Wearable Medical Device Market: 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) – Global Forecast till 2023
Wearable Medical Devices Market Scope
The Global Wearable Medical Devices Market size was valued at USD 7,859.4 million in 2017 and is forecasted to reach USD 27,255.6 million by 2023. The developed countries are frontrunners in the adoption of advanced technology solutions and continuous innovation in these technologies can influence the market demand. These devices have demonstrated efficacy in the management of chronic diseases of 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. Patient awareness pertaining to healthcare devices and the high healthcare expenditure across developed countries can bolster the wearable medical devices market growth. Rise of lifestyle diseases, cost-effectiveness of devices, and the connected healthcare ecosystem are factors predicted to spur the demand of wearables.
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On the contrary, the low adoption and awareness rate of wearable medical devices in underdeveloped regions of the world, partly because of low healthcare penetration and poor economic conditions can hamper the market growth. In addition, concerns relating to privacy and cybercrime can also pose a challenge to the global wearables medical market.
Wearable medical devices are electronic devices capable of measuring various metrics on the human body without doctor intervention. They have attracted mainstream attention via smartwatches. Insurance companies and healthcare organizations are pondering the benefits of wearables to patients in the long run. The global Wearable Medical Devices Market report by Market Research Future (MRFR) highlights the developments around the technology and applications in the medical sector as well as several factors and challenges to be faced by key market leaders for the period of 2017 to 2023 (forecast period).
Wearable Medical Devices Market Segmentation
The Wearable medical devices market has been assessed under type, device type, application, and distribution channel. By type, wearable medical devices such as smart clothing, activity monitors, smart watches, and patches were considered for market sizing. The scope of the discussion also covers therapeutic devices and diagnostic & monitoring devices. The report also highlights key application areas of wearable medical devices, which include remote patient monitoring, sports academies and fitness, and home healthcare. The Wearable Medical Devices Market major distribution channels for wearable medical devices discussed in the report include pharmacies, hypermarkets, and online channel.
Wearable Medical Devices Market Regional Analysis
The Americas, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe are major regions covered in the global wearable medical devices market report.
The Americas dominate the global wearable devices market on account of the increasing cases of obese and diabetic population in the region and the need to monitor their metrics closely. Moreover, the penetration of smart medical devices in the region made possible by the need for affordable healthcare can drive the North America Wearable Medical Devices Market.
Europe is the second most significant wearable devices market. Increasing health awareness, the prevalence of chronic diseases and high healthcare expenditure are factors fostering the growth of the Europe wearables medical and health market.
The APAC wearable devices market is expanding rapidly and is driven by a booming population, increasing healthcare expenditure and growing penetration of smart wearable devices in the region, especially in the emerging economies of the region.
Wearable Medical Devices Market Competitive Outlook
Fitbit Inc., Motorola Solutions Inc., LG Electronics Inc., Honeywell International Inc., Medtronic PLC, Qualcomm Inc., Sony Corporation, NIKE INC., Omron Corporation, Philips, Apple Inc., and Boston Scientific Corporation are prominent players of the global Wearable Medical Devices Market.
Wearable Medical Device Industry News
Alpha-Stim, the wearable electrotherapy device by Electromedical Products International, has been approved by the U.S. FDA for alleviating anxiety, depression, and chronic & acute pain without side-effects.
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