Wearable medical device market to grow 39.4% through 2025
As per a research report by Global Market Insights, the wearable medical device market is estimated to surpass $87bn by 2025. A rise in awareness regarding physical fitness will drive the demand for fitness monitoring and tracking devices. Additionally, growing disposable household incomes will augment wearable medical devices market forecast.
Firms operating in the wearable device business have implemented several advertisement policies and campaigns to boost awareness about their products and expand their customer base. They are also focused on various strategies and product launches to sustain growth.
For instance, in May 2020, Philips introduced the Philips Biosensor BX100, a wireless, health wearable device with a CE mark to monitor COVID-19 patients in hospitals to detect early patient diagnosis.
Extensive use in temperature monitoring
Body and temperature monitors for wearable devices will register a CAGR up to 40% in the coming years owing to advantages of wearable technology to assist in real-time non-invasive monitoring of temperatures. Thermal sensors incorporated for monitoring body temperatures through wrist skin will contribute towards development in this segment.
Diabetic care to bring significant revenues
Wearable medical devices applications can be bifurcated into fitness monitoring, diabetes care, cardiac health, obesity control, and sleep tracking devices. The market share for diabetic care amassed over $1.8bn in 2018 and is pegged to rise through 2025. This growth can be attributed to the consistent prevalence of diabetes in the geriatric population.
Technological advancements like non-invasive electrochemical sensors help monitor skin interstitial fluids and sweat which reflect the blood glucose concentration.
Product advancements in home healthcare
Wearable technology applications deployed across home healthcare can look forward to achieving over 40% CAGR in the next few years owing to higher demand for product developments and personalised home healthcare services.
Wearable devices equipped with sensors are employed for remote healthcare monitoring systems to improve clinical assessment accuracy.
Increased manufacturing and demand in India
India, with a consistent need for wearable medical devices, accounted for a significant industry share in 2018. With the growing adoption of newer technologies, enhancements in healthcare wearables and extensive advertisement by firms, the wearable medical devices market value in India is believed to expand by 46.7% up to 2025. The prevalence of chronic diseases will further boost the regional industry trends.
Wearable devices powered with electrocardiograph (EKG) sensors can monitor a user’s heart activity by sensing multiple physiological signals. Some other examples include wearables with complex sensors like the electromyogram (EMG) sensor to record muscle activity and electroencephalogram (EEG) sensor to monitor electrical stimulations within an individual’s brain. Access the full report here.