Wearable medical device market to grow 17.7% by 2020
A new report by Mordor Intelligence has forecast that the global wearable medical device market will exceed $7.8 billion (£5.07bn) by 2020.
The report defines wearable medical devices as those that are attached to the human body and act as biosensors to monitor and detect changes in key body indicators, and to capture physiological data. Given their functions, the devices are autonomous, non-invasive and primarily used for clinical monitoring. They are used for monitoring chronic diseases, glucose and blood sugar levels and other parameters.
The market is categorised into four segments: health and fitness; monitoring and feedback; rehabilitation; and disease management. Monitoring and feedback makes up over 70% of the market share in 2015.
The report identified several driving factors for the global wearable medical device market's growth in 2015-2020. These factors include a large number of innovations and projects in electronics and healthcare, rising chronic disease rates among demographics, and rising spending capabilities in medical devices and their ease of use.
The market is also expected to see some challenges, such as the lack of awareness in developing nations such as Mexico, Brazil and India, which is leading to a slower rate of adoption. Other challenges include insurance reimbursement issues related to these devices and their high costs.
Wearable medical devices have applications in home healthcare, patient monitoring and sports and fitness. According to the report, home health monitoring makes up the largest share due to the accuracy and ease of use of the devices.
Geographically, North America has the largest consumer base, followed by Europe and Asia-Pacific. However, Asia-Pacific has significant potential for growth, although this is hindered by the price sensitivity among consumers in the region.
Find out more about the report here.
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