Diagnostic wearable medical devices: Key market research findings
- Demand for early diagnosis and preventive medicine drives market growth
- Vital signs monitors account for majority share of the market
- Key vendors – Cleveland Medical Device, Fitbit, Medtronic, Omron Healthcare, and Polar Electro
Technavio’s market research analysts expect the global diagnostic wearable medical devices market to grow at a CAGR of around 14% between 2016 and 2020. The growth in this market is driven primarily by the increasing demand for early diagnosis and preventive medicine. Diagnostic wearable devices enable individuals to obtain real-time data thereby allowing them to track their health status. Such devices include biosensing cloth, vital signs monitors, neuromonitoring devices, sensor-embedded equipment, wristband devices for sports and fitness, and sleep rate monitoring devices. At present, the Americas dominate the market by holding more than 48% of the overall market share. The presence of several key vendors and the growing awareness about chronic diseases such as diabetes, cardiovascular diseases (CVDs), and obesity which require individuals to undergo continuous monitoring are the driving forces behind the growth of the market in this region. The emergence of new and technologically advanced wearable diagnostic products such as smart watches, glasses, smart clothes, and wristbands is likely to boost growth in the diagnostic wearable medical devices market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the diagnostic wearable medical devices segments based on the device type.
“The emergence of innovative diagnostic wearable medical devices is the latest trend in the market. There is an increasing demand for additional applications, indications, and easy usability of these wearable products amongst consumers. To meet this demand, companies are focusing to enhance the features, diagnosis, and outcomes and introducing new and improved products in the market. For instance, Phillips launched a new wearable diagnostic device equipped with a digital biosensor to record biometric data and transmit this data to a cloud-based HealthSuite Digital Platform for individuals suffering from chronic obstructive pulmonary disease,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
During 2015, the vital signs monitors segment accounted for more than 39% of the market share to dominate the global diagnostic wearable medical devices market. Vital signs monitors can be used to measure the body temperature, heart rate, respiration rate, and blood pressure. These devices have applications in both fitness monitoring and medical diagnostics. Regular monitoring of vital signs helps analyze the individual’s health conditions and alert users in case of any complications as well transmit this information to medical professionals.
The key vendors in the market include Cleveland Medical Device, Fitbit, Medtronic, Omron Healthcare, and Polar Electro. The global diagnostic wearable medical devices market is anticipated to grow substantially during the forecast period and is characterized by the presence of several well-established comprehensive and regional players. However, as the global vendors are increasing their presence, the local vendors are finding it increasingly difficult to stay ahead in the competition. Players in the market are constantly looking for ways to enhance their market presence by focusing on the implementation of various new models and M&A.
A more detailed analysis is available in the Technavio report, Global Diagnostic Wearable Medical Devices Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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