Patient Privacy & Security Concerns Along With Complexity In Engineering Is Expected To Drive Wearable Medical Device Market Till 2022:Grand View Research,Inc.
Global Wearable Medical Device Market is expected to
reach USD 27.8 billion by 2022, according to a new report by Grand View
Research, Inc. Rising prevalence of conditions such as obesity and
hypertension, as a result of sedentary lifestyle is anticipated to boost the
demand for wearable medical devices. Moreover, increasing health awareness is
further expected to augment the demand for these devices.
Additionally, growing incidences
of chronic conditions, such as diabetes, which require round-the-clock
monitoring, are expected to increase the demand for wearable technology.
Technological innovation is projected to be vital for growth of this industry
over the forecast period. Smart watches, smart bands, and smart clothing are
anticipated to be the key areas for development. Increasing penetration of
smart cellular phones is expected to assist growth of this technology. However,
patient privacy and security concerns along with complexity in engineering are
expected to impede growth of the industry.
Browse full research report on Wearable Medical Device
Market: http://www.grandviewresearch.com/industry-analysis/wearable-medical-devices-market
Further key findings from
the study suggest:
- Diagnostic wearable medical devices held substantial
share in 2014 owing to increasing usage in remote patient monitoring as
well as home healthcare
- Therapeutic wearable devices are anticipated to
exhibit remunerative growth over the forecast period. Increasing
penetration of products, such as insulin monitors, is assisting the growth
of wearable equipment.
- Diagnostic devices such as vital sign monitors are
expected to witness lucrative growth over the forecast period. Rising
incidences of chronic diseases are expected to boost the demand for this
equipment.
- Wearable medical devices have applications in sports
& fitness monitoring, home healthcare, and remote patient monitoring.
Home healthcare held significant shares of around 50.0% in 2014.
Simplified usage of this equipment along with ability to synchronize with
cellular phones as well as tablet devices assisted the growth of this
segment.
- On the contrary, remote patient monitoring is
projected to exhibit growth rate of over 25.00% in the next seven years.
Increasing geriatric population base coupled with demand for continuous
monitoring is expected to fuel the growth.
- Strap/clip/bracelet or watches held substantial
shares of around 40.0% in 2014, and is expected to grow at a lucrative
rate over the forecast period. Simplified engineering, aesthetically
appealing products, and synchronization with mobile application are
anticipated to drive this segment’s growth.
- North America dominated the overall market with
approximately 40.0% of shares. This can be attributed to increasing per
capita income as well as rising healthcare spending, and advanced
healthcare infrastructure and presence of OEM in this region.
- Asia Pacific is projected to grow with a rapid rate
of around 32.0% over the forecast period. Economic development coupled
with improving healthcare systems is expected to help the industry grow in
this region.
- Key companies of the wearable medical devices
industry include Fitbit Inc., Garmin, Vital Connect, Omron Corp., Sotera
Wireless, Jawbone, Pebble Technology Corp., Basis Science, Inc., Withings,
Intelesens Ltd., Covidien Plc, LifeWatch AG, Polar Electro, Philips
Electronics, and Everist Genomics
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the global Wearable
Medical Device Market on the basis of products and region:
Global Wearable Medical Devices Product Outlook (USD
million), 2012 - 2022
- Diagnostic
devices
- Vital
sign monitors
- Heart
rate monitors
- Activity
monitors
- Electrocardiographs
- Pulse
oximeters
- Spirometers
- Blood
pressure monitors
- Other
devices
- Sleep
monitoring devices
- Sleep
trackers
- Wrist
actigraphs
- Polysomnographs
- Other
devices
- Electrocardiographs
Fetal & Obstetric Devices
- Neuromonitoring
devices
- Electroencephalographs
(EEG)
- Electromyographs
(EMG)
- Other
devices
- Therapeutic
devices
- Pain
management device
- Neurostimulation
device
- Other
devices
- Insulin
monitoring device
- Insulin
pumps
- Other
devices
- Rehabilitation
device
- Accelerometers
- Sensing
devices
- Ultrasound
platforms
- Others
- Respiratory
therapy device
- Ventilators
- PAP
- Portable
oxygen concentrators
- Other
devices
Global Wearable Medical Devices Application Outlook (USD
million), 2012 - 2022
- Sports
& Faintness
- Remote
Patient Monitoring
- Home
healthcare
Global Wearable Medical Devices Site Outlook (USD
million), 2012 - 2022
- Handheld
- Headband
- Strap,
clip, bracelet and watches
- Shoe
sensors
- Others
Wearable Medical Devices Region Outlook (USD million),
2012 – 2020
- North
America
- U.S.
- Mexico
- Europe
- UK
- Germany
- France
- Asia
Pacific
- Japan
- China
- India
- Latin
America
- Brazil
- Mexico
- MEA
- South
Africa
- Saudi
Arabia
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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