Market Synopsis:
Wearable medical devices are gaining traction owing to their aesthetic value in conjunction with health monitoring features. The economic development of the region is supporting the expansion of the market in the region by increasing purchasing power. According to Market Research Future (MRFR)’s forecast, the Asia Pacific wearable medical device market is set to thrive at a healthy CAGR of 15.94% during the forecast period 2017 to 2023. The exponential growth of the middle-income population being observed in Asia Pacific is facilitating the expansion of the market. It is poised to signify a similar growth pattern over the next couple of years.
The focus is on the development of wearable medical devices that performs maximum functions such as monitoring of blood pressure, heart rate, sleeping habits, etc. The rising burden of diseases such as obesity, heart ailments, diabetes, etc. is being considered for bringing innovations in wearable technology. People are getting increasingly aware of the adverse effects of these diseases and are shifting towards a healthier lifestyle. This, in turn, is projected to fuel demand for personal health monitoring devices and augment the Asia Pacific wearable medical device market in the years to come.
The ongoing trend of connecting wearable devices with smartphones has revolutionized the growth pattern of the market. It is expected to gain more popularity across the review period owing to the rising disposable income witnessed in the region. However, the high cost of the technology is expected to restrict the growth of the Asia Pacific wearable medical device market over the assessment period.
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Market Segmentation:
By type, the Asia Pacific wearable medical device market has been segmented into diagnostic, vital sign monitoring, and therapeutic devices.
On the basis of application, the Asia Pacific wearable medical device market has been segmented into blood pressure monitoring devices, fitness devices, weight monitoring devices, heart rate monitoring devices, and others.
The Asia Pacific wearable medical device market, by end-users, has been segmented into sports person, patients, and others.
Regional Analysis:
The Asia Pacific wearable medical device market, for geographical study, has been segmented into India, Japan, China, Republic of Korea, Australia, and Rest of Asia Pacific. China is the largest country-level market for wearable medical devices in the Asia Pacific. The region is also likely to witness a drastic increase in the manufacturing capacity of wearable devices. China houses a massive fraction of the consumers who are motivated by the awareness about the rising incidences of lifestyle diseases such as obesity, diabetes, etc. In addition, India is also catching up with China and signifies tremendous developmental opportunities. It is anticipated to secure the second spot in the Asia Pacific wearable medical device market through the forecast period.
Competitive Dashboard:
Many global leaders have identified the potential of the market in Asia Pacific and are capitalizing on the developmental opportunities present in the region. Some of the key players operating in the Asia Pacific wearable medical device market are Baxter (U.S.), Abbott (U.S.), B. Braun Melsungen AG (Germany), Boston Scientific (U.S.), Becton Dickinson Company (U.S.), Cardinal Health (U.S.), Johnson & Johnson (U.S.), General Electric Company (U.S.), Medtronic (U.S.), Siemens (U.S.), Koninklijke Philips N.V. (Netherland), and Stryker (U.S.).
Industry News:
In April 2019, Fitbit, Inc., an American company, has announced the launch of Versa Lite Edition, Inspire HR, Fitbit Inspire and Fitbit Ace 2 in India.
In April 2019, Garmin Ltd., an American multinational technology company, has announced the launch of the new model of its Vivosmart series activity tracker, Vivosmart 4, with "advanced" sleep monitoring features and a body battery, and pulse ox.
In August 2018, a leading name in fitness wearables, Fitbit, Inc., has launched its most advanced tracker - Charge 3 with OLED display and heart rate sensor in India.
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