The trend that is emerging in the market for wearable medical technology is miniaturization. Miniaturization of wearable medical technology is expected to boost the prospects of growth of the market for wearable medical technology over the forecast timeframe. There has been a growing emphasis on the invention and development of energy-efficient, more credible and smaller devices as opposed to the earlier generations of medical wearable devices. For example, a sensor that resembles the size of a grain of salt is now embedded onto the latest ingestible tablets. In a bid to monitor medicine intake and physiological conditions, this sensor comes with a wearable transmitter. This has been developed recently. Furthermore, this emerging trend of miniaturization of wearable health gadgets is expected to generate a positive and effective impact on the Internet of Things (IoT) market which is fast developing. The development in the Internet of Things (IoT) technology is estimated to equip future systems of healthcare to make use of medical wearable technology to provide various connections and develop many standard solutions that would facilitate in the treatment of diverse health conditions.
The market is expected to be driven by the rising geriatric population which contributes largely towards the growth of this market. Apart from that, the market growth of wearable medical technology is primarily fuelled by advancements in the medical devices technology and growing awareness about physical fitness. Furthermore, introduction of an increasing number of healthcare apps that are Smartphone-based are also expected to stimulate the market. These apps are also compatible with the medical wearable technology. These days, healthcare providers are also increasingly opting for wireless connectivity which in turn is expected to fuel market growth.
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Over the past decade, the world has been witnessing a great deal of progress in the field of wearable medical technology that has led clinicians to work more efficiently by enabling them extending patient care even outside the hospital environment. The global market for wearable medical technology encompasses continuous glucose monitoring devices, wearable drug delivery devices, wearable patches, sleep monitors, smart watch and smart clothing. These technologies play a critical role in managing and monitoring a variety of chronic diseases ranging from diabetes to cardiovascular diseases. A continuous glucose monitoring device provides a greater view of glucose trends in the body by alerting wearers if their glucose levels are rising or falling too quickly.
The world is witnessing a rapid growth in global wearable medical technology market primarily because of technological innovation, increasing health consciousness and globally rising aging population. Rising aging population is expected to increase the demand for continuous glucose monitor and other wearable technologies that will help clinicians by enabling them up to date information about elderly people health conditions. Wearable medical technology products are expected to reduce the overall healthcare cost in future by providing effective disease monitoring and management. Geographically, North America dominates the global wearable medical technology market as majority of the market players are present here, thus many technological advancements are first introduced in this region. In emerging markets of Asia-Pacific and Latin America, the market is expected to grow due to increase in healthcare awareness, continuously improving economy leading to increased affordability and relatively less competition compared to developed regions
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Some of the key players in this market are Medtronic, Inc., Abbott, AiQ Smart Clothing Inc., Zoll Medical corp., Polar Electro Inc., Philips Healthcare, Diacel Corp., BASF SE, Cambrex Corp. and Solvias AG.
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