Market Research Future (MRFR), an eminent research firm in its recently published study report asserts that the global Wearable Medical Device Market Share will reach over USD 27,200 MN by 2023 registering a fabulous CAGR throughout the forecast period (2018-2023). In 2018, the market had valued at USD 7859.4 MN, which means the market will grow over three-fold in just five years.
Moreover, factors such as the increasing focus on fitness among individuals and awareness about the healthy lifestyle and the significant growth in home healthcare are pushing up the demand for these devices. Furthermore, the miniaturization of diagnostic wearable devices is one of the major emerging trends contributing to the Wearable Medical Device Market ShareNevertheless, efforts that the regulatory board is taking additional steps to encourage better cybersecurity in the medical devices are expected to support the growth of the market over the forecast period. 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.
· Boston Scientific Corporation
· Medtronic PLC
· Omron Corporation
· Fitbit Inc
· Apple Inc
· Honeywell International Inc
· Qualcomm Inc
· LG Electronics Inc
Global Wearable Medical Device Market – Segments
By Type : Activity Monitors, Smart Watches, Smart Clothing, and Patches among others.
Device Type : Diagnostic & Monitoring Devices (Vital Sign Monitoring Devices, Glucose Monitoring Devices, Neuromonitoring Devices, Sleep Monitoring Devices, Fetal Monitoring & Obstetric Devices, and others), and Therapeutic Devices (Pain Management Devices, Rehabilitation Devices, Respiratory Therapy Devices, and Insulin Pumps, others)
By Distribution Channel: Pharmacies, Online Channel, and Hypermarkets among others.
By Regions : Asia Pacific,North America, Europe, and the Rest-of-the-World.
By Application : Sports Academies and Fitness, Remote Patient Monitoring, and Home
Healthcare among others.
Global Wearable Medical Device Market – Regional Analysis
The North American region is expected to retain its dominance over the global wearable medical device market, heading with the presence of a large number of key players. The region is a hub for technological growth and hence, has improved access to technology that allows North America to have an upper hand in the market. Additionally, the availability to develop advanced technologies alongside the presence of well-established infrastructure that allows a suitable environment for the development and early implementation of these advanced technologies helps increase the size of the market to an extent. Also, increasing governmental support for R&D activities is some of the factors propelling the growth in the regional market.
The wearable medical device market in the European region is emerging as a lucrative market, holding the second position, globally. The market is growing due to the high per capita income and robust healthcare penetration in the region.
Moreover, additional factors such as the increased funding and the support from the public & private sectors for R&D activities and the resurging economy in the region that is playing a vital role in increasing consumers purchasing power are providing impetus to the growth of the regional market. Germany with its flourishing medical devices market dominates the regional market whereas, the UK wearable medical device market accounts for the second-largest market in the region.