The growth of the wearable medical devices market is due to the increasing technological advancements and innovations, as they can improve the lifestyle of patients, as well as the general population. Currently, these devices are gaining immense popularity, due to improved technologies that are being introduced regularly by key market players, which shows the high competition in this market.
Additionally, ease-of-use and interpretation of medical devices, as well as increasing per-capita income in developing countries, are the other important factors responsible for the growth of the market.
However, the high cost of wearable devices and the lack of awareness about the availability of some wearable devices in developing and underdeveloped countries are some of the major challenges for the growth prospects of the market.
Key Market Trends
Remote Patient Monitoring is Expected to Exhibit Fastest Growth Rate over the Forecast Period
The remote patient monitoring (RPM), also called homecare telehealth, is a process in which patients can use a mobile medical device to perform a routine test and send this data to healthcare professionals in real-time.
The implementation of RPM can improve the management of chronic diseases by measuring critical risk indicators, such as glucose and blood pressure. RPM has various benefits for en users and hospitals, such as low cost of healthcare, reduction in extended hospitalization, and fewer doctor appointments. This can also help reduce the cost associated with the treatment of chronic diseases.
The rise in the number of people with chronic medical conditions and an increase in the geriatric population are the major factors driving the growth of remote patient monitoring (RPM) services all over the world. For instance, the number of deaths of neurological disorders has increased in the past three decades, i.e., from 6.5 million in 1990 to 9 million in 2016, as per Feigin V.L. published in the Neuroepidemiology Journal 2019. This increasing prevalence is expected to further increase the demand for remote patient monitoring devices.
North America Captured the Largest Market Share and it is Expected to Retain its Dominance over the Forecast Period
North America dominated the overall wearable medical devices market, with the United States emerging as the major contributor to the market. The United States holds the largest share in the wearable medical devices market, primarily attributed to the early adoption of wearable medical technology and the high prevalence of cardiovascular and lifestyle-related diseases, along with high per capita medical expenditure. The adult wearable users' penetration rate in the United States was 15.5% in 2016, which increased to 20.3% in 2018, and it is expected to increase to 25.3% by 2022, as per a 2019 report by Yoram Wurmser. Combined with the increasing incidence of diseases in the region, the market for wearable medical devices is expected to grow at a moderate rate, over the forecast period.
The rising number of market players is intensifying the competition. Players, such as Fitbit, Lifesense, Apple, Garmin, and Samsung, are disrupting the market by launching several new products. Moreover, new competitors are emerging in the form of start-ups. Start-ups like Overlap, Royal Philips, Vivify Health, Validic, and Doximity Dialer are in the process of developing technology to enhance wearable health technology and enable EHR integration for health systems. This has made the market very competitive.
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