Wearable Medical Devices Market Analysis
The global wearable medical devices market size is anticipated to touch USD 27,255.6 million at a whopping 23% CAGR by 2023, as per the recent analysis by Market Research Future (MRFR). Wearable medical devices, simply put, are devices that help in disease and patient management. It has extensive applications in home healthcare, sports academies and fitness, and remote patient monitoring. Various factors are propelling the global wearable medical devices market growth.
According to the new MRFR analysis, such factors include huge patient population, high healthcare expenditures, rising prevalence of lifestyle diseases, increasing dependency on fitness devices, demand for connected healthcare applications, and collaborations & partnerships among big players.
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Additional factors adding medical wearables market growth include the rising awareness of health and fitness lifestyles, cost-containment in the healthcare delivery, penetration of 3G & 4G networks to offer uninterrupted healthcare services, increasing use of Smartphones, rise in healthcare apps that are smart-phone based, demand for home healthcare, and growing adoption of 5G and AI. Besides, the development of a wearable tracker that can fast detect COVID-19 is also adding medical wearables market growth. On the contrary, theft and data hacking that hampers the personal data security may impede the global wearable medical devices market growth over the forecast period.
Wearable Medical Devices Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global wearable medical devices market based on type, distribution channel, device type, and application.
By application, the wearable medical devices market has been segmented into home healthcare, sports academies and fitness, and remote patient monitoring. Of these, the home healthcare segment will lead the medical wearables market during the forecast period.
Based on device type, the wearable medical devices market has been segmented into therapeutic wearable medical devices, and diagnostic & monitoring devices. The diagnostic & monitoring devices are further segmented into fetal & obstetric devices, sleep monitoring devices, glucose monitoring devices, neuromonitoring devices, and vital sign monitoring devices. The therapeutic devices are further segmented into insulin pumps, respiratory therapy devices, pain management devices, and rehabilitation devices. Of these, therapeutic devices will dominate the market over the forecast period.
By type, the wearable medical devices market has been segmented into patches, smart clothing, activity monitors, and smartwatches. Of these, the activity monitors will have a major share in the medical wearables market over the forecast period.
By distribution channel, the wearable medical devices market has been segmented into hypermarkets, pharmacies, and online channels. Of these, pharmacies will spearhead the medical wearables market over the forecast period.
Wearable Medical Devices Market Regional Analysis
Based on the region, the global wearable medical devices market report covers the recent trends & growth opportunities across the Americas, Europe, the Asia Pacific, & the Rest of the World (RoW). Of these, the Americas will command the largest share in the market over the forecast period. The rising prevalence of diabetic and obese population coupled with the presence of several top manufacturers is adding to the global wearable device market growth in the region. Canada & the US have a maximum share in the region.
The global wearable medical device market in Europe is predicted to hold the second-largest medical wearables market share over the forecast period. Intensifying cases of chronic diseases, increasing spending on healthcare, and rising awareness about health & physical fitness are adding to the global wearable medical device market growth in the region.
The global wearable medical devices market in the APAC region is predicted to grow at a fast pace over the forecast period. Rising prevalence of lifestyle and cardiac diseases, huge opportunities for the development of the market, and a huge population base are adding to the global medical wearables market growth in the region. India & China hold a maximum share in this region for the rapidly developing production facilities in the medical devices business.
The global medical wearables market in the RoW is predicted to have sound growth over the forecast period.
Wearable Medical Devices Market Key Players
Leading players profiled in the global medical wearables market report include Sony Corporation, Motorola Solutions Inc., LG Electronics Inc., Qualcomm Inc., Medtronic PLC, Apple Inc., Philips, Fitbit Inc., Omron Corporation, NIKE INC., Boston Scientific Corporation, and Honeywell International Inc.
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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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