The market, which was valued at US$ 1.5 Billion in 2014, is expected to reach US$ 4.6 Billion in the next five years.
Wearable medical devices are non-invasive, autonomous health tools, which aid in clinical monitoring beyond the hospitals. The applications of wearables range from monitoring glucose levels in blood, to managing chronic diseases such as heart diseases, asthma and diabetes. These devices generally provide noninvasive sensing, local processing, user feedback, and communication capabilities. In the latest report, Global Wearable Medical Device Market Outlook 2020, the analysts have endeavored to showcase the potential of the Wearable Medical Devices industry.
Driven by increasing health consciousness among people, rising chronic diseases such as Diabetes, Inflammatory disorders, etc., and inclining healthcare expenditure, the market for next generation medical technology is witnessing a remarkable growth. However, lack of reimbursement, high capital cost, and inadequate awareness among emerging markets of India, China, Brazil etc. are the major roadblocks for this market.
The research showcases various types of wearable devices, their applications and their geographical distribution. According to the market developments, the home health monitoring segment accounted for the largest share due to the ease of use and accuracy of the devices. Currently, North America represents the largest consumer base, followed by Europe and Asia-Pacific. However, with the growing number of cases of chronic illness, the Asia-Pacific region holds immense potential and will witness a higher adoption of such devices