Wearable Medical Device Market Highlights
Market Research Future (MRFR) in its report is expected to grow with a 23% CAGR from 2015 to 2023. The global wearable medical devices market is likely to attain a lucrative valuation of USD 27,255.6 by 2023.
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The surge in need for tracking regular activities as an initiative towards building and maintaining proper fitness is expected to bolster the wearable medical devices market. Being a handy monitoring tool, wearable medical devices provide immense patient compliance. This, in turn, increase its adoption among people. And as the awareness about the wearable medical devices grows, the need for new product launches are also observed to boom. MRFR identified these factors as potential market drivers which can bolster the global wearable medical devices market growth. Other factors like hike in healthcare expenses and technical advancements supported by digitalization are observed to escalate the global wearable medical devices market growth.
However, the increase in the incidences of cybercrime can hinder the wearable medical devices market growth in the coming years.
Wearable Medical Device Market Studied By Top Key Players
- LG Electronics
- Motorola Solutions
- Honeywell International
- Omron Corporation
- Sony Corporation
- Boston Scientific Corporation
- Medtronic PLC
Wearable Medical Device Market Segmental Analysis
The segmental analysis of the global wearable medical device market provides a comprehensive insights of the market. The market has been segmented on the basis of device type, application, distribution channel, and type.
Based on the type, the global wearable medical device market has been segmented into patches, smart clothing, activity monitors, smart watches, and others. The activity monitors segment is likely to hold a massive market share. The increase in prevalence of unhealthy lifestyle is projected to bolster the wearable medical devices market expansion.
Based on the device type, the global wearable medical device market has been segmented into diagnostic and monitoring devices, and therapeutic devices. The growing awareness about wearable medical devices and the convenience offered by the devices are expected to surge the wearable devices market over the review period.
Based on the application, the global wearable medical device market has been segmented into home health care, remote patient monitoring, sports academies and fitness, and others. The sports and fitness segment is expected to grow with the highest CAGR over the assessment period. With the trend of tracking daily activities trending, the surge in the global wearable medical devices can be observed.
Based on the mode of distribution channel, the global wearable medical device market has been segmented into pharmacies, hypermarkets, online channel, and others. The fastest growing e-commerce sector is likely to reinforce the wearable medical devices market growth.
Wearable Medical Device Market Regional Outlook
Based on the region, the wearable medical device market has been studies across the Americas, Asia Pacific, Europe, and the Rest-of-the-World (RoW).
The Americas is likely to hold the supreme position in the global wearable medical devices market. The American regional market is expected to expand. This is due to the urging need of tracking regular activities owing to hike in the number of obese adults. The US and Canada are estimated with the highest CAGR and market valuation respectively.
The wearable medical devices market in the European region is expected to grasp the second largest share. The rise in awareness of the fitness benefits offered by wearable medical devices to bolster the regional market over the review period. In addition, the hike in cases of chronic diseases can also augment the European wearable medical devices market growth.
The wearable medical devices market in the Asia Pacific region is observed to be the rapidly growing market. The huge patient pool and prevalence of sedentary lifestyle in the region is expected to fuel the regional market. Countries like India and China are observed to exhibit rapid growth of the wearable medical devices market growth.
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