The Wearable Medical Devices Market is estimated to hit $68.65 billion by 2023

According to the new market research report by IndustryARC, “Wearable Medical Devices Market: By Type (Therapeutic Wearable Devices, Diagnostic Devices, Vital Sign Monitoring Devices, Others); By Application (Home Health Care, Remote Patient Monitoring, Fitness and Sports, Others) & By Geography - (2018-2023)”, the market is largely driven by the increasing adoption of wearable medical devices across all segments, especially across sports category.

The Market Revenue for Vital Sign Monitoring Devices was fairly distributed among the American region, Europe and APAC region. The presence of an ever growing demand has been the vital driving force. The American region had the largest share of 47%, followed by Europe and APAC with 30% and 22% respectively. Americas projected to register highest growth rate of 21.10% CAGR, during the forecast period. The existing customer base in the American and European region has shown the largest demand accountable as the consumers want to keep a tab on their health constantly. The rise in disposable income of consumers has led to an increase in the purchasing power which drives the market demand. The APAC region is showing a positive demand growth. The reason being the Healthcare policies followed by the Government, especially for the senior population. The major incidences of heart related problems are found to be associated with the senior age group. The consumers in the APAC region want to have a healthy and stable life which has a positive impact on the market demand.

The device to be launched into market in the commercialized form, is initially created as a prototype in a company or in the R&D facilities of an academic university. The prototype is extensively researched and developed in order to comply with the required customer demands and global certification regulations. Once the prototype is finalized for commercial product launch, the manufacturers source several electronic components including sensors, microcontrollers, display screens and many others for their further integration into the device architecture. The basic frame of the wearable devices is created either by the manufacturers in their own processing plants, or obtained through third-party/contract manufacturers. In this stage, the electronic components received through the component manufactures are integrated to synthesize the wearable medical device. The devices are then dispatched for certifications. The certifications may vary depending on the application and invasiveness of the product; invasive medical wearable devices require stringent certification and thorough clinical testing before entering the market. Once the certification is complete, the wearable devices are offered to end-users through a comprehensive network of global and regional distributors’ networks.

Excerpts on Market Growth Factors Mentioned in the Full Report:

The top five companies in the Wearable Medical Devices market include Fitbit Inc., Nike Inc., Jawbone, Basis Science, and Pebble Technology Inc. Though these companies have a dominant position in the market, however, there are a few companies such as Philips Healthcare, ResMed, Fitbit, Inc, giving stiff competition to the top players with their innovative product designs. The big players are launching new products and acquiring the smaller companies to augment their product portfolio and also to develop innovative products by leveraging the core competencies, thereby enhancing their product portfolio. Companies are also looking at acquisitions in this market to expand their capabilities and position themselves in this growing market.