Wearable medical devices are becoming popular due to their growing used for various illnesses and chronic conditions such as heart monitors, electrocardiogram application, temperature, reproductive cycle trackers etc. Patients can play a more active role in ensuring their safety through wearable technology in the healthcare sector.
The global demand for wearable medical devices and remote patient monitoring continues to grow on the back of technological developments, innovations and rising disposable revenues, healthcare expenses and increased healthcare use of medical devices.
Some of the leading players in wearable healthcare technology include Omron Corporation (Kyoto Japan), Koninklijke Philips N.V (Amsterdam, Netherlands), Fitbit (California, US), Lifewatch (Illinois, US), Apple watch (California, US) and Garmin (Kansas City, US).
These companies are active in strategic alliance, partnerships, merger and acquisitions. Their main focus to become more competitive and increases their market share in the wearable medical device market. Furthermore, wearable technology companies are also focusing on developing efficient consumer diagnostics and health statistics collection system.