Wearable Medical Device Market Is Projected To Grow Quickly Due To Increasing Focus On Fitness & Healthy Lifestyle 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.
North
America wearable devices market share, by site, 2012-2022 (USD Million)
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
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Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-wearable-medical-device-market
About
Grand View Research, Inc:
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, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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