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 Trends and Insights
The global wearable medical devices market size is expected to witness a notable CAGR of 23% during the assessment period and is expected to reach an estimated USD 27.25 billion by the end of 2023. Technology is at the forefront of the growth of the worldwide market for wearable medical devices. It is because of technology such as IoT and Data Analytics that the need for such products is immense. In addition, these devices are able to incorporate cognitive technology to help users visualize their health status. These advantages are the key factors for the success of the demand for wearable medical devices worldwide. In addition, the technology also allows users to monitor each process of the body’s wellbeing, such as pulse, blood pressure, and even measures.
Any important factors for the growth of the global wearable medical devices market for are the rise in lifestyle ailments and the usability of wearable medical devices, combined with the proliferation of smartphones. In the growth of the demand for wearable medical equipment, the penetration of smartphones around the world has benefited greatly. Push alerts or automatic phone calls are used by healthcare apps to alert patients to take their medication and attend appointments, which is good for successful treatment. As a result, caregivers are more involved as they can monitor medications, specifics of substance use and monitor their own vitals to protect their health.
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The gadgets are very pricey since the idea of wearable medical devices is in its infancy stages. They could cost anything from a few hundred dollars to thousands of dollars. This high cost of equipment will impede the growth of the global market for wearable medical devices. However, the global market is expected to retain its growth momentum with the increasing trend of customized health tracking and demand for better healthcare solutions.
Wearable Medical Devices Market Segmental Analysis
The global wearable medical devices market is segmented based on type, type of product, use, channel of distribution, and location.
The wearable medical devices market is categorized by form, including fitness sensors, smart watches, smart garments, and patches. The biggest share of the overall competition is held by behavior controllers.
The global wearable medical devices market is segmented into diagnosis & tracking devices and therapeutic devices by product type. The division of diagnostic and tracking instruments has the greatest share of the global market.
The global demand for wearable medical devices market is segmented into sports and fitness academies, remote patient tracking and home healthcare by use. The most critical share of the global demand accounts for the sports & fitness group.
The global demand for wearable medical devices market is segmented into pharmacies, online channels, and hypermarkets by distribution channels. The leading market segment is pharmacy.
Wearable Medical Devices Market Regional Overview
Due to the prevalence of a huge obese and diabetic community, the Americas, headed by the US, accounts for the most relevant regional market segment. Moreover, there is a heavy concentration of industry participants in the region and some other trends that have driven the market into a leading role in the global wearable medical devices market are the high penetration of the latest in healthcare technologies.
In the global wearable medical devices market, the Asia-Pacific region is projected to be the fastest growing geographic market. Because of the greatly unrealized capacity, the existence of an immense population base and substantial prospects for business advancement in the area are main growth factors for the region. In addition, the region’s accelerated urbanization has led to a steady increase in the prevalence of lifestyle diseases and chronic diseases, increasing the need for wearable medical devices.
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Wearable Medical Devices Market Competitive Dashboard
the major players include in wearable medical devices market report Fitbit Inc, Philips, Apple Inc., Honeywell International Inc., Qualcomm Inc., Omron Corporation, Boston Scientific Corporation, and Medtronic PLC. Other prominent players in the market include Motorola Solutions Inc., Nike Inc., Sony Corporation and LG Electronics.
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