Wearable Medical Device Market Size, Trends By 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) - Forecast till 2027
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Wearable Medical Device Market will make a jump from USD 7859.4 Mn in 2017 to over USD 27,200 Mn by 2023, suggests MRFR (Market Research Future). Wearable medical device market forecast has been presented in the report, with MRFR experts keeping a tab on all the latest developments and trends that can impact the growth scope.
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.
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.
Segmental Analysis
The segmentation of the market is carried out on based on 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.
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.
Competitive Analysis
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.
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