Major players in the wearable medical devices market are Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., Life Watch AG (Bio Telemetry Inc.), Xiaomi Inc., Vital Connect, Jawbone Inc., and General Electric Co.
The Global
Wearable Medical Devices Market is expected decline from USD 8.87
billion in 2019 to USD 8.35 billion in 2020 at a compound annual growth rate
(CAGR) of -5.83%. The decline is mainly due to economic slowdown across
countries owing to the COVID-19 outbreak and the measures to contain it. The
market is then expected to recover and reach USD 16.08 billion in 2023 at CAGR
of 24.39%.
The wearable medical devices market consists of sales of wearable medical equipment and related services that includes diagnostic devices and therapeutic devices like vital signs, sleep and neuro monitoring devices, electrocardiographs, pain management, respiratory therapeutic devices among others. The companies involved in wearable medical devices market design, manufacture and market medical wearables like watches, wristbands, clothing, ear wear and other devices for the applications like Remote Patient Monitoring, Ear wear, Home healthcare, Sports and Fitness which are designed for patient management and life-style disease management like prevention of diseases and maintenance of health with advantages such as weight control and physical activity monitoring.
North America was the largest
region in wearable devices market in 2019. Europe is the second largest region
in 2019.
Integrating artificial intelligence
in the wearable medical devices is gaining traction. The data collected by the
wearable medical devices lacks value without the integration of artificial
intelligence (AI) that better utilizes the data collected. AI doctor which is
an standalone network with deep learning algorithm performs well than trained
medical practitioners in conditions like skin lesions, electrocardiograms,
medical imaging and pathology. In 2020, Apple acquired Xnor.ai that develops
technology like artificial intelligence to gain access for low-power AI tools
for image recognition in wearables and others. A study published in 2019
revealed that AI and biometric monitoring devices are considered as an
advantage by 47% of the respondents as it brings efficient healthcare to the
patient and an overall of 20% respondents considered the benefits outweighed the
dangers of artificial intelligence integration into wearables. 55% considered
that it could improve their follow-up and quality of care, 23% believed it
would reduce the cost of treatment. The wearable device app developers are
increasingly focused on integrating AI into the apps to analyze the remotely
collected data for better interpreting the ailment by an AI doctor.
The wearable medical devices market
covered in this report is segmented by device type into diagnostic devices,
therapeutic devices. It is also segmented by product type into watch,
wristband, clothing, ear wear, other devices, by distribution channel into
pharmacies, online channel, hypermarkets and by application into sports and
fitness, remote patient monitoring, home healthcare, ear wear.
Wearable device manufacturers
collect and store data to sell them to the customer itself by charging certain
amount on monthly basis or periodically as per the requirement or to
third-parties at places where this information is not considered as Protected
Health Information. There is a higher exposure of sensitive data as the amount
of data handled by Medical Internet of Things devices are growing
exponentially. The major data privacy concerns arise during the transmission of
data to a cloud and during its storage. In 2018, a study released by Center for
Digital Democracy and the School of Communication at American University
revealed that Americans are facing a growing loss of sensitive information with
the use of wearable medical devices as the US health privacy regulatory system
doesn't reach the expectation of data privacy with wearables. In 2019, a survey
conducted for wearable device users revealed that half of the respondents are
unaware of the privacy concerns related with the wearable devices. There are
risks pertaining to the access and security of the personal information
collected by the third-party healthcare service providers which is expected to
hamper the growth of the market during the forecast period.
In 2019, Google, a US-based
technology company that develops internet-related services and products like
search engines, cloud computing, online advertisements, software and more,
announced to acquire Fitbit Inc. for USD 7.35 per share in cash valuing totally
to USD 2.1 billion. The deal will benefit both the companies by designing and
manufacturing innovative wearables by integrating the best hardware, software
and artificial intelligence to reach even more people around the globe. Fitbit
Inc., a US-based wearables company designs innovative products that track the
daily health and fitness of the consumer in the form of smartwatches, activity
trackers, wireless headphones and smart scales.
During the historic period, the
rise in mortality rate due to non-communicable diseases with an increasing
prevalence of chronic diseases and life-style associated diseases like
hypertension and diabetes contributed to the growth of wearable medical
devices. Healthcare industry is coming up with newer technologies to overcome
this with necessary measures like continuous and remote patient monitoring
facilities through wearables which can be worn over the body all-day long for
continuous monitoring of the required parameters like vital signs, glucose
levels and more. In 2016, of the overall 56.9 million global deaths, 70% (40.5
million) were due to non-communicable diseases of which 80% were due to cardiac
diseases, chronic lung diseases, diabetes and cancer. In 2019, a report
published by Diabetics Research and Clinical Practice stated that the global
diabetics population is estimated to be 463 million in 2019 which is 9.3% of
global population and is expected to reach 578 million by 2030 and 700 million
by 2045. The rise in number of chronic diseases coupled with growing awareness
among the people is pushing them towards continuous monitoring which boosted
the market growth.
For More Information, Click on the Link Below:-
Global
Wearable Medical Devices Market
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing &
Communications
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