New reports, such as the Global Diagnostic Wearable Medical Devices Market 2016-2020 Report, bring good news to the rapidly growing wearable medical device market. According to the Report, the diagnostic wearable medical device market is expected to grow at a compound annual growth rate of 14% through 2020.
According to several reports, North America is expected to continue to be the largest market, along with Western Europe and the Asia/Pacific region (excluding Japan). In 2016 alone, the North America wearable devices market is expected to reach approximately $9.6 billion, up from about $9.1 billion in 2015.
The Global Diagnostic Wearable Medical Devices Market Report explains that a key driver of business is the increasing demand for early diagnosis and preventative medicine. Similarly, another report attributes the growth to the rising demand for “user-friendly and self-monitoring devices, and increased heath awareness” by users and an increasing prevalence of certain conditions associated
with morbidity and mortality rates.
Generally, these diagnostic wearable medical devices can be used to monitor, control, and track a user’s vital signs and other physiological information. Now, with advances in medical technology, wearable medical devices are available in the form of eyeglasses, watches, clothing, jewelry, and even contact lenses. When worn by the user, these devices can autonomously and non-invasively capture and record physiological parameters, such as blood pressure, body temperature, respiratory rate, glucose quantity, heart rate, and blood oxygenation, and measure heart rate and muscle activity.
The breadth of the
applications of these medical devices continues to expand into segments such as sports and fitness, remote patient monitoring, and home healthcare. As a result, the accessibility of these devices to the public allows for more accessible healthcare. For example, doctors are able to remotely monitor, assess, and properly treat patients in real-time based on the information collected from the wearable devices and wirelessly transmitted to those doctors.
However, with the advance in the mobile technology and increasing number of devices on the market, comes a growing concern over data privacy issues over the information collected and transmitted from these devices
Nevertheless, an analyst commenting on the report stated:
A trend which is already making an impact on the market is the emergence of innovative diagnostic wearable medical devices. Companies are increasingly adopting new technologies to meet the growing consumer needs. Consumers are looking for additional applications, indications, and easy usability. Therefore, companies are focusing on improving the features, diagnosis, and outcomes.