Global Wearable Medical Device Market: Type (Activity Monitors, Smart Watches, Smart Clothing, Patches), Device Type (Diagnostic & Monitoring Devices, Therapeutic Devices), Application (Sports Academies and Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel (Pharmacies, Online Channel, Hypermarkets) – Forecast till 2023
The global wearable medical device market is presumed to garner USD 27,255.6 during the forecast period (2015-2023). The market is considered to expand at 23 % CAGR owing to the continuous technological advancements, asserts Market Research Future (MRFR). Wearable medical devices are referred to as handheld monitoring tools which are used monitor and identify diseases. Advances in the healthcare sector have boosted the expansion of the market during the review period.
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Drivers and Constraints Impacting the Market
With the advancement in the healthcare sector along with progressive innovation in the technology sector, the global market for wearable medical devices has propelled during the assessment period. Growing awareness among the patients regarding healthcare technologies is further boosting the market across the globe. Factors such as cost-effectiveness of the devices, continuous increase in the lifestyle diseases, and growing connected healthcare applications have spurred the growth of the market. Moreover, increasing penetration of smartphones and growing use of smartphone-based applications are projected to encourage the market growth.
The major players operating the global market are Motorola Solutions Inc., Medtronic PLC, Omron Corporation, Qualcomm Inc., Fitbit Inc., Honeywell International Inc., LG Electronics Inc., Boston Scientific Corporation, Apple Inc., Sony Corporation, Philips, NIKE INC., and others.
Geographically, the wearable medical device market span across regions namely, Europe, Asia Pacific, America, and the Rest-of-the-World (RoW).
Among all the regions, the American region is anticipated to dominate the global wearable medical devices and is estimated to maintain its dominance during the forecast period. The growth is attributed to the growing incidence of obese and diabetic population in this region. Countries such as the U.S. and Canada are the major countries driving the market in this region.
Europe is considered to hold the second position in the global market due to the growing awareness health and physical fitness with high expenditure on healthcare. Also, with the increasing prevalence of chronic diseases, the market is likely to augment in this region.
Asia Pacific is considered to be the most rapidly emerging region globally due to the presence of huge population and increasing prevalence of lifestyle and cardiac diseases. Moreover, production facilities in China and India emerging rapidly, thereby adding to the development of the market.
Segmentation – Analysis
Activity monitors, smart watches, smart clothing, and patches form the type-based segmentation of the wearable medical device market. The crest is now being occupied by activity monitors owing to their far-flung utility in monitoring lifestyle diseases such as diabetes. Meanwhile, the smart clothing segment is set to rise with the highest CAGR with the assistance of the awareness regarding fitness trackers for sports and fitness-related activities.
Diagnostic & monitoring devices and therapeutic devices found the device type segment. Diagnostic & monitoring devices accrue the maximum market share as its extensive use, and wide availability have helped it garner fame from different quarters. However, the latter is also gaining traction with the growing demand for a sub-segment of the therapeutic devices, pain management devices.
By application, the Wearable Medical Device Market comprises sports academies and fitness, remote patient monitoring and home healthcare. Rising awareness regarding sports and fitness related activities has ensured the top spot for the first sub-segment. Whereas, home healthcare is expected to score high due to the growing geriatric population.
Distribution channel comprises pharmacies, online channel, and hypermarkets. Pharmacies are currently holding the premier position. However, the online channel can register an astounding CAGR of 23.7% during the forecast period and in future may leapfrog pharmacies in terms of generated revenue.
- Medical Devices manufacturers
- Medical Device suppliers & distributors
- Research and Development (R&D) Companies
- Government Research Institutes
- Academic Institutes and Universities
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