Wearable Medical Device 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 Drivers and Restraints
Market Research Future (MRFR) assessed the global wearable medical devices market 2020 through the analysis period by 2023. As per MRFR analysis, the wearable device market can thrive at 23% CAGR across the analysis period. By 2023, the global wearable market value can be USD 27,255.6 Mn form USD 7859.4 Mn in 2017. COVID 19 impact analysis for the wearable medical devices market is provided along with the report.
The increase in the application of therapeutic wearable medical devices among expanding fitness-conscious people can favor the market. The presence of robust digital ecosystem that is supporting wearable medical device trends is another growth indicator of the market. The penetration of modern technologies, such as IoT and Big Data, in the healthcare domain is likely to scale-up the wearable’s medical device market size in the analysis period.
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Wearable Medical Devices Market Segment Analysis
The segment assessment of the wearable medical devices market is based on type, device type, distribution channel, and application.
The type-based segments of the wearable medical devices market are activity monitors, smart clothing, smart watches, and patches among others.
The device-type based segments of the wearable medical devices market are diagnostic & monitoring devices, vital sign monitoring devices, glucose monitoring devices, therapeutic devices, foetal monitoring & obstetric devices, sleep monitoring devices, neuro-monitoring devices, pain management devices, rehabilitation devices, respiratory therapy devices, and insulin pumps among others.
The application-based segments of the wearable medical devices market are remote patient monitoring, sports academies and fitness, and home healthcare among others.
The distribution channel-based segments of the wearable medical devices market are pharmacies, hypermarkets, and online channel. The online channel segment can churn up substantial revenue by 2023.
Wearable Medical Devices Market Regional Assessment
Trends and factors that are observed to impact the wearable medical devices market is studied for Europe, Americas, APAC, and the rest of the world. In the Americas, the wearable medical devices market expansion can be driven by rise in the adoption of fitness tracker by a vast populace of diabetic and obese population. Nations, such as; the U.S. and Canada are likely to be at the forefront of the regional market. The wearable medical devices market rise in North America can rise as the number of medical device manufacturers is observed to increase.
In Europe, the region is the next leading region in the wearable medical devices market can surge due to rise in awareness about physical fitness devices, increase in healthcare spending, and intensification of chronic diseases. In Asia Pacific, the wearable medical devices market can thrive as the large population base of chronic ailments and lifestyle diseases. Moreover, the availability of production facilities across India and Australia can favor the medical devices business market across the analysis period.
Wearable Medical Devices Market Competitive Dashboard
Honeywell International Inc., NIKE INC., Boston Scientific Corporation, Fitbit Inc., Omron Corporation, Philips, Apple Inc., LG Electronics Inc., Medtronic PLC, Qualcomm Inc., Sony Corporation, and Motorola Solutions Inc., are some renowned players operating in the wearable medical devices market that are listed by MRFR. The introduction of new fitness devices and wearable devices by top-notch players can favor the market expansion. The rise in number of medical wearable device manufacturing start-ups can support the expansion of the industry. Companies are deploying strategies that can capture the market with a larger extent through the analysis period. In addition, constant innovation and expansion of product portfolio by multiple players can win high profits, in turn, can benefit the wearable medical devices market.
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