By wearable medical devices we understand non-invasive, autonomous health tools, which aid in clinical monitoring beyond the hospitals. The application of wearable ranges from monitoring glucose levels in blood to managing chronic diseases such as heart diseases, asthma and diabetes. These devices generally provide non-invasive sensing, local processing, user feedback, and communication capabilities. In the latest report “Global Wearable Medical Device Market Outlook 2020”, RNCOS’ analysts have endeavored to showcase the potential of the Wearable Medical Devices industry. The market, which was valued at US$ 1.5 Billion in 2014, is expected to reach US$ 4.6 Billion in the next five years. Driven by increasing health consciousness among people, rising chronic diseases such as diabetes, inflammatory disorders, etc., and inclining healthcare expenditure, the market for next generation medical technology is witnessing a remarkable growth. However, lack of reimbursement, high capital cost, and inadequate awareness among emerging markets of India, China, Brazil etc. are the major roadblocks for this market.
The research showcases various types of wearable devices, their applications and their geographical distribution. According to the market developments, the home health monitoring segment accounted for the largest share due to the ease of use and accuracy of the devices. Currently, North America represents the largest consumer base followed by Europe and Asia-Pacific. However, with the growing number of cases of chronic illnesses, the Asia-Pacific region holds immense potential and is likely to witness a higher adoption of such devices.
The report covers a competitive analysis of key dominant players in the industry, including Medtronic, Abbott and Philips Healthcare. Along with bigger companies, several small & medium-sized companies such as Sotera Wireless, Omron Healthcare, and Neuromatrix also enjoy a notable presence in the market with their next generation devices. Several players are continuously launching a myriad of devices to meet the growing demand from hospitals and other consumers. Additionally, the report briefs on the business overview of major industry players, their recent developments, a SWOT analysis of the sector and M&A deals occurring in the industry. The report will enlighten investors with the complete industry dynamics, enabling them to formulate market strategies and assess the opportunity areas in key geographies.