Market Research Future (MRFR) has thoroughly analyzed the trends and patterns governing the global wearable medical devices market over the forecast period of 2015-2023 in an extensive study. As per the analysis of MRFR, the wearable medical device market is likely to attain a valuation of USD 27.25 Bn at a stellar CAGR of 23% by the end of 2023.
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Various factors have been instrumental in shaping the growth of the wearable medical devices market, the proliferation of smart connected devices being a key one. The developed countries, in particular, are frontrunners in the adoption of advanced technology solutions where the awareness level of such products is also elevated. These devices have demonstrated their efficacy in the management of various chronic diseases such as diabetes, asthma, and heart diseases, the occurrence of which is soaring across the globe. Wearable medical devices have gained significant traction in monitoring various health parameters such as heart rate, blood oxygen level, body fat, and respiration. Cost benefits associated with such devices along with increased spending capacity of consumers across the globe is fostering the growth of the wearable medical devices market.
On the contrary, the adoption and awareness of wearable medical devices are considerably low in underdeveloped regions of the world, partly because of low healthcare penetration and poor economic conditions. In addition, escalating concerns relating to privacy and cybercrime associated with wearable medical devices is estimated to impede the growth of the market.
Leading players profiled in the wearable medical device market include
- Sony Corporation
- Boston Scientific Corporation
- Motorola Solutions
MRFR report offers a complete segmental analysis of the wearable medical device market on the basis of type, device, application, and distribution channel.
Based on type, the wearable medical device market is segmented into activity monitors, smart watches, patches, smart clothing and others. Of these, activity monitors will dominate the market over the predicted years due to increasing incidences of lifestyle diseases, increasing awareness of health and fitness, and growing adoption of unhealthy and sedentary lifestyles.
Based on device, the wearable medical device market is segmented into diagnostic and monitoring devices and therapeutic devices. Of these, diagnostic and monitoring will lead the market over the predicted years.
Based on application, it is segmented into remote patient monitoring, home health care, sports academies and fitness and others. Of these, sports academies and fitness will dominate the wearable medical device market due to increasing focus on physical fitness to augment the quality of life coupled with increasing trend to track health progress.
Based on distribution channel, the wearable medical device market is segmented into hypermarkets, pharmacies, online channel and others.
Detailed Regional Analysis
By region, the wearable medical device market covers growth opportunities and latest trends across Europe, Asia Pacific, Americas and Rest of the World. Of these, Americas will command the wearable medical device market over the predicted years owing to rising cases of diabetes and obesity here.
Canada and the US are the key contributors here. Europe will garner the second position owing to high healthcare expenditure, rising incidences of chronic diseases and growing awareness of physical fitness and health.
The wearable medical device market in the APAC region will grow at a rapid pace owing to rising incidence of cardiac diseases and lifestyle and huge population. Also, the production facilities in India and China are emerging rapidly which is adding to the growth of the market in this region.
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