Innumerable advances have taken place in medical technology which has augmented the lives of numerous people. One such advancement is the wearable medical device. These devices can assist in various health conditions and offers 24/7 clock-monitoring devoid of affecting the wearer’s routine life. The best feature about these devices is that they have in-built self-monitoring features which promote healthy living and also reduce cost. Following the rise in chronic diseases, people are choosing home healthcare over hospital services as it is an efficient and cost-effective treatment. The wearable medical devices help to manage chronic medical conditions namely heart diseases, diabetes and asthma by tracking the vital symptoms such as body fat, blood oxygen level, heart rate and respiration. These devices have wireless data transmission, alerting mechanism, real-time feedback and timely and easy sensing abilities. The global wearable medical device market is likely to surpass USD 27,255.6 at an outstanding 23% CAGR over the predicted years (2015-2023).
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There are quite a few factors that is propelling the growth of the wearable medical device market. These factors according to MRFR (Market Research Future) report include burgeoning demand for wearable medical devices that are technologically advanced, increasing awareness about physical fitness, launch of new healthcare applications that is smartphone linked such as fitness bands, wrist bands and smart watches, growing need for wireless connectivity, constant growth of home healthcare and patient monitoring, rapid advancements in technology and increasing competition. The additional factors that are driving the growth of the wearable medical device market include shift in trend to wearable devices from traditional devices due to increasing tech savvy population and digitization, rise in geriatric population, increase in healthcare expenditure, increase in patient awareness and increasing incidences of lifestyle diseases. On the contrary, lack of reimbursement and privacy and data security are some factors that may hamper the growth of the wearable medical device market over the predicted years.
The global wearable medical device market has been segmented based on type, device type, application, and distribution channel.
- By type, the wearable medical device market has been segmented into activity monitors, smart watches, smart clothing, and patches. The activity monitors segment commands the largest share of the global market owing to their extensive usage in the management t of lifestyle diseases. However, the smart clothing segment is expected to capture the highest CAGR over the forecast period.
- By device type, the wearable medical devices market has been segmented into diagnostic & monitoring devices and therapeutic devices.
- The diagnostic & monitoring devices segment has been further segmented into vital sign monitoring devices, glucose monitoring devices, neuromonitoring devices, sleep monitoring devices, and fetal monitoring & obstetric devices. The diagnostic and monitoring devices segment is dominating the market. Increasing prevalence of lifestyle diseases and easy availability are factors supporting the growth of the segment.
- By application, the wearable medical device market has been segmented into sports academies and fitness, remote patient monitoring and home healthcare. The sports & fitness segment accounts for the largest share of the market while the home healthcare segment is expected to be the fastest growing segment due to the increasing use of warbles by aged patients in homecare setting.
- By distribution channel, the global wearable medical device market has been segmented into pharmacies, online channel, and hypermarkets. The pharmacies segment is dominating the market while the online distribution channel is estimated to gain momentum over the forecast period.
By region, the wearable medical device market covers growth opportunities and latest trends across Europe, Asia Pacific, Americas and Rest of the World. Of these, Americas will command the wearable medical device market over the predicted years owing to rising cases of diabetes and obesity here. Canada and the US are the key contributors here. Europe will garner the second position owing to high healthcare expenditure, rising incidences of chronic diseases and growing awareness of physical fitness and health. The wearable medical device market in the APAC region will grow at a rapid pace owing to rising incidence of cardiac diseases and lifestyle and huge population. Also, the production facilities in India and China are emerging rapidly which is adding to the growth of the market in this region.
Leading players profiled in the wearable medical device market Include Apple Inc., Philips, Motorola Solutions Inc., LG Electronics, Nike Inc., Honeywell International Inc., Sony Corporation, Medtronic PLC., Boston Scientific Corporation, Omron Corporation, Qualcomm Inc., and Fitbit Inc.
Table Of Content
- Report Prologue
- Market Introduction
- Research Methodology
- Market Dynamics
- Market Factor Analysis
- Global Wearable Medical Device Market, By Type
- Global Wearable Medical Device Market, By Application
- Global Wearable Medical Device Market, By Distribution Channel
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