The global Wearable Medical Devices market size is expected to reach USD 85.6 billion by 2027 according to a new study by Polaris Market Research. The report gives a detailed insight into current market dynamics and provides analysis of future market growth.
Wearable medical devices are defined as autonomous devices worn by the individual to provide medical or fitness monitoring and support over a period of time. They are either worn as a body accessory or being embedded in cloth or shoes. They incorporate non-invasive sensors, wireless transmission, real-time data processing capabilities, and also provide medical feedback, reports Polaris Market Research.
Recent developments in wearable medical devices include alert mechanisms, decision support systems, and real-time analysis. These wearables offer a point of care, and remote management for rehabilitating individuals, disabled and chronically ill.
The prominent factors favoring the wearable medical devices market growth include an increase in the prevalence of lifestyle-related diseases, consumer awareness towards fitness, and advancement in technology and medical innovation with an ever-increasing interest of consumer electronic companies. The high prevalence of diabetes is an important driver boosting market growth.
With a spike in infectious diseases over the past decade, the Stanford Healthcare Innovation Lab (SHIL) set up a team to study the impact of wearables to track infectious diseases. Moreover, in April 2020, Scripps Research Translational Institute (SRTI) launched DETECT, under which data from activity trackers and smartwatches would be integrated into public health surveillance program for proactive disease tracking and population health programs.
Key Players operating in the Wearable Medical Devices market are Medtronic plc, OMRON Corp., Biotelemetry Inc., Apple, Inc., Koninklijke Philips, Dexcom Inc., Abbott Laboratories, Verily Life Sciences, GE Healthcare, Bio-Beat Technologies, Masimo Corporation, iRhythm Technologies, Inc., Preventice Solutions, Inc., CONTEC Medical Systems Co. Ltd, VitalConnect, Minttihealth, Biotricity Inc., Cyrcadia Asia Limited., Garmin Ltd, Xiaomi Technologies, ten3T healthcare, Fitbit, Inc., and Huawei Corporation.
Developers are focusing on developing low-cost wearable accessible to all strata of the population within the geographic footprint. In line with this, India based Muse Wearables is manufacturing a wrist-based wearable tracker at a cost of INR 3,500. With this, it will continuously monitor skin temperature, blood O2 saturation levels, and heart rate to track body vital signs to diagnose COVID-19 symptoms in the early stages.