Wearable Medical Device Market: 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 have grown phenomenally over the years in terms of their usage. They screen biological data, typically with wireless or remote communication, as part of any wearable item that can be affixed to the body. These devices which have biosensors, support the management and treatment of several chronic diseases such as respiration, blood oxygen level, heart rate, and body fat to name a few. A large number of the wearable medical devices until now have been widely focused on the area of activity and exercise. The market is estimated to achieve revenues worth USD 27,255.6 Million by 2023 as compared to USD 7859.4 Million in 2017. Furthermore, the market is forecasted to develop with a CAGR of 23 percent approximately in the forecast period.
The wearable medical device market is a stable market presently and comprises of the manufacture of numerous types of fitness trackers, wearable patch, and clothes. Many principal companies in the market are focusing on the European and Americas markets due to huge patient populations, well-established markets, and high healthcare expenditures. The scope of growth in the wearable medical device market is enormous and rapidly developing globally. Moreover, the market is also fuelled by other factors such as growing occurrence of lifestyle diseases, intensifying implementation of wearable medical devices, rising dependency on fitness devices to accomplish day to day activities that are motivating the market’s demand in the forecast period. Among the opportunities available for the development of the wearable medical devices market is the growing demand for connected healthcare applications owing to cost effectiveness and its ability to reach patients in emerging countries effectively is expected to intensify the pace of development of the market. However, the progress of the wearable medical devices market is reliant on extensive network coverage and access to mobile devices.
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Furthermore, the partnerships and collaborations among big players are contributing in a major way to the development of the market. This scenario is also foreseen as an excellent opening for new entrants in this market. The wearable medical devices are foreseen to have a great level of impact on medical delivery systems and consumer healthcare in the very near future, which will enhance the market’s growth pace throughout the forecast period.
The segmentation of the market is carried out on on the basis of application, device type, distribution channel, and type. The application areas for the wearable medical device market is segmented into remote patient monitoring, sports academies and fitness, and home healthcare. On the device type, wearable medical device market segments comprise of diagnostic & monitoring devices, therapeutic devices. Diagnostic & monitoring devices are additionally segmented into vital sign monitoring devices, neuromonitoring devices, glucose monitoring devices, sleep monitoring devices and fetal monitoring & obstetric devices. While, therapeutic devices are further segmented into rehabilitation devices, pain management devices, respiratory therapy devices and insulin pumps. On the basis of type, the market is segmented into smart watches, activity monitors, smart clothing, and patches. On the basis of the distribution channel, the wearable medical device market is segmented into online channel, pharmacies, and hypermarkets.
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Detailed Regional Analysis
The region wise analysis of the wearable medical device market covers regions such as Europe, APAC, Americas and rest of the world. The Americas controls the wearable medical device market due to the incidence of vast obese and diabetic population. The nations such as the U.S. and Canada are the foremost nations in the North America wearable medical device market. The presence of many manufacturers present in these countries has created a balance between the supply and demand. The European region is the next leading region in the wearable medical device market globally. Growing awareness of health and physical fitness with rising spending on healthcare, intensifying incidences of chronic diseases are some of the factor responsible for the development of the market. The Asia Pacific is the fastest developing region in the wearable medical devices market globally. The existence of an enormous population base, enormous opportunities for development of the market, increasing occurrence of cardiac and lifestyle diseases are among the chief driving factors for the Asia Pacific market. Moreover, production facilities in India and China and are developing rapidly in the medical devices business thereby adding to the overall development of the market.
Honeywell International Inc., Boston Scientific Corporation, NIKE INC., Omron Corporation, Fitbit Inc., Philips, Apple Inc., Medtronic PLC, Qualcomm Inc., LG Electronics Inc., Motorola Solutions Inc., and Sony Corporation are some of the important players profiled in the report. The market does not strictly display monopoly or duopoly but is equally divided among the top fitness devices & wearable device manufacturing businesses. These companies have implemented the strategy of product introductions and acquisitions to capture the market. The strategies implemented by the players in this market comprise of constant innovation and expansion of new and better products to win over their opponents and survive in this big market.
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