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The wearable medical market is about to witness immense growth opportunities, according to a Verify Markets analysis. The wearable medical device is the new generation of technology that provides interactive information services. The wearable medical device is an integration of biosensors, which monitors physiological data (mostly with a wireless communication medium). This device provides real-time data reports and feedback to the doctor; it also reports on patients suffering from chronic diseases, such as heart diseases and diabetes. These devices are most commonly used to monitor respiratory rate, heart rate, glucose and other similar signs. Considering ongoing developments and advantages of wearable medical devices, the technology is experiencing high adoption rates and important roles in training athletes. In addition to this, the technology is used as regular fitness monitoring device.
According to the analyst’s coverage at Verify Markets, the wearable medical device market is mainly driven by advancement in the medical electronics devices, sensors and material science, which makes wearable medical devices affordable. Increased consumer interest in personal health and rise in chronic diseases have helped to propel this market forward. Factors such as lack awareness in developing countries regarding the personal health monitoring devices, reimbursement issues and the high cost of wearable medical devices is restraining the market growth.
Physicians and other healthcare industry participants now using wearable medical devices. The wearable medical devices market has applications in home healthcare, fitness patients and sports. Depending on the type of the device used, the market is broadly categorized in diagnostic and therapeutic wearable medical devices. Some of the major players operating in this market are Fitbit, Inc., Xiaomi, Germin, Samsung, Jawbone and other similar companies. Fibit, Inc. is a clear winner in wearable medical device market; it has shipped 3.9 million units in 1Q 2015, which shows the 129.4% rise, as compared to 1Q 2014 shipments.
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