Wearable medical device industry offers advanced health monitoring

The wearable medical device market is expected to witness growth over the forecast period due to demand for better healthcare facilities and remote patient monitoring. In addition, rising focus on fitness and healthy living are also expected to fuel the market growth.

High prevalence of lifestyle related disorders along with diabetes and hypertension, occurring due to sedentary lifestyle, requires special attention. It needs continuous observation of various physiological parameters, such as blood pressure and blood sugar levels. This enables immediate information access with portable systems, which can be forwarded to physicians for enhancing treatment with minimal errors. Rising mortality rate due chronic diseases is a major concern as they need intensive care and monitoring. These factors are expected to fuel the product demand in the near future. 

Innovation in medical devices to benefit health care

On basis of product, the market is segmented into therapeutics and diagnostics. Therapeutic is expected to attain the fastest CAGR throughout the forecast period due to high demand of the technology. The segment includes insulin monitoring, pain management, rehabilitation, and respiratory therapy. Therapeutic technology includes intelligent asthma management, insulin management, and wearable pain reliever devices. Insulin monitoring is expected to be the dominant segment over the next few years due to rising prevalence of diabetes. Continuous glucose monitoring systems and wearable insulin delivery systems have transformed diabetes management. 

The wearable medical device industry is now on the verge of transformation as it is witnessing increasing development of medical grade systems. These wearable medical devices are designed to be easily worn and integrated into everyday life by incorporating advanced technology. This has also led to the systems being designed lighter, smaller, and less invasive. 

Market insight

The wearable medical devices industry is expected to witness a high demand due to rapid innovations in the medical sector. These systems are becoming increasingly popular due to their improved technologies and easy use. Key players in the wearable medical device market include Fitbit Inc.; Polar Electro; Philips Electronics; Covidien Plc; LifeWatch AG; Garmin; Withings; Jawbone; Everist Genomics; Sotera Wireless; and Vital Connect.