatory environment and the high cost of wearable medical devices can act as barriers to growth, but market penetration and growth are forecast to continue over the forecast period due to the constant introduction Innovative devices to address healthcare needs and industry’s ongoing evolution to keep pace with demand for efficient and customized wearable healthcare devices.
The wearable medical device industry is now at an innovation stage to develop medical devices that can be easily worn and integrated into everyday life by leveraging new technological advances and reducing them, Invasive and lighter. Continuous glucose monitoring devices and wearable insulin delivery systems have revolutionized diabetes management and are already competing with traditional monitoring of blood glucose and insulin delivery.