NEW YORK, Jan. 15, 2018 /PRNewswire/ -- Use this report to:
Receive a detailed study around wearable medical devices and technologies. Read the full report: https://www.reportlinker.com/p05285115
Identify promising new wearable medical devices and technologies still in the development and testing stage. Analyze profiles of market participants and associations. Gain information on the regulatory structure and competitive landscape of wearable medical devices. Highlights
The global market for wearable medical devices was valued at $4.8 billion in 2015. This market is expected to increase from $5.5 billion in 2016 to nearly $19.5 billion in 2021 at a compound annual growth rate (CAGR) of 28.8% for 2016-2021. The U.S. market for wearable medical devices is expected to grow from $2.5 billion in 2016 to nearly $8.7 billion in 2021 at a CAGR of 27.9% from 2016 through 2021. The Asian market for wearable medical devices is expected to grow from $908 million in 2016 to nearly $4.0 billion in 2021 at a CAGR of 34.5% from 2016 through 2021. INTRODUCTION
WEARABLE DEVICES Wearable devices are electronic mechanisms that act as biosensors that are attached to the human body to detect and monitor changes in various areas of the body and capture physiological data. These devices are designed to be non-invasive in nature, autonomous in functioning, and are primarily used in medical and fitness related applications. They also provide local processing, feedbacks and reports, communication capabilities, and easy time sensing abilities. Wearable devices have potential benefits for any environment where information or communication is desired, and the use of a hands-free interface is considered beneficial or essential. In addition to consumer products, many industry-specific applications in markets such as defense, healthcare, manufacturing, and mining are also emerging. The potential for wearables to transform many global consumer and non-consumer markets in previously unimaginable ways is now very real. Wearable glucose monitoring and drug delivery devices, activity monitors, smart clothing, smart equipment, wearable vital sign monitors, and smart watches are a few examples of wearable medical devices. These wearables offer solutions to patients, physicians and health care providers. Wearable medical devices are purported to be the next big technological revolution in consumer, lifestyle, fitness and medical products. Chronic disease and pain management require consistent day-to-day actions, rather than visits to the doctor to shape outcomes. There is a growing need for wearable devices which can remind, warn, encourage, and perhaps most importantly, supply the patient with innovative strategies to comply with treatment regimens (and in some cases, provide that treatment). Wearables have a unique value proposition for manufacturers, patients, and society as a whole in healthcare. Their sensors are currently capable of monitoring multiple biomarkers, including those associated with diabetes, hypertension, and certain lung conditions. For example, the sensors in a wearable device for a diabetes patient can detect and trace ketones, chemicals, and signal a low insulin warning to alert the patient to take insulin. Overall sensors can eliminate the need for invasive blood testing altogether. STUDY BACKGROUND
Traditional markets for wearable devices have been focused primarily on non-consumer niche applications, including those in the healthcare, defense/security, enterprise, and industrial markets. However, recent advances in materials science, electronics, photonics, and software have enabled the emergence of a potentially vast range of new lightweight, wearable computing products. These technology advances are not only growing in traditional non-consumer markets but are also enabling the emergence of a number of new consumer applications. These services/solutions offered can be categorized into four segments: disease management, monitoring & feedback, rehabilitation, and health & fitness processes. Electronic wearable medical devices serve multiple functions in the diagnosis and monitoring of various disease conditions, such as chronic diseases of the heart, diabetes (monitoring blood sugar, glucose etc.), and various other illnesses. Wearable or body-borne sensors enable hands-free mobile real-time data monitoring, logical calculation, and network communication. The growth of the wearable device market is mainly driven by factors such as the growing elderly population, rising prevalence of chronic diseases, technological advancements in the medical devices. Developed nations from the U.S., Europe and Asia are undergoing a strategic change with the focus of the industry moving from diagnosis to prevention for various chronic disease conditions. This increased focus on preventive care is driving investment growth in the products/solutions for home care, remote monitoring, telehealth, and self-monitoring. As discussed above, a large elderly population and the increasing incidence of lifestyle and chronic diseases are the other key growth drivers. The U.S. dominates the global wearable medical device technology market followed by Europe, Asia, and ROW (rest of the world). The large market share of the U.S. and Europe can be attributed to a greater accessibility of advanced technologies and the presence of a large number of leading market players. The growth of the wearable medical device technology field during this forecast period is reflective of the increasing population and rising healthcare needs, escalated consumer healthcare spending, improvement of regional infrastructure, and growing investments of the leading players and respective government agencies. This report is the first edition to cover the wearable device technologies for the medical device and diagnostics market, its key growth areas, and quantitative market projections for technologies and devices. The rising elderly population, dysfunctional lifestyles, and the rising concern of patients toward their health and fitness is boosting the growth and development of new technologies within the medical device and diagnostics market. This study attempts to provide the reader with the information and analysis of the wearable medical device technologies and their applications in dealing with today's current challenges. STUDY GOALS AND OBJECTIVES
This study, Wearable Medical Devices: Technologies and Global Markets, provides an overview of wearable devices and technologies within the medical devices and diagnostics market, and a detailed analysis of granular segments and competitive environments. This area covers a wide variety of wearable devices that predominantly accelerate the monitoring, diagnosis, and treatment of diseases and disorders. This study includes information about emerging wearable technologies, market players, issues and trends, and other information affecting the medical device and diagnostics industry. Our study meets the criteria above by analyzing the global medical device and diagnostics industry in light of the most recently available information. In addition to looking at current and future markets, this report will analyze the technological, demographic and economic developments that may have a long-term impact on the size and structure of the medical device and diagnostics market. The future of emerging wearable medical technologies also will be discussed with forecasts. More specific objectives are to:
Identify and segment the key wearable medical device technologies used for diagnosis, monitoring, treatment, and prevention of various diseases and disorders. Analyze current and future device technologies by market segments. Identify and evaluate the impact of demographic, economic, and other factors that will drive future demand for medical device market. Identify promising new wearable medical devices and technologies still in the development and testing stage, and assess the probability that they will be commercialized successfully in the next five years. Forecast the potential market based on the pipeline devices, taking into account the estimated probability they will be commercialized. Identify leading device manufacturers and analyze the structure of the medical device and diagnostics industry (e.g., market shares, concentration, and recent merger and acquisition activity). Assess the long-term outlook for wearable medical device technologies, taking into account market opportunities, as well as technological, demographic, financial and economic factors. This study will provide the reader with the knowledge to adequately view and assess the emerging wearable medical devices and provide insights into the market potential. INTENDED AUDIENCE
The report has been written for the vendors of advanced medical equipment seeking to understand the potential market for their products and competitor's products in key markets, as well as governmental and international agencies seeking to understand the commercial and medical potential of these technologies. This study is especially intended for readers in the:
Pharmaceutical and medical industry. Executive management and marketing community. Medical research institutions. Investment community. Financial and analyst community. SCOPE OF THE REPORT
Wearable medical devices include devices and technologies (e.g., wearable glucose monitoring and drug delivery devices, activity monitors, smart clothing, smart equipment, wearable vital sign monitors, smart watches and etc.), which are relatively new, more advanced, and have better outcomes in the health monitoring and management of certain chronic diseases. This report is an analytical business tool whose primary purpose is to describe the thorough evaluation of the global market for wearable medical device technologies. The format of the study is organized around the following topics:
Detailed study around wearable medical devices and technologies Target disease demographics and cost burden. Regulatory structure. Market characterization, unmet need, market size, and segmentation. Market drivers and restraints. Detailed market projections through 2021. Competition and market shares. Pricing and reimbursement. Marketed and pipeline (R&D) products along with a description, regulatory status, and clinical trials. Observations and conclusions regarding the future of medical device technologies. Profiles of market participants and associations. METHODOLOGY AND INFORMATION SOURCES
The findings and conclusions of this report are based on information gathered through primary and secondary data collection methods. Primary methods included interviews with key executives, product managers, clinical specialists and other related key personnel involved in the medical device and diagnostics industry. Secondary sources included published literature, investment reports, trade publications, trade associations, company literature and online databases, and various business journals that have an emphasis on medical devices and diagnostics related areas to produce the market estimates contained in this report. With 2015 as a baseline, market forecasts were developed for 2016 to 2021. These projections were based on a consensus of primary contacts combined with BCC Research's understanding of the key market drivers and their impact from a historical and analytical perspective. The analytical methodologies used to generate the market estimates are described comprehensively in the section on detailed market projections. All dollar projections presented in this report are in 2015 constant dollars. Read the full report: https://www.reportlinker.com/p05285115
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