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The new report “Global Wearable Healthcare Electronic Devices Market Assessment & Forecast: 2015-2019” by Spearhead Acuity Business Research & Consulting Group, reveals that the market in North America was valued at US$ 3,116.7 million in 2014 and is expected to reach US$ 8,454.5 million by 2019 at a CAGR of 18.8%. The market for wearable healthcare electronic devices is concentrated mainly in the economically progressive regions of the world such as North America and Europe. High level of awareness, exposure to fitness training and access to affordable technology has increased the usage and penetration of wearable healthcare devices. North America and Europe collectively account for 78.3% of the global market.
The report covers the market scenario for six geographical areas of North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa. Low regulations and commoditization of several wearable device segments such as smart watches and bands has helped start-ups commercialize quickly thus increasing competition significantly in the last decade. Some of the primary factors driving the growth of the market in developed regions are the higher awareness of lifestyle diseases and nominal health problems. Greater number of athletes, better purchase power, better knowledge of basic physiological parameters among people, high demand for technology that can track and monitor performance are other factors SA-BRC survey noted to supplement the growth of the market. Regional barriers such as low awareness and purchase power indicate the markets in Asia-Pacific and Latin-America will still take time to adopt. SA-BRC expects the market to pick up in these regions towards the end of the forecast period.
The scope of the research also includes analysis of 10 wearable device segments. A large portion of the wearable medical devices is occupied by fitness monitors, trackers and heart rate monitors that are considered as consumer products and thus unregulated by most healthcare authorities across the world. Recently, the U.S. FDA issued draft guidance for low risk devices that are concerned with improving health habits and monitor routines. Other wearable devices include blood pressure monitors, electrocardiograph (ECG), electroencephalograph (EEG), Pulse Oximeters, Pain Management (TENS) & (EMS) devices, wearable glucose and insulin devices and respiratory devices.
Wearable insulin and glucose devices contributed to the largest market share. Major reasons for growth in demand are the rising incidence of lifestyle disorders such as obesity. The devices are priced much higher than other fitness monitoring devices since they fall under regulated class of medical devices. Over one third of adults in United States are obese. Chronic diseases such as heart disease, stroke, diabetes, obesity, and cancer are among the most common, costly, and preventable of all health problems. According to the American Diabetes Association, there are approximately 30 million people that are currently suffering from diabetes and approximately 1.5 million people had Type-1 diabetes in 2014. Asia-Pacific is also considered as a major diabetic zone due to proven studies showing genetic susceptibility to the disease.
Almost 10 years ago, the foremost wearable healthcare technology was the heart rate monitor watch. However, the devices were notoriously inaccurate due to the low sensitivity of biosensors. With advancing technology and miniaturization of hardware, it became easier to cram several sensors within one device. This gave rise to the adoption of accelerometers and gyros into the wearable devices. The market for wrist watches fell significantly with the introduction of mobile phones that began displaying time, now analysts predict that the market for mobile phones may be disrupted by wrist watches that display time, health parameters and communicate with people. With advanced speech to text software, typing on a watch may not be necessary at all. Smart watches are soon to become the gadget of the future that monitor our health.
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