Wearable Medical Device Market Size, Share, Growth Drivers, Investment Opportunities, Strategic Assessment, Trend

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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 Synopsis

The global wearable medical device market is expanding, increasing from its value of USD 7859.4 Mn in 2017 to more than USD 27,200 Mn by the end of 2023, reports Market Research Future (MRFR). It will be surging at a phenomenal growth rate throughout the forecast period (2018-2023).

Drivers and Restraints

Elevating demand for technologically advanced wearable medical devices, in addition to growing awareness about physical fitness, advent of smartphone linked healthcare applications and augmented demand for wireless connectivity in the healthcare industry has propelled the overall industry of wearable medical device. Also, continuous growth of remote patient monitoring as well as home healthcare is expected to positively influence the wearable medical devices market in the coming years. 

Moreover, increasing competition and rapid technological advancement have resulted in the rising demand for innovative devices. Introduction of advanced products like fitness bands, wrist bands, smart watches, and glucose monitoring applications are of significant importance for the growth of the market. Additionally, the shifting trend from traditional to wearable devices due to the growing digitization and rising tech savvy population is expected to spur the demand for the market.

Having said that, issues like data security privacy could be challenging factors in the market growth. however, the rising prevalence of lifestyle diseases like hypertension, diabetes, and obesity are bolstering the demand for round-the-clock monitoring of many physiological factors like calorie intake, blood sugar levels, and blood pressure monitoring. Therefore, facilitating the integration of healthcare data with portable products, further forwarding to the physicians for having real-time access to data and reduce errors, thus boosting the industry demand.

Wearable Medical Device Market Segmentation

The global wearable medical device market is segmented on the basis of type, device type, application and distribution channel.

Depending on the type, the market is segmented into activity monitors, smart watches, smart clothing and patches.

Device type-based segments in the global market are diagnostic monitoring devices and therapeutic devices. The diagnostic monitoring devices are categorized as vital sign monitoring devices, glucose monitoring devices, neuromonitoring devices, sleep monitoring devices and fetal monitoring obstetric devices. furthermore, the therapeutic devices are sub-segmented into pain management devices, rehabilitation devices, respiratory therapy devices, and insulin pumps.

Application-wise, the global wearable medical device market caters to sports academies and fitness, remote patient monitoring and home healthcar.

The various distribution channels in the global wearable device market are pharmacies, online channel and hypermarkets. 

Wearable Medical Device Market Regional Analysis

Region-wise, the wearable medical device market is spread across the main regions of Europe, Americas, Asia Pacific, and the Rest-of-the-World (RoW).

At the global level, the Americas region is expected to lead the global wearable medical devices market, predicted to maintain its leading position throughout the forecast period. The market growth results from the growing incidence of obese as well as the diabetic population in the region. Countries like the United States (U.S) and Canada are the prominent countries contributing massively to the market growth in the region.

Europe managed to grab the second position in the global wearable medical device market on account of the increasing awareness about health and physical fitness with high spending on healthcare. In addition, with the growing prevalence of chronic diseases, the market is most likely to gain major traction in the region.

However, it is the region of Asia Pacific that is considered to be the most steadily emerging region at a global platform, owing to the presence of huge population and elevating prevalence of lifestyle and cardiac diseases. Furthermore, production facilities in India and China are emerging rapidly, which subsequently adds to the development of the market in the region.

Wearable Medical Device Industry Players

Companies like Motorola Solutions Inc., Medtronic PLC, Fitbit Inc., Philips, Apple Inc., Qualcomm Inc., Honeywell International Inc., Boston Scientific Corporation, LG Electronics Inc., Omron Corporation, NIKE INC., and Sony Corporation are at the forefront of the global wearable medical device market.

Browse Full Report with TOC at: https://www.marketresearchfuture.com/reports/wearable-medical-device-market-899

Industry News

December 2018 – Omron, blood pressure monitor manufacturer, has recently received FDA clearance for its HeartGuide wearable blood pressure monitor, leading to the pre-sales of the device. Omron’s HeartGuide smartwatch is a device that helps measure blood pressure via the oscillometric method with the help of an inflatable cuff which is part of the watch band.