How often have you walked along a road and looked around and saw your fellow travellers wearing futuristic looking devices on their hands and legs and whatnot? This is how far we have come, from computers that filled entire rooms to entire libraries on the palm of your hand. The same has been the case with medical industry. Tests that required days of wait for results and clunky and large machinery can be done with a simple press of a button on your ‘watch’. The Market has changed a lot that wearable Medical Devices have even become a style statement rather than a monitoring device. One doesn’t really need to check his heart rate 4 times during a 1-mile jog, but still this doesn’t stop people from spending money on portable heart rate monitors. Fun and jokes aside, these devices have saved countless lives over the years. We all had situations where we had to leave our sick child or our elderly patients at home while they are sick. This was a constant cause of tension, not knowing if or when their health could take a turn for the worst. But fret not, this is all set to change with the modern developments. At the first sign of trouble, the system can inform you as subtly as small vibration on your mobile or as chaotically as a loud alarm on your computer. Whatever be your choice of notification, the point remains that Portable Medical Devices have revolutionized the market of pre-emptive diagnosis.
These devices don’t have to be for your loved ones. There is nothing stopping you from strapping one on yourself and monitoring your own health. This is especially useful in the case that you are a person with a not so illustrious healthcare history. They can monitor several parameters like calories count, heartrate, blood pressure, body temperature and even how far you are straying from your diet with that extra burger you are about to have. This gathered data, albeit the burger part, can be sent to your doctor who might be quite a considerable distance from your location. This saves you a trip for trivial matters and in the case something with a genuine threat to your health does come up, the doctor can analyse the data you sent and tell you well in advance. Not to mention the money saved from conducting these tests at your own home. If you are diabetic patient, the money you spend on an early basis testing your blood sugar level at the local clinic is much less than what a portable monitor costs, and admit it they are much easier and comfortable to use on a frequent basis. Trivial or not the fact is, people are using these devices inspite of their high costs, their various glitches and fragile nature, and as a result their market continues to boom. The demand for such devices has increased exponentially due to rise in the awareness of these advanced devices and cost effectiveness of the same.
The current meta in the industry aims at providing reliable and easy to use devices while maintaining their cost effectiveness. Wireless effectiveness and accuracy are other fields being worked on. Better medical IT infrastructure, better remote medical care facilities and cross operating system support are future aims of the market. Many industry giants are rushing to set a foothold in the market as the competition becomes fiercer and prices fall drastically.
The advantages of the market that make investing in this market a plausible option are:
- Better healthcare: The entire healthcare industry was set up with the aim of providing better healthcare facilities to human kind and the portable medical devices market will help in achieving that goal.
- Affordable devices: As the sizes portable devices are on the decline, their manufacturing costs also take a hit. This lowers the production cost of the companies enabling them to price the devices more competitively.
- Enhanced Productivity and Competitiveness: Effective patient care is one of the basic norms of the healthcare industry. The use of portable medical devices enhances the productivity of medical centres enabling the fulfilment of this goal
- Overall economic development and investment opportunities: The exponential rise in the demand for these devices will attract many big players and in turn boost up the economic activities of that particular region.
On the whole the market promises to show continued growth in the forecast years and the years to come and is a safe bet for anyone looking to invest in the healthcare segment.
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