Wearable Medical Devices Market to Grow rapidly During the Forecast Period 2025
Wearable medical devices are handheld monitoring tools used in identification and monitoring of disease. Due to the Increase in chronic diseases, patients are opting home healthcare as a cost effective and efficient way of treatment, rather than hospital services. Medical device market accounted for $240 billion in 2013. However, increase in incidence of chronic diseases restricts the growth of wearable medical device market. Neurological diseases in people have increased to 7.2% in urban areas, causing hurdles for monitoring through wearable medical devices.
Wearable medical devices are facing challenges in providing cost effective monitoring to patients suffering from chronic disease such as Cancer and other blood diseases. This report focuses on different segments, current trends available in the market and provides forecasted intelligence about future market growth. The forecasted market growth in this report is from 2013-2020.
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The global wearable medical devices market has been segmented based on device, product type, application, distribution channel, and region. In terms of device, the global market has been classified into diagnostic and monitoring devices and therapeutic devices. The diagnostic and monitoring devices segment has been further sub-segmented into vital signs monitoring devices, glucose monitoring devices, sleep monitoring devices, fetal monitoring & obstetric devices, and neuromonitoring devices. The therapeutic devices segment has been further sub-segmented into pain management devices, rehabilitation devices, insulin pumps, and respiratory therapy devices. Based on product type, the wearable medical devices market has been categorized into smart watches, activity monitors, patches, and smart clothing. The application segment has been bifurcated into sports & fitness, home healthcare, and remote patient monitoring. Based on distribution channel, the market has been classified into online channels, pharmacies, and hypermarkets. Based on region, the global market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The global wearable medical devices market has been segmented as below:
Global Wearable Medical Devices Market, by Device
Diagnostic and Monitoring Devices
Vital Signs Monitoring Devices
Glucose Monitoring Devices
Sleep Monitoring Devices
Fetal Monitoring & Obstetric Devices
Neuromonitoring Devices
Therapeutic Devices
Pain Management Devices
Rehabilitation Devices
Insulin Pumps
Respiratory Therapy Devices
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Global Wearable Medical Devices Market, by Product Type
Smart Watches
Activity Monitors
Patches
Smart Clothing
Global Wearable Medical Devices Market, by Application
Sports & Fitness
Home Healthcare
Remote Patient Monitoring
Global Wearable Medical Devices Market, by Distribution Channel
Online Channels
Pharmacies
Hypermarkets
Countries in Asia Pacific, such as China, Japan, and India, have a large diabetic population. Companies such as Pancreum and Omnipod can target this population base to expand their market share. According to major studies conducted across the globe, people in Asia are at a higher risk of suffering from Type II diabetes. The diabetic population is expected to increase consistently in the next few decades. According to the International Diabetes Federation (IDF), more than 382 million people across the globe, currently, suffer from diabetes. Thus, the high prevalence of diabetes and improvement in economic conditions are anticipated to propel the wearable devices market in Asia Pacific.
Major players operating in the global wearable medical devices market include Xiaomi Technology Co., Ltd, Samsung Electronics Co. Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., Huawei Technologies Co., Ltd., Polar Electro, OMRON Corporation, Activinsights Ltd., and VitalConnect. Increase in mergers & acquisitions, new product development, and strategic collaborations between major companies and governing authorities are expected to drive the global market during the forecast period.
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