Market Trends of Wireless Portable Medical Devices Industry
The Wearables Segment is Expected to Hold Significant Market Share During the Forecast Period
Wearable medical devices include smartwatches, hearing devices, vital sign monitors, and wearable pain relief devices. Wearable medical devices use sensors, software, actuators, and electronic patches attached to the skin to monitor a patient's health and identify abnormalities.
The segment is expected to witness substantial growth in the coming years owing to factors such as the high adoption of wearable devices and the increase in new product launches with cost-effective product offerings. For instance, in August 2022, GOQii, one of the key players in preventive healthcare devices, launched lSmart Vital Ultra and GOQii Stream devices, targeting the youth and encouraging them to lead a healthy and active lifestyle. The device monitors vital health aspects such as blood oxygen saturation (SpO2) and heart rate. The device also detects sleep patterns by analyzing SpO2 and heart rate while a user is asleep. With the launch of such products, the segment is expected to grow significantly.
In March 2022, a novel wearable device that enables remote patient monitoring was made commercially available by Golden, Colorado-based BioIntelliSense Inc. Using the medical-grade BioButton Rechargeable device, more than 20 biometrics and vital signs can be continuously monitored remotely. It also provides a long-lasting charging of 30 days.
Furthermore, wearable medical devices are spreading their reach across chronic and crucial diseases like diabetes. For instance, in November 2022, Eli Lilly introduced a personalized diabetes management platform that integrates technologies, including Dexcom’s continuous glucose monitoring (CGM) systems. The platform offered by Eli Lilly will also allow data to be synced with wearable devices from Fitbit, Google Fit, Garmin, and the Apple Health app. Hence, with such advancements in technology, the segment is expected to witness strong growth in the coming years.
Thus, the high adoption of wearable devices and increasing new product launches are expected to drive the growth of the market studied over the forecast period.
North America is Expected to Hold Significant Market Share During the Forecast Period
North America is expected to hold a significant market share during the forecast period owing to factors such as the presence of major players and their R&D centers, the increasing prevalence of chronic diseases, and product launches by the market players.
The increasing prevalence of life-threatening diseases such as cardiovascular disease, diabetes, and cancer is augmenting the demand for wireless portable medical devices in North America. For instance, according to the data from the Centers for Disease Control and Prevention published in July 2022, around 12.1 million Americans were expected to have atrial fibrillation (AFib) by the year 2030. AFib raises a person's chance of having a stroke. In the United States, AFib is the predominant diagnosis in more than 454,000 hospital admissions annually. Thus, the prevalence of AFib is expected to increase market growth as patients require constant monitoring, and wireless portable devices play a crucial role.
Furthermore, Canada is also experiencing an increased burden of chronic diseases such as diabetes, which is propelling the demand for wireless monitoring devices. For instance, as per the Canadian Diabetes Association's updated data from January 2024, around 30% of the Canadian population was living with diabetes or prediabetes in 2023. Hence, the significant prevalence of diabetes in Canada is also expected to drive the market growth over the forecast period.
In March 2022, MobvoiInc., in partnership with global health tech company CardieX, launched its first heart health monitoring smartwatch, TicWatchGTH Pro. The watch also utilizes sensors to provide insights into general and arterial health through high-fidelity sensing points that track both from the wrist and through the finger. With such launches for crucial diseases, there is a growing trend of using smartwatches for health purposes.
Hence, the increasing prevalence of chronic diseases and rising strategic activities, such as product launches by key players, are expected to drive the growth of the market studied over the forecast period.
