LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global diagnostic wearable medical devices market is expected to grow at a CAGR of more than 14% during the forecast period.
This research report titled ‘Global Diagnostic Wearable Medical Devices Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global diagnostic wearable medical devices market into three major segments based on application. They are:
- Sports and fitness
- Remote patient monitoring
- Home healthcare
Sports and fitness
Diagnostic wearable medical devices are finding increased use in sports and fitness applications. Athletes need sensors that can be easily worn and can capture accurate measurements of motion. Further, devices are being used by coaches and athletes to monitor their fitness requirements and improve their performance. “These devices are used to increase the levels and the quality of exercise. The type of devices includes sensor-embedded equipment, wristband devices, and smart clothing. Some of the examples of fitness wearables are Stretch Sense, Gym Watch, Atlas Wristband, Fitbit Blaze, and Basis Peak,” says Barath Palada, a lead analyst at Technavio for patient monitoring devices.
Professional sports teams and athletes are the early adopters of wearable diagnostic devices, driving the fitness wearables market growth. Wearable devices and analytical software revolutionize sports and fitness training, engaging in performance improvement and injury prevention. Many companies in the market are implementing strategic initiatives to meet the growing demand in the market. For instance, in January 2016, New Balance launched a new division, Digital Sport, intended to improve athletic performance. Digital Sport will focus on smartwatch, embedded technology, and performance sport.
Remote patient monitoring
Innovative remote patient monitoring devices will enable physicians to analyze an individual’s health condition by monitoring the vital signs including respiratory rate, heart rate, skin temperature, and activity data. They allow healthcare practitioners to remotely monitor individuals from the hospital, thus reducing hospital readmissions. This approach will ultimately transform the treatment of individuals with common cardiac and chronic diseases.
The increased utilization of internet coupled with machine-to-machine (M2M) technology is driving the remote patient monitoring market. The M2M technology helps to reduce costs in the use of devices that can monitor health. “Further, the Affordable Care Act is driving hospitals and physicians to use remote monitoring technology to reduce hospital readmissions. However, synthesizing and integrating the remotely generated data into electronic health record (HER) remains a challenge,” says Barath.
Vendors are pursuing organic growth strategies such as new product launches to drive the growth. For instance, in February 2016, Philips launched a novel wireless patient monitoring device that will be used to monitor individuals in the hospital, as well as in remote location. The product includes a patient monitor, wireless biosensor, and clinical decision support software and services. The device finds application in low acuity hospital settings, with the individual returning home and continuing to wear it. Thus, such devices could improve patient outcomes, reduce costs, and enhance the quality of care.
The home healthcare devices are used in the individual's home, avoiding the need to visit hospitals or diagnostic centers. The devices include vital signs monitor (such as heart rate monitor and respiratory monitor), activity monitor, and sleep monitors.
The growing aged population and prevalence of chronic diseases has resulted in high demand for home healthcare medical devices such as blood pressure monitors, body temperature monitors, and sleep apnea monitors, among others. The healthcare industry has witnessed a paradigm shift in the last decade with numerous individuals opting for home healthcare over hospital care. People want to take an active role in managing their ailments and opt for devices that help them diagnose and treat these diseases in the comfort of their own homes. This has led to the development and introduction of portable and wearable medical devices.
These devices offer accurate results for people with diabetes, blood pressure, moderate-to-severe apnea, and dialysis. Moreover, it is more advantageous to the home-bound, aged, or those with chronic illnesses who require specialized care. The homecare testing devices for chronic illnesses are cost-effective compared to the cost of an in-lab testing. The flexibility and the easy availability of home healthcare devices has increased their adoption, thus driving the global diagnostic wearable medical devices market.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Cleveland Medical Device
- Omron Healthcare
- Polar Electro
Browse Related Reports:
- Global Smart Wearable Fitness and Sports Devices and Services Market 2015-2019
- Global Motion Sensor Market for Wearables 2016-2020
- Global Smart Band Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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