Wearable Medical Device Market Size, Trends and Growth Analysis By Type (Activity Monitors, Smart Watches, Smart Clothing, Patches), Device Type (Diagnostic and Monitoring Devices, Therapeutic Devices), Application (Sports Academies and Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel, and key Players Forecast to 2023
Global Wearable Medical Devices Market size was valued USD 7860 million in 2017 and expected to reach USD 27,200 at a CAGR of 23% By 2023 says Market Research Future (MRFR). These medical devices are useful and beneficial in monitoring various health parameters such as blood oxygen level, heart rate, body fat, and respiration. Wearable medical devices are very effective in the management of various chronic diseases such as diabetes, asthma, and cardiovascular diseases.
Wearable medical devices market is anticipated to witness enhanced growth owing to rising prevalence of diabetes and growing demand of wearable fitness monitors in near future. These medical devices have gained prime importance in maintaining fitness by tracking regular activities which triggered the wearable devices market growth. Wearable medical devices industry is expected to witness significant growth due to rising healthcare expenditure and technical innovations over the forecast period.
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The global wearable medical devices market is segmented into
- Device type
- Distribution channel
By type, the global wearable medical devices market has been segmented into
- activity monitors
- smart clothing
By device type, the global wearable medical devices industry has been segmented into
- diagnostic & monitoring devices
- therapeutic devices
By application, the global wearable medical devices industry has been segmented into
- remote patient monitoring
- home healthcare
By distribution channel, the global wearable medical devices industry has been segmented into
- online channels
Based on the region, the wearable medical devices market has been studies across the
- Asia Pacific
- Rest-of-the-World (RoW)
The Americas is likely to hold the largest global wearable medical devices market share. The American regional market is expected to expand owing to urging need of tracking regular activities and rising in the number of obese adults. The US and Canada are estimated with the highest CAGR and market valuation respectively.
The European wearable medical devices market share is expected to grasp the second position owing to increasing awareness of the fitness benefits offered by wearable medical devices and rising cases of chronic diseases can also augment the growth of European wearable medical devices market.
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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Top Key Players
Prominent players in wearable medical devices market include
- Medtronic PLC
- Apple Inc.
- LG Electronics Inc.
- Motorola Solutions Inc.
- NIKE INC.
- Qualcomm Inc.
- Honeywell International Inc.
- Omron Corporation
- Fitbit Inc
- Sony Corporation
- Boston Scientific Corporation
Brows More Medical Devices Related Research Reports
Africa Medical Devices Market : Africa medical devices market to reach USD 7069.61 million from USD 4900 million in 2017, by the end of the forecast period at a CAGR of 6.3%
Medical Devices Market : The Medical Devices Market in Brazil is expected to exhibit a strong CAGR of 9% over the forecast period from 2018 to 2023, says Market Research Future (MRFR).
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