Wearable Medical Devices Market Growth
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