NEW YORK, Jan. 13, 2016 /PRNewswire/ -- The market for wearable medical devices has the potential for rapid growth as underscored by partnerships among companies such as IBM, Under Armour, MC10, and L'Oreal at the Consumer Electronics Show in Las Vegas, according to Kalorama Information. Kalorama Information, a healthcare market researcher said the market exceeded 10 Billion in 2015. Fueled by an aging population with increasing healthcare needs, increasing use of outpatient care, advancing wireless technology capability, a continuing nursing shortage, and ever-diminishing healthcare resources, the use of wearable medical devices can improve care delivery and patient outcomes, reduce mortality rates, reduce hospital admissions, and result in more efficient use of healthcare resources. The healthcare market researcher's report, The Market for Wearable Medical Devices, focuses on the global wearable medical device market with special market coverage of the U.S. market.
"A multi-billion-dollar market with lots of upside can put some interesting companies together, well beyond the traditional medical device companies," said Bruce Carlson, Publisher of Kalorama Information.
IBM Watson is an analytics company with a system for managing data using cognitive computing, a method of connecting and managing data in nearly the same way people think. IBM Watson and athletic apparel company Under Armour have announced a strategic partnership to create and provide meaningful data-backed health and fitness insights, powered by IBM Watson's technology. The companies define this as a first step in their partnership, with plans also to create apps for athletes that tap into the big data amassed by Watson.
MC10, a maker of peel-off, stick-on wearable sensors that cling to the skin like tattoos, has announced the first product from its partnership with L'Oreal, one of the world's largest maker of cosmetics. My UV Patch is the first-ever stretchable skin sensor designed to monitor UV exposure and help consumers educate themselves about sun protection. Thinner than a strand of hair, the patch features a dye on the surface that changes color with increasing sun exposure. Paired with a smartphone app that reads the color change, the patch tells the wearer how the exposure compares to levels judged to be healthy.
Wearable products have been developed in a number of medical fields, including: diagnostic and monitoring devices, therapeutic devices, injury prevention and rehabilitation, and lifestyle and fitness devices. Advances in wearable medical devices have included new miniaturized sensors; peripherals; real-time audio and video for "face-to-face" interaction between clinicians and patients; wireless communication; systems that "sort" the vast amount of data collected in order to put it into the context of a patient's condition; portable and ambulatory monitors; web-based access to the patient record; systems that transfer data to an electronic medical record (EMR); and full-service outsourcing that includes a clinician to evaluate data and send a report to the attending physician. As this industry expands, so has the competition. The formation of strategic partnerships is a businesswise approach to creating such specialized new products.
In addition to its special market coverage of the U.S. market, The Market for Wearable Medical Devices includes select coverage for European, Asian and other world markets. The report details market segment sizes and forecasts, providing insights into which segments are providing the most opportunities, including cardiovascular devices, pregnancy, fetal and infant devices, neurological devices, sleep monitoring devices, glucose monitoring devices, and other wearable diagnostic and monitoring devices.
The Market for Wearable Medical Devices includes detailed analysis of the leading companies in the wearable device market, providing an understanding of the overall industry and its leaders. The base year of the report is 2015, with forecasts provided for each year through 2020. The market was evaluated via a combination of disease prevalence trends, population trends, device innovations, federal and industry standards and regulations. Both primary and secondary sources were consulted in developing market estimates. Telephone interviews and email correspondence were the primary method of gathering information. For the purpose of this study, Kalorama Information conducted interviews with more than 50 key industry officials, consultants, health care providers, and government personnel. These sources were the primary basis in gathering information specifically relating to revenue and market share data presented in this report. Specific interviews with IT company representatives included marketing directors, division managers, and product representatives.
The Market for Wearable Medical Devices can be found at Kalorama Information: http://www.kaloramainformation.com/redirect.asp?progid=88249&productid=9087039.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog at www.kaloramainformation.com.
SOURCE Kalorama Information