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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The global wearable medical device market, during the forecast period 2018 to 2023, will register growth at a CAGR of 23%. The market for wearable medical devices is set to reach US$27,200 million by 2023. As per market analysts, the global market is anticipated to witness growth owing to the factors such as rise in lifestyle diseases as well as the growing prevalence of inactive or sedentary lifestyles. However, the market for wearable medical device will face challenges and restraints due to alarming growth in cybercrimes and concerns regarding theft of patient data during the forecast period 2018 to 2023.
The wearable medical devices market has been segmented into applications, types, device types, and distribution channels. Based on the segment which is applications, the market is categorized on the basis of home healthcare, remote patient monitoring, and sports academies and fitness. The global market for wearable medical device is further segmented based on types into activity monitors, patches, smart clothing, and smart watches. Furthermore, the market, on the basis of device types is segmented into diagnostic & monitoring devices and therapeutic devices. Based on the segment which is distribution channels, the market is categorized on the basis of hypermarkets, online channels, and pharmacies.
The global wearable medical devices market research report covers all the aspects of the wearable medical device market based on the segmental analysis of these applications, types, device types, and distribution channels segments. Analysts have also studied the global wearable medical device market’s regional markets spread across many continents and countries. The applications, types, device types, and distribution channels segments along with their sub-segments have been analyzed and companies functioning in the wearable medical devices market across these segments are profiled and analyzed based on input and feedback from wearable medical device market-based decision makers as well as primary and secondary sources. The wearable medical device market research report presents analysis based information for companies functioning in the wearable medical device market.
Wearable medical device has seen increased demand over the years, due to the increase and complexity of data in the healthcare industry and focus on developing solutions to integrate AI (Artificial Intelligence) in wearable medical devices. Companies functioning in the global wearable medical devices market are also being challenged due to the rising superiority of cyber criminals and low awareness in developing countries. Mergers and acquisitions by wearable medical device industry companies are anticipated to help the market during the forecast period 2018 to 2023. As the wearable medical device market is set to register a high CAGR of 23% and is also anticipated to reach a US$27,200 million by 2023, the report highlights key areas companies need to focus on. The report suggests that the wearable medical device industry will see a healthy growth in the long run till 2023. Based on SWOT analysis and wearable medical device market’s analysis based on Porters’ Five Force Model presented in the wearable medical device industry report. Mergers and acquisitions by wearable medical devices market companies are anticipated to help the market during the forecast period 2018 to 2023.
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