Market reports linked to the healthcare sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this industry. The market is forecasted to develop with a 23 percent CAGR while earning revenues worth USD 27,255.6 Million approximately by the year 2023. The advances in the healthcare sector coupled with the progressive innovations of the technology sector have boosted the expansion of Wearable Medical Devices Market.
The use of sensors in wearable technology has considerably altered the growth pace of the market while raising the future potential for the development of the market in the forecast period. The benefit of ease of use and flexibility of devices are boosting the progress of the market considerably. The necessity to effectively monitor the functioning of their vitals is increasing the acceptance and sales of these devices by customers. The high potential for innovation in wearable medical devices is expected to lead the expansion of the market.
Wearable Medical Device Market – Competitive Analysis
The enhanced financial liquidity of the competitors in the market has boosted new chances for the growth of the market. The market appeal and the contenders at work are considerably benefitted by the strategies that are being used by market companies. The market exhibits huge potential for increasing at an accelerated pace. The viability of the market is however substantially reliant on the tactics and the strategic roadmaps that are deployed by the market companies. The market variety in terms of segments and the products, as well as the end users, are contributing greatly to the development of the market. The product offering of the market has expanded immensely as compared to the past few years, thus making the market more lucrative for present and different competitors.
Well established companies such as Boston Scientific Corporation, Medtronic PLC, Omron Corporation, Fitbit Inc., Philips, Honeywell International Inc., Apple Inc., Qualcomm Inc., LG Electronics Inc., NIKE INC., Motorola Solutions Inc., and Sony Corporation are the prominent players in the market.
Jul 2018 the makers of artificial intelligence (AI) enabled wearable device for monitoring human body in real-time, snap40, has raised $8m funding under the seed financing round headed by ADV. Its wearable device, snap40 delivers a comprehensive overview of human health, permitting to recognize patient deterioration and illnesses as early as possible for proactive healthcare. The company’s total funding achieved the value of $10m with the conclusion of the newest funding round.
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Wearable Medical Device Market – Segmental Analysis
The segmentation of the Wearable Medical Device Market is carried out on the basis of distribution channel, application, device type, and type. The application areas for the market is segmented consists of sports academies and fitness, remote patient monitoring, and home healthcare. On the basis of device type, the market segments include diagnostic & monitoring devices, therapeutic devices. The diagnostic & monitoring devices are moreover segmented into neuromonitoring devices, sleep monitoring devices, vital sign monitoring devices, glucose monitoring devices, and fetal monitoring & obstetric devices. However, therapeutic devices are additionally segmented into pain management devices, rehabilitation devices, respiratory therapy devices and insulin pumps. The market is segmented on the basis of type, into smart clothing, smart watches, activity monitors, and patches. The distribution channel segment of the wearable medical device market consists of pharmacies, online channel, and hypermarkets.
Wearable Medical Device Market – Detailed Regional Analysis
The regional analysis of the market consists of regions such as APAC, Europe, Americas and rest of the world. The Americas region leads the wearable medical device market owing to the incidence of the diabetic and obese populations. The countries like Canada and the U.S. are the primary nations in the North American wearable medical device market. The occurrence of various manufacturers existing in these countries has created a balance between the supply and demand. The European region is the next leading region in the wearable medical device market globally. The increasing awareness of health and physical fitness with escalated expenditures on healthcare, escalating incidences of chronic diseases are a few of the factors accountable for the expansion of the market. The Asia Pacific region is the most rapidly emerging region in the global market. Huge opportunities for development of the market, the existence of a giant population base and the growing occurrence of cardiac and lifestyle diseases are among the chief driving factors for the Asia Pacific market. Furthermore, the production facilities in India and China and are emerging rapidly in the medical devices business thus adding to the overall development of the market.
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