Over the past decade, the world has been witnessing a great deal of progress in the field of wearable medical technology that has led clinicians to work more efficiently by enabling them extending patient care even outside the hospital environment. The global market for wearable medical technology encompasses continuous glucose monitoring devices, wearable drug delivery devices, wearable patches, sleep monitors, smart watch and smart clothing. These technologies play a critical role in managing and monitoring a variety of chronic diseases ranging from diabetes to cardiovascular diseases. A continuous glucose monitoring device provides a greater view of glucose trends in the body by alerting wearers if their glucose levels are rising or falling too quickly.
The world is witnessing a rapid growth in global wearable medical technology market primarily because of technological innovation, increasing health consciousness and globally rising aging population. Rising aging population is expected to increase the demand for continuous glucose monitor and other wearable technologies that will help clinicians by enabling them up to date information about elderly people health conditions. Wearable medical technology products are expected to reduce the overall healthcare cost in future by providing effective disease monitoring and management. Geographically, North America dominates the global wearable medical technology market as majority of the market players are present here, thus many technological advancements are first introduced in this region. In emerging markets of Asia-Pacific and Latin America, the market is expected to grow due to increase in healthcare awareness, continuously improving economy leading to increased affordability and relatively less competition compared to developed regions
Some of the key players in this market are Medtronic, Inc., Abbott, AiQ Smart Clothing Inc., Zoll Medical corp., Polar Electro Inc., Philips Healthcare, Diacel Corp., BASF SE, Cambrex Corp. and Solvias AG.