Double-Digit Growth Seen for Diagnostic Wearable Devices Sector

The future looks bright for the diagnostic wearable medical devices market.

Data from Technavio predicts a 15.09 percent annual growth for the sector through 2025, with the market swelling by $4.94 billion. The key growth driver is the growing demand for early diagnosis and preventive medicine. Diagnostic wearable devices enable individuals to obtain real-time data, thus allowing them to track their health status. These devices include biosensing clothing, vital signs monitors, neuromonitoring devices, sensor-embedded equipment, wristband devices for sports and fitness, and sleep rate monitoring devices. Wearable devices help people monitor and track calorie intake, fitness level, and sleep patterns. Wearable devices also help individuals in the early diagnosis of any chronic diseases.

The diagnostic wearables market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Activinsights Ltd., BioTelemetry Inc., Cleveland Medical Devices Inc., Fitbit Inc., Koninklijke Philips NV, Nokia Corp., Omron Healthcare Inc., Polar Electro Oy, VitalConnect Inc., and World Global Network Pte. Ltd. are some of the major market participants. 
 
However, data privacy issues will be a major challenge for the diagnostic wearables market during the forecast period. The implications of giving up one’s health data are huge. These devices share an enormous amount of data associated with personal health and fitness to an unquantifiable audience. Most of the wearable devices are small but they are capable of storing a large amount of data. The small size of these devices implies that the chance of losing or misplacing the data is high. Furthermore, wearable devices use a Global positioning system (GPS)do to retrieve location-based information. In some instances, people have to share their location to obtain certain information. This information can be saved and used by advertisers as well. Besides, the data of a subscriber’s location is owned and controlled by the respective network operators, including mobile carriers and mobile content providers. With operators having such information, end-users are concerned about their privacy, despite legal frameworks to safeguard it.
 
The diagnostic wearable medical devices market share growth by the vital signs monitors segment will be significant for revenue generation. Self-care vital signs monitors are increasingly adopted by individuals to measure blood pressure from the convenience of their homes. The growing geriatric population and an increase in the number of people with obesity and cerebrovascular disease (CVDs) will drive the market. The growth of the market is also fueled by the increased need to reduce hospital costs. Moreover, new product launches are expected to propel the growth of the market during the forecast period. 
 
Thirty-eight percent of the market’s growth will originate from North America during the forecast period. The United States is the key market for diagnostic wearable medical devices in North America. Market growth in this region will be slower than the growth of the market in the European and Asian regions. The increase in the incidence of chronic diseases among people of all ages, the increased prevalence of heart and respiratory disorders, and a rise in the number of premature births will facilitate the diagnostic wearable medical devices market growth in North America over the forecast period.