Healthcare & Medical Devices

Growing prevalence of diabetes to fuel U.S. prefilled syringes market size over 2019-2025

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Rising cases of chronic diseases like diabetes and rheumatoid arthritis has magnified prefilled syringes market size tremendously, to facilitate precise drug dosage coupled with eliminating any complications during the transfer of drugs from the container to the syringe. The simplified usage of drugs coupled with accurate drug administration is steering the global healthcare sector towards adopting prefilled syringes, in conjunction with rapidly growing expenditure on health services in developed countries.

U.S. Prefilled Syringes Market Size, By Type, 2018 & 2025 (USD Million)
 U.S. Prefilled Syringes Market Size, By Type, 2018 & 2025 (USD Million)

According to International Diabetes Foundation, over 425 million people are diagnosed with diabetes and by 2045 the number is estimated to grow to 629 million. The rising complexity in pharmaceutical drugs is pushing innovations in drug delivery mechanisms. Furthermore, to enhance safety and ease of administration for healthcare workers and patients, several companies are improving quality and developing new ways of reaching out to their customers.

For instance, recent innovations in prefilled syringes include bubble free drug dosage with accuracy and minimal drug wastage. Ease in administration, reduction in medicinal errors, easier self- use at home and increasing assurance of sterility are vital factors influencing prefilled syringes industry trends.

Plastic prefilled syringe products have gained substantial momentum over the years and the segment is expected to register more than 12% CAGR over the forecast period. Plastic syringes facilitate enhanced robustness against breakability along with improved ergonomics while delivering drugs.

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There has been development of novel products like thermo elastic polymers which are typically as clear as glass but are light weight and less prone to breakage, along with being highly resistant to water transmissions that improve the drug shelf life. They are able to tolerate freeze drying and liquid nitrogen exposure, representing an innovative development in plastic syringes segment, which will provide considerable impetus to prefilled syringes market outlook.

A Japan based medical device company recently launched PLAJEX in December 2018, which was a polymer based pre-filled syringe product that is silicon oil-free and uses autoclave sterilization. Polymer used in syringes are hard to break and safer to use. Furthermore, PLAJEX reduces the risk of oxidation of biopharmaceuticals and eliminates aggregation. Innovative product enhancements by companies will certainly assist them in gaining competitive edge and will drive prefilled syringes industry forecast.

Revenues from the single chamber prefilled syringes segment reached over USD 4 billion in 2018. Single chamber vials prove to be extremely beneficial as these involve fair manufacturing process standards. Additionally, for users who have little practice with respect to the usage of prefilled syringes, single chamber vials provide easy, reliable and adequate solutions. These syringes also provide needle stick protection that aide doctors and patients in avoiding injuries.

Less drug wastage, optimized API usage and reduced material requirement are important characteristics of single chamber vials amplifying the global prefilled syringes market growth rate.

Prevalence of anaphylaxis disease globally is propelling the expenditure on necessary treatments and equipment. According to Asthma and Allergy Foundation of America, the life-threatening allergic reaction disease occurs in about one in fifty Americans. Prefilled syringes prove to be cost effective in the treatment of anaphylaxis as opposed to auto-injectors. Furthermore, these syringes eliminate negative drug reactions and improve clinical outcomes. The usage of prefilled syringes is extremely critical in the treatment of high frequency diseases like anaphylaxis, diabetes and rheumatoid arthritis thereby bolstering prefilled syringes industry share.

North America is witnessing rising prevalence of chronic diseases such as cancer and diabetes. Additionally, the region’s strong healthcare facilities are driving innovations in prefilled syringes technology.

According to a report by American Diabetes Association, over 1.5 million Americans are diagnosed with diabetes per year. In the year 2018 there were over 26.65 million registered cases of cancer in the U.S. Prepopulated syringes carry an important role in the treatment of critical disorders. Undoubtedly, rising cases of chronic illnesses is augmenting demand for high quality drug administration mechanisms, driving North America prefilled syringes market size.

Healthcare industry poses substantial requirement for precise, robust and effective solutions to facilitate diagnosis, where the use of syringes is extended to patients using them on their own outside hospitals without any help from doctors or nurses. Prefilled syringes have emerged as a leading choice for unit dose medication as the pharmaceutical industry seeks new and improved methods of drug delivery mechanisms. Global prefilled syringes market size is estimated to surpass USD 9.7 billion in annual remunerations by 2025.

Author NameShreshtha Dhatrak

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Medical vacuum systems market to be fueled by high demand for suction equipment in the healthcare sector

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The medical vacuum systems market trends are expected to be rather transformative over the forecast years, driven by technological advancements as well as increasing adoption of medical vacuum pumps for effective patient care. Medical vacuum, in a hospital, facilitates suction and evacuation procedures to get rid of unwanted fluids and gases off laboratories and medical environments. Suctioning is an important part of patient care and in some cases a life-saving procedure. The vacuum created in the pump room aids a safer, cleaner, faster surgery and enables patients to breathe more easily.

U.S. Medical Vacuum Systems Market, By Product Type, 2018 & 2025 (USD Million)
U.S. Medical Vacuum Systems Market, By Product Type, 2018 & 2025 (USD Million)

The increasing prevalence of diseases that cause severe wounds will be a huge driver for the medical vacuum pump systems market in the coming years. Owing to the surging espousal of sedentary lifestyle and the rising obesity rates, cases of type 2 diabetes are estimated to increase across the world. Advanced stages of diabetes and some autoimmune diseases tend to cause wounds that barely heal, which will require treatments using medical vacuum pumps. Therefore, the increasing prevalence of chronic diseases will be a significant driver fueling medical vacuum systems market outlook.

An upsurge in the global obesity rate will also substantially fuel medical vacuum systems market. According to the World Population Review, the number of obese people in the world has reached approximately 2.1 billion, accounting for almost 30% of the global population. There are numerous health risks attached to obesity, which persuade obese individuals to pursue liposuction treatments. Products like medical vacuum pumps find excessive use in liposuction procedures, which will further proliferate market growth over the ensuing years.

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In terms of the product spectrum, the standalone vacuum systems segment is projected to accumulate major returns in the foreseeable years. Segmental development can be attributed to the burgeoning demand for oral surgeries for wisdom tooth removals, placing dental implants or fixing tooth loss or impacted tooth. The increasing pervasiveness of oral diseases will mainly drive growth for standalone medical vacuum systems market.

The imposition of strict mandates to regularize the use of medical vacuum system will also positively influence medical vacuum systems market share. Initiatives implemented by government bodies and healthcare organizations that encourage the use of medical vacuum systems in certain areas of a medical procedure will further contribute toward medical vacuum systems industry size.

Centralized vacuum system segment is also likely to depict considerable growth, attributable to its numerous benefits. Models like Advantage-D are completely oil-less, dry central vacuum systems for medical and surgical applications that need operating vacuum levels with atmosphere as high as 27 in. Hg. Moreover, oil-flooded medical central vacuum systems are compact and can be fitted through a 36” doorway. These advantages will favor the centralized medical vacuum systems demand in the coming years.

Effective growth strategies implemented by industry majors operating in the competitive spectrum would also favor market growth over the coming years. For example, Atlas Copco recently acquired Houston-based MGES Inc., which sells and completes installations of several types of equipment including vacuum systems. The acquisition will expand local support to healthcare and laboratory customers within the Texas area and possibly boost the adoption of medical vacuum systems.

Based on regional growth, North America medical vacuum market is estimated to witness a high CAGR between the years 2019 to 2025. Data by the U.S. Federal Government states that Americans spent $3.65 trillion on healthcare in 2018. Moreover, another report by Health Affairs projects an average growth rate of 5.5% in healthcare spending by 2027. A rise in the region’s healthcare expenditure could have a positive influence on the medical vacuum industry share. Also, the region boasts strong healthcare infrastructure and the presence of well-established healthcare centers and hospitals, which will further accelerate market growth.

Driven by the high prevalence of chronic ailments among its growing elderly population, the Asia Pacific medical vacuum systems market size is poised to garner commendable returns in the foreseeable years. Furthermore, the government aims to enhance healthcare infrastructure within nations like India and China, further boosting medical vacuum system demand in the Asia Pacific Region.

Increasing demand from hospital and healthcare institutions is constantly driving manufacturers to the edge of innovation. Companies like Busch are offering customized vacuum and air supply systems that not only meet safety requirements but also the technical and economic requirements of a medical center. The market is flooded with a range of centralized and decentralized medical vacuum systems for laboratories, hospitals, and dental clinics, while industry majors continue to explore, innovate, and launch new products, thus augmenting the business sphere.

According to the latest research report by Global Market Insights, Inc., medical vacuum systems market is anticipated to be worth more than $2 billion by 2025.

Author NameKrithika Krishnan

Growing number of chronic disease cases to outline global capnography devices market outlook

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Increasing prevalence of chronic diseases and a surge in the number of surgical procedures worldwide will fuel capnography devices market size over the forthcoming years. According to World Health Organization (WHO), cases of chronic disorders like diabetes, cancer, asthma, heart and other diseases is projected to grow by 57% by the year 2020. Capnography equipment are widely adopted for major surgeries to improve patient safety and reduce adverse respiratory event, avoiding deterioration to a more critical or fatal condition. Consistent need to improve the quality of surgical procedures will considerably foster capnography devices industry trends over the forecast timeframe.

U.S. capnography devices market, 2018 & 2025 (USD Million and Units)

U.S. capnography devices market, 2018 & 2025 (USD Million and Units)

Capnography has been recognized as a standard of monitoring patient safety in ICUs, as well as for the surgical patients during anesthesia. A substantial rise in acute respiratory and chronic obstructive pulmonary diseases among elderly population will further propel capnography devices industry size. With development of advanced technologies and better scientific understanding of the value of capnography, healthcare providers are able to easily identify potential breathing complications and respond accordingly with a change in clinical management.

Capnography has been shown to be a useful tool in monitoring patients who are suffering from breathing disorders, as it provides an early warning of respiratory depression and prevents people from serious adverse events. Reports suggest that in 2018, the deployment of capnography devices in critical care patients was registered at USD 93.3 million globally. Growing number of people suffering from chronic conditions and increased admission of patients in hospitals will undoubtedly increase the need for patient monitoring, stimulating capnography devices market share.

Earlier in the year, Medtronic had informed about the results of PRODIGY, a multi-center study for identifying people having higher risk of opioid-induced respiratory depression. The tool is expected to help direct early intervention through continued capnography-based monitoring, such as using the Capnostream device of Medtronic. The system could enable hospitals detect potential risks among patients early, demonstrating the importance of close monitoring through novel devices. Such initiatives will certainly outline capnography devices market outlook over the coming years.

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Cardiovascular disease is one of the leading causes of mortality in the United States, followed by chronic respiratory diseases and cancer. According to the American Heart Association, approximately half of the adults in U.S. have cardiovascular diseases. With gradual rise in the volume of patients suffering from cardio-respiratory diseases, there would be a wider utilization of monitoring devices in treatments and during surgeries, proliferating North America capnography industry share.

A notable development in the field of capnography devices was Masimo’s FDA approved Root patient monitoring platform with Capnography. It had been observed that despite the advancement in medical tech, the lack of device integration and communication generates risks for patient safety in hospitals globally. To address these types of challenges, each Root can be used as a connectivity gateway to connect numerous standalone devices like hospital beds, ventilators, and other patient monitors. Reports confirm that in the year 2018, stand-alone capnography devices market size was recorded at USD 117.5 million.

With considerable efforts put in by high-end hospitals and surgical centers towards adopting and innovating safer and reliable patient care products, capnography device industry will exhibit notable growth rate in the next few years. WHO had informed that in 2016, there were nearly 251 million cases of chronic obstructive pulmonary disease all over the world, where most instances were a result of long-term asthma, exposure to tobacco and may other causes. Capnography clearly has a vast application space in the healthcare sector to tackle the prevalence of chronic disorders.

Prominent players including Masimo Corporation, Smiths Medical, CareFusion, Medtronic, and among others have strongly built their R&D capabilities and enhanced manufacturing processes, showcasing strong dominance over the industry. As per a recent research report compiled by Global Market Insights, Inc., capnography devices market size is projected to exceed USD 700 million by 2025.

Author NameDeeksha Pant

High prevalence of chronic diseases to aid stroke management market growth between 2019 to 2025

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In recent times, stroke management market has witnessed robust growth owing to the rise in incidences of chronic diseases and increasing awareness among people regarding stroke management. The latest research report compiled by Global Market Insights, Inc. claims that stroke management market is forecast to surpass a market valuation of USD 44.5 billion by 2025.

U.S. Stroke Management Market, By Type, 2018 & 2025 (USD Million)

U.S. Stroke Management Market, By Type, 2018 & 2025 (USD Million)

Several government initiatives are increasing awareness regarding stroke management among masses. For example, the Government of India celebrates October 29 as World Stroke Day to raise awareness and build commitment to reduce stroke cases at global, regional, and local level.  According to a survey carried out by the Government, stroke is a leading cause of death, and over 80 million individuals globally have a stroke. Surging awareness pertaining to stroke causes and prevention will further propel stroke management market size.

Several pharmaceutical giants have introduced innovative stroke management devices to meet the evolving needs of patients. For example, Abbott, an American health care company, has recently introduced ‘Confirm Rx Insertable Cardiac Monitor’, a micro device that monitors cardiac activity round the clock, tracks issues like bloodhound, and syncs with a smartphone. Such technical advancements allow easy detection of any unforeseen chronic disorders making them highly reliable to consumers,  thereby positively influencing stroke management market trends.

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Transient ischemic attack stroke management market size had a valuation of US $440 million in 2018, and is slated to witness commendable growth prospects in the years ahead. Ischemic being the most common type of stroke occurs due to fatty material deposit, called atherosclerosis, in the arteries that supply blood to the brain. This type of stroke requires specialized small mechanical devices that break the clot, hence impelling stroke management market outlook.

Hemorrhagic stroke is another leading market growth driver and is anticipated to amass substantial gains in the coming years. Hemorrhagic stroke which is either a weakened blood vessel leak or a brain aneurysm. Surging instances of obstetric hemorrhage disease will add to the demand for advanced stroke management devices, thus increasing revenue flow. According to National Stroke Association, a hemorrhagic stroke claims approximately 40% of all stroke deaths.

North America stroke management market share is anticipated to observe immense growth in the coming years. High prevalence of ischemic stroke, aneurysm, and stenosis in the region will fuel stroke management market share. According to a report by Centers for Disease Control and Prevention, more than 7,95,000 people in the Unites States have a stroke, out of which 6,10,000 of these have been recorded as first or new strokes. Improving healthcare infrastructure, burgeoning healthcare spending, and rising demand for efficient stroke management will further propel regional market size.

High prevalence of lifestyle related diseases, increasing urbanization, unhealthy dietary profile, and poor healthcare system in developing countries has urged the governing bodies introduce improved and advanced healthcare facilities. An increase in government support along with noteworthy healthcare reforms in nations such as India and China will further drive stroke management industry size in the ensuing years.

Stroke management market, in essence, is driven by the need to have established medical standards due to the increase in diseases irrespective of the age of citizens. Changing lifestyles and increasing dependency on packaged & ready-to-eat foods has increased the risk of strokes in people from all walks of life and geographical areas. The stroke management market is extremely dynamic and constantly upgrades itself with the changing medical requirements. Stroke management devices are extensively used across a slew of end-users including hospitals, diagnostic centers, and ambulatory surgical centers.

Author NameShreshtha Dhatrak

Increased prevalence of sports injuries to propel trauma fixation devices market size

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Trauma fixation devices industry is expected to witness significant demand over the forecast timeline owing to innovative and more effective technological developments that help improve overall patient care. These devices have witnessed revolutionary changes in terms of user friendliness and ease of operation in recent years. Enhanced devices such as bioresorbable implants, eluting implants as well as nano-coated devices will considerably drive the adoption of vital trauma fixation devices among hospitals and surgical centers.

U.S. trauma fixation devices market, by product, 2018 & 2025 (USD Million)

U.S. trauma fixation devices market, by product, 2018 & 2025 (USD Million) 

Rising prevalence of road accidents is anticipated to strengthen trauma fixation devices industry outlook, as most of these incidents can lead to significant health repercussions. Road traffic crashes have become one of the leading causes for death and disability worldwide and the World Health Organization (WHO) reports that over 1.25 million people die annually due to these accidents. Increasing number of mishaps involving vehicles and pedestrians which lead to traumatic injuries will play a key role in the growth of surgical procedures and emergency care units.

Trauma fixation devices are used for complex technical procedures and handling the latest products in the industry requires excellent precision and accuracy. The lack of trained professionals to operate advanced devices and perform vital operations will slightly hamper the adoption of fixation devices but will encourage companies to develop more efficient and easy to implant products. Majority of the underdeveloped and developing economies are lacking in crucial healthcare infrastructure and access to medical devices, offering notable revenue prospects to expand trauma fixation devices market size.

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Fractures in adults are extremely challenging to treat and can often lead to complications as well as need for re-surgery. Although plate fixation is a reliable fracture fixation method, its increasing infection rate has resulted inclination of practitioners towards external hybrid fixation methods, which have proven to produce favorable results. Novel products, such as Depuy Synthes’ Synthes hybrid fixator, are external fixators that form a structure to stabilize distal or proximal tibial fractures. External hybrid trauma fixation devices industry will certainly generate substantial remunerations in the years to come.

Growing instances of sports injuries on account of increased focus of people towards sports and other physical activities will inadvertently drive the consumption of medical devices. Increasing number of career options in the sports industry will augment the frequency of traumatic injuries, which will further influence the need for trauma fixation devices. In United States alone, close to 30 million children and teens engage in some form of physical activity, out of which over 3.5 million kids suffer from injuries, and roughly 77% of these involve lower leg, ankle or foot. Undoubtedly, rising occurrence of injuries from sports activities will fuel trauma fixation devices industry trends in the region.

Increased frequency of arthritis among the middle-aged and elderly population is another factor that will impact the deployment of trauma fixation devices. Evidently, arthritis has become one of the major causes of disability among adults all over the world. Statistically, close to 54 million U.S. adults have doctor-diagnosed arthritis. Within a period of 10 years since its detection, over 50% patients in developed countries globally fail to maintain a full-time job. Significant incidence of arthritis worldwide will create a demand for effective fixation procedures, which in turn will foster North America trauma fixation devices market size.

The advent of nanotechnology has unlocked fresh new possibilities and unexplored areas in the field of trauma fixation devices. The use of silver nanoparticles for coating of implantable devices to inhibit the growth of infection-causing bacteria is perhaps a pioneering applications nanotechnology in medicine. The smaller size of the compound enhances the solubility due to an increased surface area, which is an important property of nanotech devices. Growing concerns regarding infections caused by implantable fixation devices and advancements in the combining nanotechnology with healthcare will impact trauma fixation devices market share in a constructive manner.

With considerable efforts towards innovating more safe products, trauma fixation device makers will exhibit remarkable progress over forecast timeframe. Introduction of bio-absorbable implants will enormously transform the concept of trauma fixation. Major players including Stryker, Wright Medical Group, Zimmer Biomet and Johnson & Johnson have displayed strong dominance over the industry. Reports estimate that global trauma fixation devices market share will surpass USD 9.5 billion by 2025.

Author NameHrishikesh Kadam

Rising prevalence of urine incontinence to fuel global disposable incontinence products market outlook

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Significant changes in lifestyle and growing elderly population will thrust disposable incontinence products market share in the next few years. The problem of incontinence is common and has affected millions of people around the world. According to Continence Foundation of Australia, more than 6 million Australians suffer from bowel or bladder control issues for several reasons and has created a large requirement for managing the disorder. The gradually increasing number of patients suffering different diseases will drive disposable incontinence products industry trends.

U.S. disposable incontinence products market, by disease, 2018 & 2025 (USD Million)

U.S. disposable incontinence products market, by disease, 2018 & 2025 (USD Million)

Urinary incontinence occurs when the process of storing and passing of urine is disrupted owing to various factors. According to Urology Care Foundation, around 33 million Americans suffer from overactive bladder (OAB), that represents symptoms of urgency and frequency with or without urge continence. Women usually experience urinary continence due to pregnancy, after delivery and with the number of children increasing, the prevalence of the disorder could also surge. This makes women adopt more products that control incontinence, helping expand disposable incontinence products industry revenues.

Unprecedented boom in global population will certainly escalate the occurrence of  incontinence among  women who have delivered a baby, as they tend to be more prone to the problem. This risk increases with the number of pregnancies, which applies true for both vaginal and cesarean method of delivery. Women after their menopause also tend to develop urinary incontinence, leading to increasing adoption of incontinence pads and pants designed for women, stimulating disposable incontinence products market over the forecast timeframe.

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A large number of men are suffering from OAB, a common urinary incontinence, in the United States. Men suffering from prostate issues have an increased risk of getting urinary incontinence owing to certain medications that worsens the affect. New products are being developed like underwear, undergarment pads and guards that will proliferate the male disposable incontinence product industry. Constant improvements in materials will help manufacturers introduce new and better products, promising substantial consumption of disposable incontinence garments, catheters and other products.

One of the fastest growing application segment is geriatric population suffering from the prevalence of urinary incontinence. There has been a drastic increase in the population of over 65 years over the past one century and it is expected to grow further. This segment warrants enormous consumption of healthcare services and the proportion of people who are aged more than 85 is expected to witness a major expansion, ranging from 10% to 19%, by 2040. The increasing number of elderly population will undoubtedly propel disposable incontinence products market outlook.

Rising prevalence of patients suffering from obesity also entails significant risk of experiencing urinary incontinence among adults. One in every four adults as well as one in every five children are the UK is estimated be affected by obesity. According to U.S. Centers for Disease Control and Prevention, 93.3 million adults in the U.S. have been affected by obesity during the year 2015-2016. Growing number of obese patients represents a notable requirement for incontinence management products in the future. Reportedly, U.S. disposable incontinence product market was valued at USD 2.3 billion in 2018.

Increasing cases of urinal incontinence have driven the growth of surgical treatment, which has boosted the utilization of urinary catheter as a major surgical tool used in hospitals to treat the disorder. This has contributed substantially towards the use disposable incontinence treatment solutions. Hospital segment accounted for more than 30% of disposable incontinence market share in 2018 and is expected to grow at a considerable pace.

Developing healthcare infrastructure and easy availability of critical health services have provided an improved access to necessary incontinence products worldwide. Enhanced distribution of disposable incontinence products through various channels, technological advancement materials used in the products and increasing awareness towards hygiene and personal care will reinforce disposable incontinence products market size in the forthcoming years.

Author NameRiya Yadav

Rising popularity of fitness trackers to drive wearable medical devices market trends over 2019-2025

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The increasing convergence between wearables and medical products has proved beneficial in transforming wearable medical devices market outlook. Having emerged as one of the most profitable niche verticals in the worldwide healthcare and medical devices sector, this industry is not yet a mainstay in the field, but most medical device manufacturers are nevertheless adding wearable components to their product lines. These fitness trackers help users to stay in shape, all while being easy to use, comfortable, and not cumbersome.

U.S. Wearable Medical Devices Market, By Device, 2018 & 2025 (USD Million)
U.S. Wearable Medical Devices Market, By Device, 2018 & 2025 (USD Million)

The foremost factors that have led to the increasing popularity of wearable medical devices are active promotion and growing expenditure on advertisement of these devices, essentially enlarging the geographical reach of wearable medical devices market. Amongst all the existing wearable medical devices, activity/fitness monitors have witnessed meteoric rise in their popularity owing to the technological advances in battery, sensor, and material design.

As these devices are utilized for monitoring fitness-related metrics such as walking distance, calorie consumption, and heartbeats, the widespread global usage of smartphones has only added to the popularity of these devices. Smartphones act as the central data storage and analysis hub for the data transmitted by these wearable trackers.

In the recent times, numerous wearable manufacturers are focusing on revamping of their smartphone apps so as to improve the consumer experience. For instance, Fitbit has recently rolled out a new, redesigned app to some of its users. It streamlines the data by using three tabs at the bottom instead of five and is dependent on a change made on the server side.

Reportedly, activity/fitness monitors apportioned more than 25 percent of the total wearable medical devices industry share in 2018, which is quite discernable as the ongoing engineering efforts to miniaturize electronics have resulted in advanced technology being crammed into lightweight and compact cases. Moreover, changing dietary habits and lifestyle has given rise to physical conditions such as obesity and other chronic ailments which has benefited the manufacturers of activity/fitness monitors. Increased competition between these manufacturers has led to wearables becoming cheaper constantly and has increased the overall availability of these devices to regular consumers worldwide, impelling the industry trends.

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In terms of geographical expansion, the U.S. wearable medical devices market has witnessed considerable growth and is anticipated to reach more than USD 23 billion of revenue by the year 2025. The most significant factors that have proved beneficial for the market are the launch of technologically advanced healthcare monitoring products along with rising awareness regarding fitness. High disposable income and growing prevalence of lifestyle diseases would further proliferate the U.S. wearable medical devices industry size over the forecast duration.

The largest obstacle that is hindering the rapid product penetration is the concern regarding data privacy. Most users appear uncomfortable with an AI-based sensor or other miniaturized electronic device keeping a record of their every movement. Even though there has been a considerable increase in the number of people allowing these devices to become a part of their daily life, there is still a long way to go for wearable medical devices to become mainstream.

It is imperative to take note of the fact that the healthcare sector used to function in a siloed structure for the safeguarding of intimate patient data. However, now that they have emerged out of those silos, the protection of user data has taken even more priority, essentially marring the growth prospects of wearable medical devices market.

The major industry players are involved in adoption of several strategies including merger and acquisition, strategic collaboration, and partnerships to strengthen their business position. A few of the players operating in wearable medical devices market are Fitbit, Sotera Wireless, Omron Corporation, Koninklijke Phillips N.V. Apparently, these firms are focusing on untapped emerging nations to gain competitive edge and acquire significant market share globally. Reports forecast that the remuneration portfolio of worldwide wearable devices market is set to surpass USD 87 billion by the year 2025.

Author Name : Saif Ali Bepari