Wearable Medical Devices Market Size, Trends, and Growth Analysis 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), Global Forecast till 2023
Wearable Medical Devices Market Analysis
Wearable medical devices are used in tracking a patient’s condition remotely. The surge in lifestyle diseases such as heart attacks, obesity, etc., is likely to create demand for these devices. The global wearable medical devices market report by Market Research Future (MRFR) takes a look at trends in home healthcare, developments in wearable sensors, and predictions for the period of 2018 to 2023 (forecast period). The effects of the COVID-19 pandemic on the market are also discussed.
The global wearable medical devices market valuation can surge to USD 27,200 million by 2023. It stood at USD 7,859.4 million in 2017. The marriage of healthcare and information technology has managed to give rise to connected devices to be employed in the medical sector. This has helped many patients in tracking and monitoring their disease or condition. Popularity of these devices and constant innovation of the technology can facilitate market growth. Awareness of devices, change in lifestyles, and procurement of connected devices by patients are other major drivers of the market.
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The penetration of smartphones has made it convenient for wearable device sales to thrive successfully. Its compatibility and notification alerts allow patients to track their health metrics, doctor appointment, medicine intake, and medical bills. The trend of wearables in monitoring sleep patterns and oxygen intake of patients with chronic diseases can influence the market demand to a great degree. Rise in health consciousness has created a trend of buying wearables among fitness enthusiasts.
Wearable medical devices market Segmentation
The market has been assessed under type, device type, application, and distribution channel. By type, wearable medical devices such as smart watches, activity monitors, smart clothing, and patches were considered for market sizing. Activity monitors are predicted to fetch huge revenues for the market owing to prevalence of diabetes, cardiovascular diseases (CVDs), etc. However, smart clothing is expected to gain a huge share of the revenue pie owing to its procurement by health enthusiasts, athletes, and fitness experts.
By device type, it is divided into therapeutic devices and diagnostic & monitoring devices. Therapeutic wearable devices are expected to gain revenues in the market owing to home therapy preferred by patients. The outbreak of the COVID-19 virus has forced people to resort to these devices for effective management.
The report also highlights key application areas of wearable medical devices, which include remote patient monitoring, sports academies and fitness, and home healthcare. The wearable medical devices market major distribution channels for wearable medical devices discussed in the report include pharmacies, online channel, and hypermarkets.
Wearable medical devices market Regional Analysis
The Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) are regions considered for the global wearable medical devices market report.
The Americas is poised to lead the market till the end of the forecast period owing to its need by patients suffering from chronic ailments, obese patients, and diabetics. Adoption of latest wearables by patients and presence of an operational platform replete with virtual assistants can fuel the regional market growth.
APAC is touted to display the fastest growth rate during the forecast period due to a large patient pool and latent potential for new medical devices. Development of supportive infrastructure, high number of cases caused by lifestyle diseases, and reimbursement schemes can bolster the demand for wearables in the regional market.
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Wearable medical devices market Competition Outlook
Motorola Solutions Inc., Medtronic PLC, Philips, Qualcomm Inc., Apple Inc., Sony Corporation, NIKE INC., Boston Scientific Corporation, Fitbit Inc., Omron Corporation, Honeywell International Inc., and LG Electronics Inc. are prominent names operational in the global wearable medical devices market.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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