Wellesley, Mass, Feb. 15, 2017 (GLOBE NEWSWIRE) -- The growing elderly population, rising prevalence of chronic diseases, and technological advancements in the medical devices are all keying big growth in the global markets for wearable medical devices. BCC Research reveals in its new report that recent advances in materials science, electronics, photonics, and software are growing both traditional non-consumer markets and new consumer applications.
Wearable devices are biosensors attached to the human body to detect and monitor changes and capture physiological data. Designed as non-invasive devices that function autonomously, they are primarily used in medical and fitness applications.
The global market for wearable medical devices is expected to increase from $5.5 billion in 2016 to nearly $19.5 billion in 2021, demonstrating a five-year compound annual growth rate (CAGR) of 28.8%. The U.S. market should reach $2.5 billion and $8.7 billion in 2016 and 2021, respectively, growing at a five-year CAGR of 27.9%. The Asian market should reach nearly $4.0 billion in 2021, up from $908 million in 2016, at a CAGR of 34.5%.
Developed nations from the U.S., Europe and Asia are undergoing a strategic change with the focus of the industry moving from diagnosis to prevention for various chronic disease conditions. This increased focus on preventive care is driving investment growth in the products/solutions for home care, remote monitoring, telehealth, and self-monitoring. A growing elderly population and increasing incidence of chronic diseases are among key drivers.
The U.S. dominates the global wearable medical device technology market, followed by Europe, Asia, and ROW (rest of the world). Greater accessibility to advanced technologies and a large presence of key players contribute to the market dominance of the U.S. and Europe. The increasing population, rising healthcare needs, escalated consumer healthcare spending, improvement of regional infrastructure, and growing investments on behalf of leading players and government agencies are spurring big growth in these regions.
"Although the market's yielding double-digit growth, the availability and affordability issues due to the higher cost of devices and lack of feasible reimbursement schemes in most countries present major barriers," says BCC Research analyst Rita Thakur Dangi. "Clinical medical devices need to be highly accurate and reliable, with large data storage capacity in order to offer efficient diagnosis or monitoring. Battery life is another concern with most of the medical wearables, creating a need for long-lasting micro-batteries."
Wearable Medical Devices: Technologies and Global Markets (HLC192A) analyzes how these devices monitor blood sugar, glucose, and chronic diseases such as heart diseases, diabetes, and other parameters. The report also examines how the market faces certain drawbacks, such as high costs of devices, issues in reimbursement, and lack of awareness in the developing countries. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com . Follow BCC Research on Twitter at @BCCResearch .
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
