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Growing Health Awareness Driving Demand for Wearable Medical Devices

Article Description

The worldwide global wearable medical devices market is projected to witness an impressive 16.4% CAGR from 2015 to 2023, according to a report on Market Research Reports Search Engine. The report has been published by Transparency Market Research. This growth can be primarily attributed to a surge in the number of people suffering from cardiovascular diseases, diabetes, and chronic pain. 

Here are a few key statistics on these growth drivers:

  • According to the World Health Organization (WHO), cardiovascular diseases are presently the number one cause of death across the globe. In 2012 alone, around 17.5 mn people died from cardiovascular diseases, of which 6.7 mn succumbed to stroke and another 7.4 mn fell prey to coronary heart disease.
  • A study by the National Institutes of Health (NIH) and published by the American Pain Society finds that almost 50 mn American adults suffer from severe or chronic pain. The NIH’s National Center for Complementary and Integrative Health revealed in the study that based on the 2012 National Health Interview Survey, 23 mn U.S. adults had severe pain within a three-month period and another 25 mn reported daily chronic pain.
  • The WHO states that diabetes is the likely to be the 7th leading cause of death by 2030. In 2012, around 1.5 mn peopled died from causes directly related to diabetes. In 2014, an estimated 422 mn people were diagnosed with diabetes, up from 108 mn in 1980. Among adults over the age of 18, the global prevalence of diabetes stood at 8.5% in 2014, up from 4.7% in 1980.

These alarming numbers have resulted in a sudden rise in awareness levels among the general population. An increased focus on health and well-being, in addition to fitness, heart health, and monitoring various biological functions, has translated to a rapid increase in the demand for wearable medical devices. Based on these drivers, the global market for wearable medical devices is poised to increase from a value of US$2.7 bn in 2014 to US$10.6 bn by 2023.

Other key factors boosting the market include:

  • Several large and small companies focused on innovation
  • Rise in the number of early adopters, thereby ensuring faster market penetration
  • Strong customer base across the globe
  • Growing popularity of wearable medical devices owing to their ease of use and interpretation of data
  • Expanding per capita income, especially in emerging economies
  • Rapid FDA approval rate

In contrast, unfavorable reimbursement policies for wearable medical devices and the high cost of these devices pose a challenge to market expansion.

Browse Full Global Wearable Medical Devices Market Report with TOC :

Focus Shifts to Asia Pacific as Diabetic Population Increases in the Region

While the developed markets of North America and Europe presently dominate the global market for wearable medical devices, Asia Pacific holds immense promise and an increasing number of players have been now focusing on the lucrative options that lie ahead in the APAC region. The large diabetic population in Asia Pacific makes for a strong customer base for wearable medical devices. In 2012, countries such as Japan, China, and India accounted for over 60% of the diabetic population in the world, according to an article published in the Journal of Diabetes.