The Asia-Pacific wearable medical devices market is expected to register a CAGR of 26.7% during the forecast period. The propelling factors for the growth of the market include the increasing technological advancements and innovations, increasing per-capita income in developing countries, and ease-of-use and interpretation of medical devices.
- The APAC wearable medical devices market is expected to witness prolific growth, owing to rapid technological advancements and innovations. The introduction of new wearable devices, such as smart lenses, wireless ECG devices, wireless heart-rate monitors, and blood glucose monitors, has created high awareness among tech-savvy consumers. With further improvements in device design, user interface, cybersecurity, and battery capacity, the usage of wearable medical devices is expected to rise over the forecast period.
- In addition, the developing and emerging regions are supplied with low cost, or completely knocked down versions of the international products to improve market penetration. However, some manufacturers continue to use a uniform product and pricing strategy across the world, where prices are moderated relatively by currency fluctuations and local assembling capacity. Thus, the high price of the products is further impacting the growth of the market.
- In the Asia-Pacific region, a large pool of population has lifestyle-related diseases, such as diabetes and obesity, which has increased the risk of cancer. This has raised the concerns levels in the societies to early diagnose the diseases, which increases the demand for wearable devices. Furthermore, the increase in cases of chronic conditions, such as obesity, heart problems, breathing problems, and many more such diseases, helps to drive the Asia-Pacific market.
Key Market Trends
Sports and Fitness is Estimated to have the Largest Share in the Market
- Sports and fitness devices are the most popular and widely known healthcare wearables, which are used to keep track of vital parameters.
- Athletes use wearable devices, which measure their heart rate, blood pressure, etc. People, nowadays, have become health conscious and started using wearable medical devices to keep a check on their vital parameters.
- Moreover, as per the World Bank, in 2018, Macao had the highest gross domestic product (GDP) per capita at 86.36 thousand. In comparison, India had a gross domestic product (GDP) per capita of USD 2.02 thousand.
- Thus, the rise in awareness regarding fitness and preventive care increased the demand for wearable medical devices.
The Asia-Pacific wearable medical devices market is fragmented and competitive. The key growth strategies adopted by key players include strategic acquisitions, collaborations, and partnerships that may help them expand their geographical presence and strengthen their business positions. Some of the companies currently dominating the market are Garmin Ltd, Apple Inc., Fitbit Inc., Lifesense, Sotera Wireless, LifeWatch AG (Biotelemetry), Philips Electronics, Samsung, Vital Connect, and Abbott Laboratories.
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