(MENAFN- America News Hour) The WEARABLE MEDICAL DEVICES MARKET is thriving on account of the rising awareness amongst individuals for the benefits of maintaining a good health and the increasing need for high quality healthcare services amongst individuals. With the increasing prevalence of diseases worldwide, people are opting for products that help them to stay fit and are also investing more on healthcare services. Alternatively, pharmaceutical manufacturers, along with other healthcare companies that manufactures devices and equipment, are increasingly focusing on the research and development of advanced treatment, drugs and equipment for the diagnosis and treatment of the diseases and for developing healthcare products. Organizations are raising their R & D expenses year-on-year so as to deliver quality healthcare products in the years to come. The advancements in the healthcare sector are also supported by the governments of nations worldwide with numerous financial aids. According to a statistical report titled ' Global Spending on Health: A World in Transition ', released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017, which was an increase by USD 0.2 trillion from the recorded value of USD 7.6 trillion in 2016.
Recently, a significant growth in healthcare spending have been observed in the low- and middle-income nations. In the middle-income nations, healthcare spending rose by 6.3% a year between 2000 and 2017, while the economy rose by 5.9% a year. Additionally, health spending in low-income countries also observed a growth by 7.8% a year in the same period. The growth in the healthcare spending of these nations can be attributed to the increasing focus of the governments in these nations to meet the laid down targets of the Sustainable Development Goals (SDGs) of 2030. Such factors are anticipated to drive the growth of the WEARABLE MEDICAL DEVICES MARKET during the forecast period.
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Recent times have witnessed a considerable rise in the global per capita expenditure on healthcare services. With increasing concern over chronic disease incidences plaguing the global population, people have started looking for cost effective alternatives to in-person consultation, and in general, hospital services. Within all this turbulence, consumers have started shifting to wearable medical devices, devices that help identify and monitor diseases. Not only do they give their much-acclaimed functionality, but also provide with a user-friendly interface. With the rising census in the aging population and the cost of managing them, home health monitoring devices might just be the way ahead.
Market Dynamics
Rising per capita income has inadvertently led to a rise in per capita expenditure on healthcare products and services. People have become more invested in exercise and general healthy well-being. Personal medical monitoring devices have started gaining quite the momentum in the market with the ongoing popularity enjoyed by wearable mobile devices. These give you reminders to take all your medicines on time, track and give suggestions on your sleep patterns, and even provide a comprehensive report on monitored health data. With such alternatives now being made available, people have started preferring home healthcare over hospital services, cutting down on expenses they would've earlier needed to allow for. The market stands to gain from such drifts in consumer trends and requirements, with wearable technology companies investing more in such devices. Recent device models even transmit data to share organ function and related comprehensive data for better understanding. With such tech at hand, it has also become far easier to keep proper track of medical history, which could be of importance at any later stage of treatment.
Possible deterrents to the market include adherence to medical standards and satisfying several medical codes, personal data privacy concerns, accuracy, long-lasting battery life and assurance against any harmful side effects.
Market Segmentation
The global wearable medical devices market is segmented based on device type, distribution channel, end use, and application. In the device type segment, activity monitors have been observed to perform exceptionally well in the market. Other notable members in the same segment include smart watches, smart clothing, and patches.
Geographical Analysis
Regional analysis has suggested Asia, North America, and Europe as the most prominent contenders in the global market. North America is further segmented into Canada and US, out of which the US leads total sales and revenues in the wearable medical devices sector. Notably, US also happens to hold the largest share in the market when compared to its other contenders.
In terms of the pace with which the market is growing, Asia holds the first position amongst other prominent region segments. This is primarily attributed to rising per capita income, which has inadvertently led to changing lifestyle and increase in awareness towards general well-being. Also, Asia experiences the highest growth in aging population, another reason for the market's sudden local boom in recent times.
Key players
Prominent vendors and players in the market include Intelesens, Google, Intel, Gentag, Lifewatch, Philips Healthcare, Polar Electro and WinmedicalSrl.
Report ContentsRegional AnalysisReport Highlights
Market segments
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R & D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
North America
US and Canada
Latin America
Mexico, Brazil, Argentina and Rest of Latin America
Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of Middle East and Africa
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This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Market Segmentation
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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