Growing shift of healthcare providers towards wireless connectivity coupled increasing incidence of diseases including obesity and diabetes is expected to stimulate market growth.
Market Size – USD 9.83 Billion in 2020, Market Growth – CAGR of 18.5%, Market Trends – Increased penetration of smartphones
The global wearable healthcare/medical devices market is expected to reach USD 38.59 Billion by 2028, according to a new report by Reports and Data. Increased adoption of smartphone based application for healthcare monitoring by individuals as well as healthcare providers is the key factor driving demand. Increasing incidence of diseases associated with heart, diabetes, obesity and hypertension is likely to increase the adoption of wearable in the coming years.
Based on WHO statistics, the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. Additionally, research has proven diabetes as a major cause of blindness, kidney failure, heart attacks, stroke and lower limb amputation. Adoption of wearable would help in bringing down the incidence as well as mortality associated with diabetes as people would be able to track their glucose levels. For instance: the continuous glucose monitors have witnessed an increased adoption by the diabetic patients. Along with keeping a track on glucose level, the patients are able to make informed choice about their diet and physical activities.
Asia Pacific is expected to be a key revenue generating region in the forecast period. The market is projected to grow at a CAGR of 19.1% in the forecast period. Statistics suggest that Asia Pacific is the home to around 60 percent of the global diabetic population. Based on International Diabetes Federation (IDF) Diabetes Atlas, in 2017, 82 million adults aged 20-79 years were living with diabetes in the South-East Asian region. Out of this around 45.8 percent of cases were diagnosed. Adoption of wearable devices would thus help in monitoring glucose level and thus prevent further complications associated with diabetes.
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Further key findings from the report suggest
- Diagnostic and Monitoring Devices are expected to occupy a significant share of the overall market. Adoption of these devices can help in faster detection of diseases such as diabetes, hypertension and cancer. For instance: The iTBra, developed by Cyrcadia Health can help in detection of breast cancer. According to the World Cancer Research Fund, over 2 million new cases of breast cancer were registered in 2018. Belgium had the highest rate of breast cancer in women, followed by Luxembourg and Netherlands. Adoption of these breast patches could help in detection of cancer in even dense breast tissue. The dense breast tissues are four to six times more likely to develop tumors. Breast patches are expected to bring down the number of breast biopsies significantly in the forecast period.
- Asia Pacific market is forecasted to grow at a CAGR of 19.1 percent in the coming years. Rising incidence of cardiovascular disease in the region is a major factor influencing market growth. The number of deaths associated with heart diseases in the major countries of the region including China, Japan and India are significantly high. American Heart Association statistics reveal that South Asians have higher levels of triglycerides and “bad” cholesterol (LDL-C) and a lower level of (HDL-C) or “good” cholesterol. Moreover, in 2015, around 226 million people in China and 199 million in India reported hypertension or high blood pressure, one of the key risk factors indicating heart disease.
- Key participants include Fitbit, Philips, Garmin, Lifewatch, Medtronic, NeuroMetrix, Qardio and Omron. Fitbit is a key player in the wearable healthcare/medical devices The company offers a wide range of health wearables for heart rate monitoring, sleep tracking and step tracking. The company has manufacturing facilities located across the U.S., Europe, Asia Pacific and Middle East and Africa. As of 2017, the company sold around 15.34 million wearable devices.
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For the purpose of this report, Reports and Data have segmented global Nanomedicine Market on the basis of products, drug delivery system, application and region:
Product Outlook (Revenue, USD Billion, 2018-2028)
- Fitness Trackers
- Body Sensors
- Wearable Patches
- Wrist Devices
- Heart Straps
- Headbands
- Posture Monitors
- Movement Sensors
- Wearable Defibrillator
- Smart Clothing
- Smart Glasses
- Wearable Camera
- Others
Device Outlook (Revenue, USD Billion, 2018-2028)
- Diagnostic and Monitoring Devices
- Vital Signs Monitoring Devices
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Fetal Monitoring & Obstetric Devices
- Neuro-monitoring Devices
- Others
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
- Cardiac Devices
- Others
Application Outlook (Revenue, USD Million, 2018-2028)
- Sports & Fitness
- Remote Patient Monitoring
- Home Healthcare
- Emergency Medical Care
- Others
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Regional Outlook (Revenue, USD Billion, 2018-2028)
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Latin America
- Brazil
- MEA
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