Global Wearable Medical Devices Market Growing by Leaps and Bounds at 16.40% CAGR 2013-2019

The rapid development of wearable medical devices is one of the most prominent trends that marked the progress of the healthcare and medical devices industry in 2015. Developing at an impressive CAGR of 16.40% from 2013 to 2019, the wearable medical devices market is only going to expand over the next coming years, according to Transparency Market Research. A new report by the market intelligence company states that the global wearable medical devices market is projected to grow from a value of US$2 bn in 2012 to US$5.8 bn by 2019.

Browse Full Report: http://www.transparencymarketresearch.com/wearable-medical-devices.html

Rise in disposable income, growing investments in research and development, increasing demand for wearable devices, rising focus on health and fitness, intense competition among players, and remarkable advancements in technology are some of the key factors that boost the global wearable medical devices market. 

Here are two of the latest developments in the wearable medical devices market:

Wearable Defibrillator for Children Gets FDA Approval

Earlier this month, the US Food and Drugs Administration (FDA) gave the green signal to a wearable cardioverter defibrillator developed by Zoll Medical. This device can be used for the treatment of sudden cardiac arrests in kids. Before this, doctors were forced to use off-label devices on their pediatric patients and this was always a cause for worry. This new device can be used for children who, due to lack of parental consent or medical conditions, are not eligible for an implantable defibrillator. The LifeVest continuously monitors the heart for arrhythmias and begins an alarm sequence if it detects an abnormal heart rhythm. By concurrently pressing two response buttons, the patient can prevent a shock if the treatment is not needed. In case the patient is unable to respond to the alarm, the device gives a verbal warning that the treatment shock is about to be delivered. The LifeVest was approved for adults in 2001.

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Startup Develops OTC Version of Nausea Wearable Device 

ReliefBand, a wristband device to quell and control nausea, was originally developed by Abbott Laboratories and later cleared by the FDA back in 1997. ReliefBand Technologies has now developed an over-the-counter version of that wearable device to eliminate the need for physicians and hospital intermediaries and bring the product directly to the consumers in need. While the ReliefBand is already available on Amazon, it will be available in retail outlets in the first quarter of 2016 after updating its usability and design. The startup recently raised US$5 mn to market the product and will unveil it next month at the Consumer Electronics Show in Las Vegas. There are over 60 million people in the world who suffer from motion sickness and another massive group of pregnant women who experience morning sickness. This device promises to treat the condition without any side effects. 

Wearable Medical Devices Market is Expected to Reach USD 5.8 Billion Globally in 2019: TMR

According to a new market report published by Transparency Market Research “Wearable Medical Devices Market(Heart Rate Monitors, Activity Monitors, ECG, Pulse Oximeters, EEG, EMG, Glucose/Insulin Management, Pain Management, Wearable Respiratory Therapy) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,”the global market for wearable medical devices was valued at USD 2.0 billion in 2012 and is expected to reach a value of USD 5.8 billion in 2019, growing at a CAGR of 16.4% from 2013 to 2019.

Browse the full Wearable Medical Devices Market Report at http://www.transparencymarketresearch.com/wearable-medical-devices.html

Wearable medical devices defined in the strictest sense are devices with sensors attached to the body that detect and monitor changes in body signatures of various areas and organs. This report focuses on the various segments of wearable devices currently available in the market and also predicts the introduction of several innovative devices in the future.Healthcare segment forms a major part of the wearable technology market since the innovation of several applications in this area in the last two decades. 

The meek wrist watch that was used to monitor only heart rate in the last decade has today been transformed into a powerful gadget that can today store vast quantities of data on patient information such as SPO2, heart rate, temperature, blood pressure and water content in the body among several other intelligent diagnostic parameters. Smart phones have made an extremely impressive expansion in terms of applications and can now perform actual diagnostic tests such as the Apple iPhone Glucose test.

The market is highly dynamic and trendy in nature with a heavy importance given to aesthetics and ergonomics of devices. Over 65% of technologies are wrist held devices shaped like watches and the rest include wearability on other areas of the body such as arms, torso and waist. Along with the aesthetics several other features for durability of the device are included such as to make them waterproof and weatherproof. The latest in developments in telecommunication, wireless connectivity and user interface has been applied to these devices to make them more user friendly and keep them easy to interpret even by normal people in order to map their improvement in performance.

In 2013, Google Inc. introduced the Google Glass, a wearable eyewear that is highly dynamic and has varied applications throughout all industries. The success of the device at a consumer level is yet to be decided, but the technology has proven to be a boon to hospitals and the medical community for telemedicine and teleradiology. Philips has already launched an ambitious project to equip hospitals with the tech along with its proprietary hospital apps and devices in order to gain a better coverage and increase use of its devices. The device can connect into Philips Intellivue Solutions to quickly transfer crucial information of patient vital signs into the glass where it can be stored inside a 16 GB drive for multiple use, transfer it to another doctor, share it over several continents with a specialized medical expert.

The market is expected to remain in strong growth phase as purchase power expands for people in emerging countries of Asia-Pacific and Rest of the World. North America remains in lead for 2012 with a market share of 44%. In terms of competition, the market is highly fragmented and there is no clear leader in terms of revenue considering the whole market. Some of the major market players in the global medical sensors market include Nike, Fitbit, Jawbone, Phyode, Basis Science, Corventis, LifeWatch, Intelesens, Philips, Omron, Zephyr Technology Corporation, Polar Electro, Withings, Sotera Wireless and many more companies each with their own innovative technologies. All in all, this report mentions over 100 companies with a brief emphasis on their technologies.

The global wearable medical devices market is categorized into the following segments:

§  Wearable Medical Devices Market, by Product Types

o   Wearable TherapeuticMedical Devices

o   Wearable DiagnosticMedical Devices

§  Wearable Diagnostic Medical Devices Market, by Product Types

o   Vital Signs Monitors

o   Fetal & Obstetric Devices

o   Neuromonitoring Devices

§  Wearable Therapeutic Medical Devices Market, by Product Types

o   Pain Management

o   Glucose/Insulin Monitoring

o   Respiratory Therapy Devices

§  Wearable Therapeutic Medical Devices Market, by Application

o   Sports and Fitness

o   Remote Patient Monitoring

o   Home Healthcare

§  Wearable Medical Devices Market, by Geography

o   North America

o   Europe

o   Asia-Pacific

o   Rest of the World (RoW)

Browse the full Wearable Medical Devices Market Report at http://www.transparencymarketresearch.com/wearable-medical-devices.html

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