Wearable Medical Device Market Outlook 2019 to 2023 is latest research on Global Wearable Medical Device Market Analyzed By 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) with Global Wearable Medical Device Industry is expected to USD 27,200 Mn by 2023
The global wearable medical devices market is expected to rise to a valuation of USD 27,200 million by 2023, according to the latest research report from Market Research Future (MRFR).
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Competitive Analysis:
Leading players in the global wearable medical devices market include LG Electronics, Sony Corporation, Nike Inc., Medtronic plc, Boston Scientific, Honeywell International Inc., and Fitbit Inc.
In August 2019, a research team at Stanford University in California presented a new band-aid-like wearable medical patch that monitors the movement of the user’s skin on a micro level and thus monitors the user’s heart rate and breathing patterns, as well as limb motion. The research sector in the wearable medical devices market is expected to be highly promising in the coming years.
Segmentation:
The global wearable medical devices market is segmented on the basis of type, device type, application, distribution channel, and region.
By type, the global wearable medical devices market is segmented into activity monitors, smartwatches, smart clothing, and patches. Activity monitors hold the largest share in the global wearable medical devices market. The smart clothing segment is expected to exhibit robust growth in the global market over the forecast period.
By device type, the global wearable medical devices market is segmented into diagnostic & monitoring devices and therapeutic devices. Diagnostic and monitoring devices hold the largest share in the global wearable medical devices market.
By application, the global wearable medical devices market is segmented into sports and fitness, remote patient monitoring, and home healthcare. The sports and fitness segment is expected to exhibit the strongest growth over the forecast period. Home healthcare is also expected to receive strong demand.
By distribution channel, the global wearable medical devices market is segmented into pharmacies, online channels, and hypermarkets. Online distribution is likely to exhibit the highest growth rate over the forecast period.
Regional Analysis:
Americas, dominated by North America, is likely to be the major regional market for wearable medical devices over the forecast period. The growing demand for wearable medical devices in North America has majorly been driven by the growing presence of leading market players in the region, the increasing preference for home healthcare in the region, and the growing demand for fitness monitoring and diagnostic tools for monitoring certain lifestyle conditions such as diabetes. The growing presence of major healthcare industry players in North America is likely to be a major driver for the global wearable medical devices market over the forecast period. The growing development in the Internet of Things (IoT) in North America is also likely to be a major driver for the wearable medical devices market in the region, as IoT technology is likely to play a key role in the development of medical wearables in the coming years.
The growing prevalence of diabetes is likely to be a major driver for the wearable medical devices market in North America. Diabetes has become a major healthcare concern in recent years, to the point that it is now no longer considered a pensioner’s disease and is commonly seen in younger demographics. This has been a major driver for the wearable medical devices market, as glucose monitors and insulin supply systems have been one of the most important revenue generation streams for the wearable medical devices industry in recent years. The growing prevalence of diabetes is further likely to propel the wearable medical devices market at a robust growth rate over the forecast period.
The growing demand for wearable fitness monitors is also likely to be a major driver for the global wearable medical devices market over the forecast period. An increasing number of people in North America are getting into fitness-oriented lifestyles, leading to a need for fitness and performance monitoring tools and devices. The need to monitor the breathing rate, heart rate, and blood flow during exercise is likely to drive the demand from the wearable medical devices market in North America over the forecast period. The increasing demand for pedometers and heart rate monitors is also likely to be a major driver for the wearable medical devices market in North America over the forecast period.
Asia Pacific is likely to exhibit robust growth in the wearable medical devices market over the forecast period. The growing prevalence of diabetes in the region is likely to be a major driver for the wearable medical devices market in the region over the forecast period, as glucose monitors are likely to constitute a major chunk of the wearable medical devices market in Asia Pacific. Increasing prevalence of diabetes and the increasing demand for telehealth solutions are likely to be the major drivers for the wearable medical devices market in Asia Pacific over the forecast period. Telehealth is likely to be a key factor in the development pattern of the healthcare industry in Asia Pacific over the forecast period. Many governments in the region have recently taken efforts to increase the propagation of telehealth solutions in Asia Pacific, while consumers in the regionare also united in demanding stronger, better equipped telehealth solutions. This is likely to drive the demand from the wearable medical devices market over the forecast period.
List Of Table
TABLE 1 MARKET SYNOPSIS 19
TABLE 2 LIST OF ASSUMPTIONS 21
TABLE 1 PRIMARY INTERVIEWS 24
TABLE 2 GLOBAL WEARABLE MEDICAL DEVICES MARKET, BY TYPE, 2015-2023 (USD MILLION) 41
TABLE 3 GLOBAL WEARABLE MEDICAL DEVICES MARKET FOR ACTIVITY MONITORS, BY REGION, 2015-2023 (USD MILLION) 42
TABLE 4 GLOBAL WEARABLE MEDICAL DEVICES MARKET FOR SMART WATCHES, BY REGION, 2015-2023 (USD MILLION) 43
TABLE 5 GLOBAL WEARABLE MEDICAL DEVICES MARKET FOR SMART CLOTHING, BY REGION, 2015-2023 (USD MILLION) 44
TABLE 6 GLOBAL WEARABLE MEDICAL DEVICES MARKET FOR PATCHES, BY REGION, 2015-2023 (USD MILLION) 44
TABLE 7 GLOBAL WEARABLE MEDICAL DEVICES MARKET, BY DEVICE TYPE, 2015-2023 (USD MILLION) 46
TABLE 8 GLOBAL WEARABLE MEDICAL DEVICES MARKET FOR DIAGNOSTIC & MONITORING DEVICE, BY TYPE, 2015-2023 (USD MILLION) 47
TABLE 9 GLOBAL WEARABLE MEDICAL DEVICES MARKET FOR DIAGNOSTIC & MONITORING DEVICE, BY REGION, 2015-2023 (USD MILLION) 47
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