The introduction of medical wearable devices has boosted the growth of the global medical devices market. Principal players in the global medical devices market are involved in developing cutting-edge yet affordable wearable devices. Technology has aided leading market players to introduce inventions in the medical devices. Presently, the global wearable medical devices market is the most adaptable market in the global medical devices industry.
The profits of wearable medical devices were strong, shortly after this technology was first introduced. Ever since then, wearable medical devices have transformed manufacturers of medical devices, patients, doctors, and the health care centers. Global deliveries of wearable medical devices is likely to exceed 106 million in 2016, as growing wakefulness and disposable revenue carry on to impact healthcare decisions. The top 3 areas in the market are home healthcare, patient monitoring, and health & fitness
Growing frequency of diseases that involve continuous observation will continue to raise the demand for wearable medical devices in 2016. Accessibility of compact, smartphone-syncing devices is also anticipated to increase acceptance. Even though average selling price of these devices is probable to observe a drop in 2016, high price still happens to be a crucial restraint for many patients. As technology creates additional progress and competition become more extreme, wearable medical devices are expected to become more reasonable in the future.
The arrival of wearable medical devices was accredited to a greater collective outlook towards IoT. Although the Internet of Things has been there for a while, it has lately picked up momentum. A trending ecology of smartphones and mobile operating systems comprising of Android and iOS in conjunction with an unfailingly informative cloud computing system has heightened the achievement of the worldwide medical technology segment.
The initiation of technology has given makers an opportunity to plan and develop economical wearable medical devices, thus furthering their sales. The demand for wearable activity monitors, heart rate monitors, electrocardiographs, and wearable sleep monitors has amplified from, healthcare centers, private clinics, and hospitals. Wearable medical devices are being increasingly used by sports and fitness institutes, for remote patient monitoring, and home healthcare centers.
Wearable monitoring and diagnostic devices carry on seeing the maximum demand in 2016, followed closely by wearable therapeutic medical devices. Nevertheless, the latter will continue to comprise of greater revenues, due to higher average selling price of these devices. Sleep apnea devices will continue to be the biggest selling wearable therapeutic medical device, with total shipments expected to reach 34,008,685 in 2016. Call for wearable medical devices will be robust in home healthcare segment, with an overall revenues projected to touch $15,281.5 million in 2016. Wearable medical devices are gaining grip in the fast growing home healthcare sector, providing care providers and patients access to vital physiological information. Clinics will maintain to be the foremost delivery network for wearable medical devices in 2016. Clinics will trade $7,717.0 million worth of wearable medical devices in 2016, higher from $7,348.4 million in 2015.
North America will carry on to be the leading market, chased by Western Europe and Asia Pacific excluding Japan. The North America wearable medical devices market will reach $9,608.7 million in 2016. Koninklijke Philips N.V., Medtronic plc, Sonova, and Fitbit Inc. are the leading market players in wearable medical device market. Investment in start-ups, geographical expansion, and SMEs continue to be the crucial business policy of these players.