Wearable Medical Devices Market Overview
The global wearable medical devices market was valued USD 7859 Million and anticipated to generate more than USD 27,200 Million during the assessment period. The wearable medical devices market is projected to grow at the fastest pace during the forecast period due to the growing occurrence of lifestyle diseases, colossal population, and supportive government initiatives in the region.
The global Wearable Medical Device industry is driving due to the increasing lifestyle diseases worldwide. However, the low awareness about smart technology can hamper the growth of the global market in the forecast period.
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Wearable Medical Devices Market Segmentation
The wearable medical devices market report states that the current market has been segmented based on the types, applications, distribution channels, and device type.
Based on the types segment, the market for Wearable Medical devices has been classified into activity monitors, smart clothing, smartwatches, and patches. Among these, the smartwatches segment is predicted to generate a larger market share during the forecast timeframe. Nowadays, smartwatches are very popular among demography as it monitors several fitness parameters such as calories burned, distance walked and footstep count. On the basis of application segment, the wearable medical devices market has been categorized into sports academies and fitness, home healthcare and remote patient monitoring. Out of all, remote patient monitoring is anticipated to dominate the global market in the review timeframe.
The wearable medical device industry has been segmented into pharmacies, hypermarkets, and online channels in terms of distribution channels. Among these, the online channel is projected to dominate the market as consumers are becoming more tech-savvy. In terms of the device types segment, the market for Wearable Medical devices has been segregated into diagnostic & monitoring devices and therapeutic devices. Of these, the therapeutics device is projected to dominate the global market during the research period. In general, therapeutic devices include insulin management devices, wearable asthma monitoring devices or intelligent asthma management devices and wearable pain reliever devices.
Wearable Medical Devices Market Regional Analysis
Geographically, the wearable medical devices market has been distributed into different locations such as America, Asia Pacific, Europe and the rest of the world.
Of these, the American market for Wearable Medical devices is projected to generate the highest revenue during the research period. This regional market is expanding as the cases of diabetes and obesity are escalating in this region. Moreover, consistent growth has been observed in the market share with the support of two performing markets such as Canada and the US. Apart from these, this region consists of bigger manufacturers who are developing advanced wearable medical sensors. In addition, the regional market growth is fuelling due to the increasing prevalence of cardiovascular diseases and cancer that needs routine monitoring of health.
Wearable Medical Devices Market Competitive Analysis
The global wearable medical devices market prominent players include
- Motorola Solutions Inc.
- Medtronic PLC
- Fitbit Inc.
- Qualcomm Inc.
- Apple Inc.
- Sony Corporation
- LG Electronics Inc.
- Honeywell International Inc.
- Omron Corporation
- Boston Scientific Corporation.
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Fitbit recently launched Fitbit OS 5.1. with its updated software. It has replaced Amazon’s Alexa and acquired the Google Assistant feature as the voice assistant. This smart option has made it easier for the users to receive calls with the smartwatch as well as they can access the health information and text messages.
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