Wearable Medical Devices Market Overview
The global Wearable Medical Devices Market, according to the analysis by Market Research Future (MRFR), is slated to reach a substantial market valuation of USD 27.25 billion at a striking CAGR of 23% over the review period. Constant advances in healthcare technology have led to the expansion of wearable medical devices which can perform numerous medicinal functions. Such devices have gained considerable traction in recent years, especially in developed countries where expenditure on health care is comparatively greater.
Furthermore, enhanced patient awareness concerning new healthcare innovations has reflected favorably on the global demand for a wearable medical device. Factors such as the steady increase in chronic diseases, the cost-effectiveness of these devices and the increase in connected healthcare applications also contribute to wearable medical devices market growth. On the other hand, the increased prevalence of cyber-attacks and theft of patient data is likely to generate major concerns for device developers over the review period.
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Wearable Medical Devices Market Segmental Analysis
The global wearable medical devices market has been segmented on the basis of type, device type, application, and distribution channel.
By types the devices available in the wearable medical devices market are activity monitors, smart clothing, smartwatches, and patches. Owing to their extensive use to monitor lifestyle diseases such as diabetes, activity monitors have the largest share. However, the smart clothing segment is claimed to be witnessing the highest CAGR as the awareness for sports and fitness-based tracking needs regarding fitness trackers.
The types of devices available in the wearable medical devices market are diagnostic & monitoring devices and therapeutic devices. The segment of diagnostic and monitoring devices is likely to hold the largest share because of the growing use of these devices and the increasing prevalence of lifestyle diseases. In the meantime, therapeutic devices are gaining traction over the assessment period due to the increasing demand for effective treatment options.
By applications the wearable medical devices market segmented into remote patient monitoring, fitness, sports academies, and home healthcare. The segment Sports & Fitness holds the largest share in the global market. Due to the growing usage of wearables by the geriatric population in homecare centers, the home healthcare segment is expected to grow substantially over the forecast period.
The distribution channels accessed by the wearable medical devices market players are online channels, pharmacies, and hypermarkets. Over the assessment period pharmacies are likely to hold the leading market share. The online distribution channel, however, is projected to see growth during the forecast period.
Wearable Medical Devices Market Regional Analysis
The wearable medical devices market has been studied in the Americas, the Asia Pacific, Europe, and the rest of the world.
Because of the presence of an obese diabetic and obese population, the Americas represents the most significant regional market. In addition, there is a high concentration of market players in the region and it is also expected that higher adoption of advanced healthcare technology will drive wearable medical devices market growth over the review period.
Asia-Pacific is set to grow as the fastest-growing region on the global wearable medical devices market for wearable medical devices. The presence of a vast population over the assessment period and noteworthy opportunities for market growth in the region. In addition, increased urbanization in the region has led to a gradual increase in the prevalence of lifestyle and chronic diseases, thus the demand for wearable medical devices will increase in the coming years.
Wearable Medical Devices Market Competitive Analysis
The wearable medical devices market key players identified by MRFR include Boston Scientific Corporation, Apple Inc., Fitbit Inc, Philips, Qualcomm Inc., Honeywell International Inc., Omron Corporation, and Medtronic PLC. Other notable players in the market are Nike Inc., Sony Corporation, Motorola Solutions Inc., and LG Electronics.
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