Rising popularity of fitness trackers to drive wearable medical devices market trends over 2019-2025
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)
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
Pet wearable market to drive a breakthrough in veterinary sector, U.S. to be a major revenue contributor
The extensive penetration of IoT has revolutionized almost every marketplace, pet wearable industry being no exception. Wearable technology has indeed expended its application matrix beyond humans, which is quite evident from the large sales of pet wearable across the world. Statistics validating the fact- global pet wearable shipments have been claimed to exceed 5 million units in 2016, and the overall shipments is forecast to grow more than 25% over 2017-2024. Leading animal health giants are being witnessed making smart investments in this industry in sync with the latest technological innovations. Global Market Insights Inc., forecast that pet wearable industry will record a valuation of USD 8 billion by the end of 2024.
U.S. Pet Wearable Market Size, By Product, 2016 & 2024 ($Mn)
Pet wearable industry has already marked its strong presence in the smart industry space with a diversified product portfolio, ranging from remote heath monitoring to video enabled engagement. For instance, WonderWoof is a Bluetooth enabled bowtie than can monitor dog’s activity by keeping a track of their movement. Reportedly, this ground-breaking innovation is highly customized, with regards to the dogs’ gender, breed, and age and can also track the dog’s progress in terms of bone development. Not only as a fashionable quotient, the proliferation of IoT has also made a significant impact on diagnosis and medical treatments of pets, giving rise to a swarm of telemedicine apps targeted for veterinarians.
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Speaking along the similar lines, GPS based pet wearable is gaining a huge popularity, subject to its capability of monitoring real time positioning of pets. The increasing trend of GPS providers to enter into strategic partnerships with application developers to advance the mapping portals is expected to further bring a consequential transformation in pet wearable market dynamics. With sensors becoming more affordable and high-speed broadband services becoming nearly ubiquitous, IoT is poised to change the way the animal healthcare was previously approached, leaving lucrative business opportunities for pet wearable market giants.
Regionally, U.S. experiences a strong hold in the overall pet wearable industry. The escalating spending of the Americans on pets and companion animals have substantially driven pet wearable demand in this region. According to National Pet Owners Survey conducted by the American Pet Products Association over 2015-2016, almost 65% of the overall American households owned a pet, which itself is a testimony of the huge application scope of the regional pet wearable market. In fact, estimates depict that U.S. pet wearable industry held a billion-dollar business in 2016 and is slated to register a CAGR of 25% over 2017-2024. Furthermore, U.S. being one of the most technology affluent nations, the incorporation of wearable technology in monitoring pets’ activities is sure to upscale in the coming years, in turn providing a boost to pet wearable market share.
Worldwide, the industry is fiercely competitive with the engagement of major biggies like Fitbark, Whistle Labs Inc., Dairymaster, Scollar, DeLaval, and Nedap N.V. Manufacturers are highly optimistic toward the overall pet wearable market outlook and are investing more to innovate new products to address consumer expectations. Considering the fact that pet wearable is expanding its application scope with technology playing the pivotal role, the growth potential for pet wearable industry is forecast to be humongous in the coming years.
Author Name : Satarupa De