Wearable Medical Devices Market to Surpass US$ 29 Bn by 2026; Rise in Prevalence of Chronic Diseases, Increase in the Incidence of Diabetic Population, and Surge in Adoption of Technologically Advanced Wearable Medical Devices to Drive Market: Transparency Market Research
The global wearable medical devices market was valued at approximately US$ 6.8 Bn in 2017. It is projected to expand at a compound annual growth rate (CAGR) of more than 17.0% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Wearable Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’. Expansion of the health care industry, government initiatives, increase in health care expenditure, rise in product approvals, and increase in patient population are projected to augment the global market from 2018 to 2026. North America and Europe are likely to account for a dominant share of the global wearable medical devices market, owing to the presence of key players in these developed regions as well as high rate of adoption of technologically advanced wearable medical devices in these regions. Development of health care infrastructure and high medical expenditure by governments in emerging economies, such as China and India, are likely to boost the wearable medical devices market in Asia Pacific at a CAGR of 18.8% from 2018 to 2026.
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Large number of innovators and early adopters to propel market
The wearable technology is trendy; most users who purchase such products are innovators and early adopters. Large population of innovators and early adopters in developed countries and increasing number of people in this group in developing countries are likely to drive the market. Rising number of sports and fitness enthusiasts are seeking new ways to monitor their health. These early adopters are more concerned about their health and fitness. Hence, demand for the wearable medical devices is rising among this group. Large portion of the population in the U.S. and Canada falls under the group of early adopters. This results in rapid market penetration of wearable medical devices in the region.
Increasing incidence of chronic pain and high population of diabetic patients
Demand for wearable medical devices such as transcutaneous electrical nerve stimulation (TENS) and pulsed electromagnetic field therapy (PEMF) devices has increased significantly due to a rise in the cases of chronic pain. According to IDF (international Diabetes Federation), about 415 million people suffered from diabetes worldwide in 2015. It also states that one out of eleven adults is a diabetic. Rising number of people are suffering from diabetes due to the increased intake of unhealthy diet, sedentary lifestyle, and obesity. This can lead to serious complications such as kidney failure, heart diseases, and stroke. Thus, health of such people needs to be monitored on periodically. This fuels the demand for glucose monitoring devices. Diabetic patients are also at a risk of premature death due to cardiovascular diseases. This generates the need for wearable devices that can allow continuous cardiovascular monitoring at home and in clinics.
High cost of devices may hamper market growth in emerging countries
Wearable medical devices are largely utilized for health applications, particularly by patients suffering from chronic conditions. These are also used by athletes in their daily sports and fitness related activities. However, the high price of these devices remains a major issue, especially in developing countries. Thus, high price acts as a major barrier in the adoption of wearable medical devices. The cost of wearable medical devices that are being marketed currently ranges from US$ 150 to US$ 1000; it could even be higher. Wearable medical devices can be considered an unnecessary luxury in most developing nations across the world. Industry experts suggest the expansion of the economy of these regions would lead to rise in market share in the near future. However, high price of these devices is likely to prove to be a challenge for the middle and low income groups in developing countries, considering the falling value of their currency.
Asia Pacific market to expand significantly
Countries in Asia Pacific, such as China, Japan, and India, have a large diabetic population. Companies such as Pancreum and Omnipod can target this population base to expand their market share. According to major studies conducted across the globe, people in Asia are at a higher risk of suffering from Type II diabetes. The diabetic population is expected to increase consistently in the next few decades. According to the International Diabetes Federation (IDF), more than 382 million people across the globe, currently, suffer from diabetes. Thus, the high prevalence of diabetes and improvement in economic conditions are anticipated to propel the wearable devices market in Asia Pacific.
Apple Inc., Xiaomi Technology Co., Ltd, and Fitbit, Inc. to lead market
The report also provides profiles of leading players operating in the global wearable medical devices market. They include Xiaomi Technology Co., Ltd, Samsung Electronics Co. Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., Huawei Technologies Co., Ltd., Polar Electro, OMRON Corporation, Activinsights Ltd., and VitalConnect. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global market during the forecast period. Additionally, strong product portfolio, high brand recognition, and strong geographic presence are expected to boost the market during the forecast period.
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