A recent report by Transparency Market Research states that global wearable medical devices market is projected to witness a substantial growth. According to the report, the market is expected to witness whopping 17.7% CAGR during the projected tenure of 2018 to 2026. With this CAGR, the experts predict that the global wearable medical devices market is projected to reach to the value of US$ 29.6 bn by the end of 2026. They also states that the market stood strong with the revenue generation of US$ 6.8 bn during 2017. As per the report, the market is anticipated to reach to this value due the aggressive steps taken by the players to grab lion’s share of the global wearable medical devices market during the tenure of 2018 to 2026.
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Rising Innovation in Healthcare Sector Drives the Growth
Technology rides at the core of the development of global wearable medical devices market. It is because of technologies like IoT and Data Science that there is a massive demand for such devices. Moreover, these devices can leverage cognitive technologies and help the users visualize the status of their health. These benefits are the major reasons that propels the growth of global wearable medical devices market. Additionally, the technology also allow the users to monitor every step of the health of the body, for instance, heartbeat, blood pressure, and even steps. These additional benefits are further projected to boost the growth of market from 2018 to 2026.
Capital Intensive Devices may Hamper the Growth
Since the concept of wearable medical device is in its nascent stage, the devices are quite expensive. They may cost from few hundred bucks to thousands of dollars. This high cost of the devices may hamper the growth of global wearable medical devices market. However, with the growing trend of personalized health monitoring and demand for better healthcare solution, the global market is projected to maintain its growth momentum across the tenure of 2018 to 2026.
Growing Number of Diabetic and Blood Pressure Patients to Boost the Growth
Diabetes and blood pressure have become a major epidemic presently. These diseases may occur to a person regardless of any age group. It is advisable to keep a constant check on these two in order to avoid any major complication. However, it is not possible for patients to visit the diagnostic center and get the tests done. It is because of this reason, the wearable medical devices are in high demand. Since, the number of the patients suffering from these conditions have increased exponentially recently, the market is projected to grow with a rapid pace in the tenure of 2018 to 2026.
Asia Pacific to Witness Maximum Push During the Forecast
Asia Pacific shall emerge as the biggest regional market for the players of global wearable medical devices market. This exceptional growth of the region is powered by the growing number of patients suffering from conditions such as diabetes, blood pressure, and other chronic conditions. Additionally, the healthcare infrastructure is also improving in countries like India and China which also supports the growth of Asia Pacific in global wearable medical devices market from 2018 to 2026.
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Rising Use of Mobile Apps for Prescription Refill is expected to boost growth of the Market
- Mobile apps are getting popular and becoming part of everyday lives. The use of mobile apps in online pharmacy sector is increasing rapidly, with availability of several Android and iOS apps that enable patients to order prescriptions easily and quickly.
- According to Deloitte survey, 19% of health care providers in the U.S. offer customer’s web-based prescription refill online program. It was also reported that several retail pharmacies have been offering mobile apps for online prescription refill. Large number of companies such as Walgreens and CVS Pharmacy offer mobile apps so as to make prescription refill easy and convenient with round to clock delivery.
- Mobile apps offers prescription QR scanners, photo centers to find out latest deals also offers many options for patients to deal with prescriptions. Few mobile apps feature functions such as minute clinic, pill scanner, pill identifier, and refill prescriptions.
- These mobile apps preserve the prescription history and provide non health services. For instance, CVS Caremark has its iPhone app that provides features of refilling prescriptions through CVS Caremark – pharmacy management managers.
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The global wearable medical devices market is segmented on the basis of:
- Diagnostic and Monitoring Devices
- Vital Signs Monitoring Devices
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Fetal Monitoring and Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Insulin Pumps
- Respiratory Therapy Devices
- Product Type
- Smart Watches
- Activity Monitors
- Smart Clothing
- Sports and Fitness
- Home Healthcare
- Remote Patient Monitoring
- Diagnostic and Monitoring Devices
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