Sales of Medical Wearable Devices Jump in 2016

New data published this month by Future Market Insights reveals the global shipments for medical wearable devices in the first half of 2016 will exceed 106 million, with revenue totaling $23.9 billion, a 4.8 percent increase over the first half of 2015.

The report explains the increase in popularity of medical wearable devices by pointing out that the new technology, for the first time, is allowing patients with diseases that require round-the-clock monitoring, to be more flexible. Devices are now able to deliver crucial data to physicians from afar, in real time.
 
The report indicates that the main obstacle for such devices are the high cost. This too is temporary, as competition is expected to grow in this field, which drive prices down and making the devices more affordable.
 
As a result of high growth potential in an expanding segment of an already popular sector, startups and small and medium-size enterprises (SMEs) have appeared. Companies like Biotricity Inc. have been active in development and innovation of medically relevant biometric remote monitoring solutions.
 
Biotricity’s first medical solution, the Bioflux will combine a proprietary mobile ECG monitoring device and an ECG viewer software package. The combination will enable physicians to remotely monitor and diagnose patients with cardiovascular disease and coronary heart disease by detecting arrhythmias, using an accredited 24-hour, seven-day-per-week, ECG monitoring facility. Earlier in June, Biotricity filed for a 510(k) with the U.S. Food and Drug Administration (FDA), and expects to receive a response submission by early fall.
 
The leading player in the wearable devices sector remains Fitbit Inc., yet its devices are more fitness trackers than medical devices. As competition intensified however, Fitbit was forced to rethink its business and what its next step will be. As was expected, in April the company announced that it will venture into medical devices. This is an important catalyst for Fitbit, as the FDA will test the company’s technology and comment on it.
 
Other major players in this sector include Medtronic plc, Siemens AG, and Koninklijke Philips NV, all of which have medical wearable devices of some kind in their product portfolios already, and plan to expand further their presence in this sector. Medtronic plc in particular has released impressive technology. The company’s devices manufactured with sophisticated sensors, which monitor metabolic changes and generate results in seconds.
 
The popularity of such devices is expected to gain traction globally, but for now North America is still the largest market, followed by Western Europe and the Asia Pacific region.