Wearable Medical Devices have grown phenomenally over the years in terms of their usage. They screen biological data, typically with wireless or remote communication, as part of any wearable item that can be affixed to the body. These devices which have biosensors, support the management and treatment of several chronic diseases such as respiration, blood oxygen level, heart rate, and body fat to name a few. A large number of the wearable medical devices until now have been widely focused on the area of activity and exercise. The market is estimated to achieve revenues worth USD 27,255.6 Million by 2023 as compared to USD 7859.4 Million in 2017. Furthermore, the market is forecasted to develop with a CAGR of 23 percent approximately in the forecast period.
The Wearable Medical Device Market is a stable market presently and comprises of the manufacture of numerous types of fitness trackers, wearable patch, and clothes. Many principal companies in the market are focusing on the European and Americas markets due to huge patient populations, well-established markets, and high healthcare expenditures. The scope of growth in the wearable medical device market is enormous and rapidly developing globally. Moreover, the market is also fueled by other factors such as growing occurrence of lifestyle diseases, intensifying implementation of wearable medical devices, rising dependency on fitness devices to accomplish day to day activities that are motivating the market’s demand in the forecast period. Among the opportunities available for the development of the wearable medical devices market is the growing demand for connected healthcare applications owing to cost effectiveness and its ability to reach patients in emerging countries effectively is expected to intensify the pace of development of the market. However, the progress of the wearable medical devices market is reliant on extensive network coverage and access to mobile devices.
Furthermore, the partnerships and collaborations among big players are contributing in a major way to the development of the market. This scenario is also foreseen as an excellent opening for new entrants in this market. The wearable medical devices are foreseen to have a great level of impact on medical delivery systems and consumer healthcare in the very near future, which will enhance the market’s growth pace throughout the forecast period.
Wearable Medical Device Market – Major Key Players
Some of the key players in the Wearable Medical Device Market are:
• Fitbit Inc.
• Garmin
• Vital Connect
• Omron Corp.
• Sotera Wireless
• Jawbone
• Pebble Technology Corp.
• Basis Science Inc.
• Withings
• Intelesens Ltd.
• Covidien Plc
• LifeWatch AG
• Polar Electro
• Philips Electronics
• Everist Genomics
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Wearable Medical Device Market – Segments
The segmentation of the market is carried out on on the basis of application, device type, distribution channel, and type. The application areas for the wearable medical device market is segmented into remote patient monitoring, sports academies and fitness, and home healthcare. On the device type, wearable medical device market segments comprise of diagnostic & monitoring devices, therapeutic devices. Diagnostic & monitoring devices are additionally segmented into vital sign monitoring devices, neuromonitoring devices, glucose monitoring devices, sleep monitoring devices and fetal monitoring & obstetric devices. While, therapeutic devices are further segmented into rehabilitation devices, pain management devices, respiratory therapy devices and insulin pumps. On the basis of type, the market is segmented into smart watches, activity monitors, smart clothing, and patches. On the basis of the distribution channel, the wearable medical device market is segmented into online channel, pharmacies, and hypermarkets.
Global Wearable Medical Device Market – Regional Analysis
Globally Wearable Medical Device Market comprises of four regions North America, Europe, Asia Pacific and Middle East & Africa.
North America is the largest market for Wearable Medical Device. This is due to increasing number in the technology adoption for the wearable medical devices and the homecare devices for the fitter health life.
Europe accounts for the largest market share owing to the demand for technological innovation in medical devices and availability of funds for research and development. Furthermore, increasing demand for fitness and health tracking devices also determine the market growth. Germany is the largest market followed by UK, which is expected to be the fastest growing market in Europe due to increasing chronic disease like diabetes and heart diseases.
Countries in Asia Pacific have a great potential for the growth of this market. Asia Pacific market for medical devices is driven by innovative technology for continuous monitoring of health status of a patient in hospitals as well as sportsmen and athletes. The demand for easy to use wearable medical devices is increasing in China and India. Furthermore, increasing prevalence of cardiovascular diseases, diabetes and obesity drive the market growth. Growing trend in the use of wearable medical devices such as smart watches also influences the growth of the market.
The Middle East region also shows a growth in the wearable devices market owing to strengthening healthcare system, and demand for technology in healthcare. In the Middle, lack of physical exercise, lifestyle changes and rising prevalence of chronic diseases are factors driving the growth of this market.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Continued….
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