Wearable health technologies attract groundswell of attention among proponents of healthcare systems around the globe. Wearable medical devices are used in range of healthcare applications notably for patient management, disease management, and maintenance of health. The technology accomplish these tasks in various ways such as through monitoring of vital signs, physiological and biochemical parameters, and physical activities such as gait. Their use has resulted in access to useful health data for health and wellness.
Over the years, clinicians have been increasingly instrumental in mainstreaming wearable technologies in their decision-making. Particularly in chronic disease management, wearable medical devices market is witnessing an incredible potential. In recent years, use of wearable medical devices has proliferated in array of sports and fitness applications. Some of the commonly used wearable medical devices are smart watches, activity monitors, smart clothing, and patches.
Growing efforts by healthcare providers and government regulatory agencies in integrating wearable technologies for personalized healthcare will open new vistas going forward. Clocking an attractive CAGR of 17.7%, global valuation of the wearable medical devices market is expected to climb to US$ 29.6 bn by the end of the forecast period 2018 – 2026.
Key Findings of Wearable Medical Devices Market Study
Incredible Scope in Reducing Burden of Chronic Diseases
Advancements in wearable technology expand their scope in monitoring health and wellness data of patients with chronic conditions. Chronic diseases such as diabetes, certain neurological diseases, and cardiovascular conditions pose alarmingly high morbidity in populations worldwide. The burden is rapidly rising due to the growing elderly populations in some developed and developing economies. Wearable medical devices and smartphone apps have opened an innovative method of capturing and reporting of patient-reported outcomes. Healthcare providers are increasingly harnessing these in tracking their health, thereby working concertedly with patients in managing the burden of these chronic diseases. Glucose monitoring devices and sleep monitoring devices, for instance, have shown positive impact on patient outcomes.
Technology Developments Open New Vistas in Personalized Healthcare
Another area where companies in the wearable medical devices market see a steady revenue stream is in advancing the goal of personalized patient experience and care. Healthcare IT companies are engaging in wearable-EHR integration projects to leverage the potential of wearable medical devices in addressing personalized needs of patients. The increasing trend of connected health and wellness is a key accelerant for expansion of opportunities for players in the wearable medical devices market. The benefits have been more evident in meeting the needs of a rapidly growing obese population. A case in point is initiatives by healthcare providers unveil wellness and rewards programs that offer personalized health assessments based on analytics by fitness tracking devices.
Wearable Medical Devices Key Underpinning of Telehealth Services
The COVID-19 pandemic has upended the way patient care delivery was done, since in-person visits were heavily discouraged during the pandemic. Wearable medical devices thus emerged as an innovative technology in remote patient monitoring during the pandemic. The growing integration of wearable with cloud computing and artificial intelligence technologies has enabled providers to gather more data from remote monitoring technologies.
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Wearable Medical Devices Market: Key Driving Factors
- Growing burden of chronic diseases is a key driver for strides in wearable medical devices adoption
- Rapidly aging population is a key trend boosting the market
- Growing popularity of personalized healthcare to spur momentum in uptake of wearables in healthcare systems
Wearable Medical Devices Market: Key Industry Participants
- OMRON Corporation
- OMRON Corporation
- Apple Inc.
- Huawei Technologies Co.
- Garmin Corporation
- Samsung Electronics Co.