The development in industries like remote patient monitoring and home healthcare devices is likely to drive the growth of the global wearable medical device market. The augmenting focus on fitness and a healthy lifestyle are also expected to boost the market. The high incidence of lifestyle-linked disorders, like hypertension and diabetes owing to deskbound lifestyle, needs constant monitoring of many physiological parameters, for example, blood pressure and blood sugar levels. This facilitates the compilation of healthcare data with portable devices, which can be sent to medical experts or physicians for real-time access to data and minimum errors. Furthermore, the increasing death rate as a result of non-communicable diseases is the main apprehension demanding additional focus on personalized supervision and care. This is eventually expected to further stimulate the product demand.
The surging prevalence of chronic diseases coupled with augmenting death rates are major concerns amongst people and also administrative organizations. Therefore, healthcare providers provide personalized care as well as constant and remote patient monitoring. These can be worn for the whole day without affecting regular life. Considering all the advantages, the demand for devices is estimated to witness steady growth in the future. The growing consciousness concerning fitness is highly boosting market expansion. Factors such as increasing obesity and consciousness about physical fitness are motivating people to exercise and adopt various fitness-related activities. The wearables like smartwatches and smart bands assist in monitoring fitness parameters such as total calories burned, walking distance, and footstep count. In addition, the manufacturers provide guidance from expert nutritionists and dieticians. Therefore, this business model is generating massive demand for wearables or related products. The therapeutic section of the wearable medical device market is likely to witness maximum growth in the upcoming years due to the augmenting influx of these devices. Nevertheless, a strong pipeline of therapeutic devices like wearable pain reliever, intelligent asthma management, and insulin management devices is expected to drive growth. Therapeutics also includes insulin monitoring, pain management, respiratory therapy device, and rehabilitation. Insulin monitoring is expected to stay dominant in the forthcoming years due to the surging prevalence of diabetes.
In 2018, the neuromonitoring device was the major diagnostic segment due to the increasing incidence of neurological disorders. Additionally, augmenting awareness concerning the ability of neurological wearables—to review the cognitive capabilities of users constantly during everyday activities—will witness a massive growth and drive the market.
The wearable medical devices such as smartwatches allow tracking various parameters such as respiratory rate, physical activity, & pulse rate and they are available with cloud connectivity and Bluetooth. This is a major factor that is propelling segment development. The developments in the wrist-worn products, for example, the HealthPatch by VitalConnect during March 2014, for tracking multiple parameters like skin temperature, heart tare, and activities such as steps count is expected to impel the growth. Also, the prominent players in the global wearable medical devices market such as Apple and Samsung have introduced compatible mobile apps that enable digital display and data recording. Such apps are helping to attract consumers toward routine health monitoring, in that way stimulating market growth.
Speaking of the global wearable medical device market, recently a biopharmaceutical company developed a wearable AI (artificial intelligence) that can help in predicting and managing agitation. Agitation is a main symptom and obstacle in neurological conditions; also it represents a huge healthcare burden for patients and care providers. It affects elderly people having bipolar disorder and schizophrenia. Vimal Mehta—CEO and Founder of BioXcel Therapeutics—views agitation as a challenge in Alzheimer’s disease since the disease is associated with a significant change in patients’ lives as they lose their capability to compute new data and stimuli. To combat agitation symptoms the most common drugs used are anti-psychotics that come with black box warnings owing to their dangerous side effects. BioXcel is focusing to combat this challenge with its non-invasive and anti-agitation drug BXCL501. It is discovered by using AI algorithms and BXCL501 has a new & broad mechanism of action that makes it efficient against a “central mechanism in the brain,” meaning it can be effective in different neurological conditions.
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