Wearable medical devices market to reach US$5.8 billion globally in 2019
According to a new market report published by Transparency Market Research (http://www.transparencymarketresearch.com) the global market for wearable medical devices was valued at US$2 billion in 2012 and is expected to reach a value of $5.8 billion in 2019, growing at a CAGR [compound annual growth rate] of 16.4% from 2013 to 2019.
Wearable medical devices defined in the strictest sense are devices with sensors attached to the body that detect and monitor changes in body signatures of various areas and organs. The research group says the meek wrist watch that was used to monitor only heart rate in the last decade has today been transformed into a powerful gadget that can today store vast quantities of data on patient information such as SPO2, heart rate, temperature, blood pressure and water content in the body among several other intelligent diagnostic parameters. Smart phones have made an extremely impressive expansion in terms of applications and can now perform actual diagnostic tests such as the Apple iPhone Glucose test.
The market is highly dynamic and trendy in nature with a heavy importance given to aesthetics and ergonomics of devices. Over 65% of technologies are wrist held devices shaped like watches and the rest include wearability on other areas of the body such as arms, torso and waist. Along with the aesthetics several other features for durability of the device are included such as to make them waterproof and weatherproof. The latest in developments in telecommunication, wireless connectivity and user interface has been applied to these devices to make them more user friendly and keep them easy to interpret even by normal people in order to map their improvement in performance.
In 2013, Google Inc. introduced the Google Glass, a wearable eyewear that is highly dynamic and has varied applications throughout all industries. The success of the device at a consumer level is yet to be decided, but the technology has proven to be a boon to hospitals and the medical community for telemedicine and teleradiology, according to Transparency Market Research.