The Asia-Pacific wearable medical devices market has gained momentum in the recent past and is expected to register a 25.52% CAGR during the forecast period. The market is estimated to grow USD 4140.40 million in 2027 from USD 1328.86 million in 2022.
Wearable medical devices are electronic devices like a smartwatch and Fitbit. These devices are designed for individual health, fitness, lifestyle, blood pressure, etc. The market continues to gain momentum with the rapid increase in the adoption of these devices among patients and the launch of technologically advanced, user-friendly devices. Wearable medical devices feature wireless data transmission, real-time feedback, and alerting mechanisms, and have smooth and timely sensing abilities. The data generated by wearable medical devices is further analyzed and used by customers for better health management.
Wearable medical devices monitor several bodily conditions like glucose levels, insulin levels, heart conditions, blood pressure, ingestion, pain relief, brain activity, hydration, temperature, sleep, etc. Lately, Google is working on a wrist-worn medical device with sensors to produce an ECG, assessing the patterns and strength of the person’s heartbeat. Moreover, it checks the skin and pulse temperature.
According to the World Health Organization, the number of annual cardiovascular events account for 41% of total deaths in China. In contrast, the number of diabetics in India, now around 65+ million, will reach a staggering 101 million by 2030. Erstwhile, Japan expects that approximately 40% of its population will be at least 65 years old by 2060, creating additional demand for healthcare facilities. The enormous number of ongoing developments and innovations in the healthcare and electronics sector, rise in healthcare spending by both governments and individuals, and the ease of use of medical devices combined with the increase as mentioned above in incidences of chronic diseases, has led to the increased adoption of the wearable devices. The market is facing challenges, mainly in allocating cost-effective monitoring to patients suffering from chronic diseases such as cancer and other blood diseases.
Lack of awareness is also another cause leading to slower adoption of technology. These factors act as growth hurdles for wearable technology.
This research report on the APAC Wearable Medical Devices Market is segmented and sub-segmented into the following categories:
By Therapeutic Wearable Devices:
Geographically, India, China, and Japan are expected to account for most of the share in the Asia Pacific wearable medical devices market during the forecast period. China and India have a large population pool, which is a significant factor for market growth. Changes in lifestyle and food habits are also leveling the demand for this market. Asia Pacific region is well known for Sports & fitness; in this vertical, biotechnology & bioinformatics companies are taking part to launch wearable devices for sports players and athletes. Wearable medical devices will open new opportunities for bioinformatics researchers to develop new features & products in the market.
China's wearable medical devices market is witnessed in holding the highest shares of the market in the Asia Pacific region. China & India have a large number of obesities, and diabetic patients, according to WHO. Wearable medical devices help to monitor their glucose level to maintain their health issues.
In 2019, the Indian wearable medical devices market accounted for over 13% of the Asian market. An Indian Institute of Technology (IIT) Madras has started developing a wearable medical device. The device will diagnose body temperature, heart rate, and SpO2 sensing. That will also help to diagnose COVID-19. Tracker connected via Muse Health App through Bluetooth.
Japan's wearable medical devices market is positioned third in holding the most significant shares of the market. Japan's healthcare system provides high-quality wearable medical devices at a lower cost. The government of Japan allocated funding to develop innovative products. Japan-based company Vuzix Corporation has innovated Vuzix® M400 smart glasses to facilitate patient care. Wearable smart glasses are beneficial for the patients in ICU to get a virtual check-up. Also, these devices are playing an essential role during the pandemic situation by reducing exposure and providing personal protection.
KEY MARKET PLAYERS:
A few of the key market participants dominating the APAC Wearable Medical Devices Market profiled in this report are Fitbit, Garmin, Jawbone, Polar Electro, Vital connect, Withings SAS, Zephyr Corporation, Basis Science, Omron Corporation, Drager, Lifewatch AG, Sotera Wireless, Abbott Laboratories, and Nuubo.
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