The Global Market for Wearable Medical Devices is Projected to Reach US$4.5 Billion by 2020

Industry Trend Towards Cost-Effective Care Drives the Global Market for Wearable Medical Devices, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry trends, growth drivers, market share, size and demand forecasts on the global Wearable Medical Devices market. The global market for Wearable Medical Devices is projected to reach US$4.5 billion by 2020, driven by the growing need for effective management of chronic diseases, rising healthcare awareness, and launch of innovative health management devices.

The global wearable devices market continues to gain momentum from the rapid adoption of these devices among patients, and launch of innovative devices that are user-friendly and unobtrusive. In addition to alerting the patients to take timely medications, wearable devices present an attractive, efficient platform for physicians and patients to share health data and collaborate on effective health strategies. Wearable devices are designed to transmit data regarding disease markers and organ function to physicians. These vital parameters provide medical professionals with comprehensive information while making diagnosis or monitoring a chronic medical condition. Wearable medical devices thus offer efficient care and reduce hospital-based expenditure in the process. In the coming years, the technology is expected to play a critical role in improving healthcare services.

Wearable medical devices are “connected” devices, with features such as wireless data transmission, real-time feedback, alerting mechanism, and more. Data generated by wearable devices, enabled with analytics, is used by consumers for better health management, and by healthcare providers for better care that minimizes in-person consultation costs. Miniaturization of sensor technology and development of wireless communication and computation technology have enabled the shift of clinical monitoring beyond hospitals to homes or outdoors. Wearable medical devices are also helpful to pharmaceutical companies for conducting efficient clinical trials to gather data remotely, and for insurers to provide outcome-based reimbursement.

In the United States, against the backdrop of compliance to the Affordable Healthcare Act and escalating cost of managing an aging population, health care providers are seeking ways to curb healthcare expenditure associated with chronic disease management.  Wearables devices are expected to play a key role in the management of chronic illnesses, particularly diabetes. Wearable Continuous Glucose Monitoring Systems (CGMS) aid patients in effectively monitoring their blood sugar levels and wirelessly transmitting glucose readings in real time. ‘Smart’ ECG necklaces and wearable patches offer continuous heart rate monitoring and ECG recording, for better management of cardiac diseases.

Key issues challenging the market include privacy concerns regarding transmitting sensitive patient data, and the need for miniaturized devices with long battery life. Some of the other important considerations include device connectivity and communication. In order to maintain reliability and safety, wearable medical devices need to satisfy relevant medical device codes, standards, as well as regulations.

As stated by the new market research report on Wearable Medical Devices, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 23.8% over the analysis period. The growth in developing Asian economies is driven by rising incidence of chronic diseases especially diabetes, higher awareness of the need for continuous monitoring, and rising per capita healthcare spending.

Major players in the market include Gentag Inc., Google Inc., Intel Corporation, Intelesens Ltd., LifeWatch AG, Medtronic Plc, Nuubo, Omron Corporation, Philips Healthcare, Polar Electro, Sotera Wireless Inc., Winmedical Srl, and Withings SA.

The research report titled “Wearable Medical Devices: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, product launches, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets that include the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America, and Rest of World.

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