Market Trends of Wearable Medical Devices Industry
Remote Patient Monitoring is Expected to Exhibit the Fastest Growth Rate Over the Forecast Period
The implementation of Remote Patient Monitoring (RPM) may improve the management of chronic disorders by measuring critical risk indicators, such as blood pressure and glucose. RPM has several advantages for hospitals and end users, such as a reduction in extended hospitalization, a low cost of healthcare, and fewer doctor appointments. This can also help lower the costs associated with the treatment of chronic disorders.
The increase in the number of people with chronic disorders and the rising elderly population are the major factors boosting the growth of RPM services across the globe. According to the British Heart Foundation, in August 2022, in the UK, there are currently 7.6 million people living with heart and circulatory diseases. However, as the population ages and expands and as survival rates from heart and circulatory events improve, these numbers may continue to rise. Such a high prevalence of chronic diseases in developed countries is anticipated to further increase the demand for remote patient monitoring devices, driving this segment's growth.
Furthermore, the rise in initiatives from the key market players to launch their innovative remote patient monitoring devices in the market is anticipated to bolster the market growth of this segment further. For instance, in March 2022, BioIntelliSence launched a medical-grade BioButton rechargeable wearable device for remote patient care. The device allows for continuous multi-parameter monitoring of a broad range of 20+ vital signs and physiologic biometrics.
Therefore, owing to the above-mentioned factors, this segment is expected to drive over the forecast period.
North America Holds a Significant Market Share and It is Expected to Retain its Dominance over the Forecast Period
North America is expected to hold a significant share of the overall wearable medical devices market, with the United States emerging as the major contributor to the market.
The United States holds the largest share in the wearable medical devices market due to the high prevalence of cardiovascular and lifestyle-related diseases and increased adoption of wearable medical technology, along with high per capita medical expenditure. Additionally, the strong foothold of major players such as Garmin Ltd, Fitbit Inc., and Biotelemetry Inc. are concentrated in the United States and have been investing in the research and development of innovative wearables.
Rising partnerships for the distribution of wearable medical devices in the United States are expected to drive the growth of this market in this region due to the rise in adoption. For instance, in April 2022, Medtronic plc entered into a strategic partnership with BioIntelliSense for the exclusive United States hospital and 30-day post-acute hospital-to-home distribution rights of the BioButton multi-parameter wearable for continuous, connected monitoring.
Furthermore, the rise in approval of wearable devices by the FDA is further expected to surge the market growth due to the development of innovative devices from the market players. For instance, in June 2022. the FDA-approved Medicalgorithmics' ECG wearable unit, Qpatch. This ECG wearable device has been designed to measure individual ECG signals and obtain accurate cardiac arrhythmia diagnoses from monitoring sessions of up to 15 days.
Therefore, owing to the above-mentioned factors, the North American region is expected to show significant growth due to the rise in the adoption of technologically advanced wearable medical devices, the rise in healthcare expenditure, and the rise in initiatives from the key market players.
