The global Wearable Medical Device Market is presumed to garner USD 27,255.6 during the forecast period (2015-2023). The market is considered to expand at 23 % CAGR owing to the continuous technological advancements, asserts Market Research Future (MRFR). Wearable medical devices are referred to as handheld monitoring tools which are used monitor and identify diseases. Advances in the healthcare sector have boosted the expansion of the market during the review period.
Drivers and Constraints Impacting the Market
With the advancement in the healthcare sector along with progressive innovation in the technology sector, the global market for wearable medical devices has propelled during the assessment period. Growing awareness among the patients regarding healthcare technologies is further boosting the market across the globe. Factors such as cost-effectiveness of the devices, continuous increase in the lifestyle diseases, and growing connected healthcare applications have spurred the growth of the market. Moreover, increasing penetration of smartphones and growing use of smartphone-based applications are projected to encourage the market growth.
On the flip side, patient data theft and growing incidences of cybercrime are some of the major factors considered to impede the market growth in the coming years. Moreover, wearable medical devices are facing challenges in offering cost-effective monitoring to patients suffering from chronic diseases such as blood diseases and cancer.
The major players operating the global market are Motorola Solutions Inc., Medtronic PLC, Omron Corporation, Qualcomm Inc., Fitbit Inc., Honeywell International Inc., LG Electronics Inc., Boston Scientific Corporation, Apple Inc., Sony Corporation, Philips, NIKE INC., and others.
Global Wearable Medical Device Market: Segmental Analysis
The global wearable medical device market has been segmented on the basis of type, device type, application, distribution channel, and region.
By mode of type, the global wearable medical device market has been segmented into smart clothing, patches, smart watches, activity monitors, and others. Among these, the activity monitors segment is presumed to account for the largest market share owing to the increasing adoption of sedentary and unhealthy lifestyles, growing awareness of health and fitness, and growing prevalence of lifestyle diseases.
By mode of device type, the global wearable medical device market has been segmented into therapeutic devices and diagnostic & monitoring devices.
By mode of application, the global wearable medical device market has been segmented into sports academies and fitness, home health care, remote patient monitoring, and others. Among these, the sports and fitness segment is presumed to register the highest CAGR during the review period owing to the growing focus on physical fitness among people to improve the quality of life and rising trend of tracking health progress.
By mode of distribution channel, the global wearable medical device market has been segmented into online channel, pharmacies, hypermarkets, and others.
Geographically, the wearable medical device market span across regions namely, Europe, Asia Pacific, America, and the Rest-of-the-World (RoW).
Among all the regions, the American region is anticipated to dominate the global wearable medical devices and is estimated to maintain its dominance during the forecast period. The growth is attributed to the growing incidence of obese and diabetic population in this region. Countries such as the U.S. and Canada are the major countries driving the market in this region.
Europe is considered to hold the second position in the global market due to the growing awareness health and physical fitness with high expenditure on healthcare. Also, with the increasing prevalence of chronic diseases, the market is likely to augment in this region.
Asia Pacific is considered to be the most rapidly emerging region globally due to the presence of huge population and increasing prevalence of lifestyle and cardiac diseases. Moreover, production facilities in China and India emerging rapidly, thereby adding to the development of the market.
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