Wearable Medical Devices Market Overview
According to Market Research Future (MRFR), the global wearable medical devices market is anticipated to acquire a market value of USD 27,200 million while thriving at a CAGR of 23% by 2023. The outbreak of COVID-19 is likely to benefit the market which can result in a rise in demand for devices such as; oximeter and others.
The growing prevalence of home healthcare is anticipated to positively influence the wearable devices market growth during the assessment tenure. The rising chronic diseases with surging mortality rates are likely to give the medical wearable device companies a lucrative opportunity to boost their trade in the coming period. In addition, the increasing focus on fitness is anticipated to enhance the demand for wearable fitness trackers; such as smart bands and smartwatches, which is likely to augment the market significantly.
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On the flip side, the concerns regarding patient data theft are projected to obstruct the market progress during the assessment period. However, the growing need for remote patient monitoring is likely to enhance the demand for effective medical wearable technology that can favor the industry in the assessment period.
Wearable Medical Devices Market Segmentation
The segmental evaluation of the global wearable medical devices market is done by the application, type, device type, and distribution channel.
The application-based segments of the global wearable medical devices market are sports academies and fitness, remote patient monitoring, and home healthcare.
The type-based segments of the global wearable medical devices market are smartwatches, activity monitors, smart clothing, and patches.
The device type-based segments of the global wearable medical devices market are diagnostic & monitoring devices, therapeutic devices. The Diagnostic & monitoring devices segment is sub-segmented into vital sign neuromonitoring devices, fetal monitoring & obstetric devices, sleep monitoring devices, and glucose monitoring devices. The therapeutic devices segment is segmented into rehabilitation devices, pain management devices, respiratory therapy devices, and insulin pumps.
The distribution channel-based segments of the global wearable medical devices market are online channels, pharmacies, and hypermarkets.
Wearable Medical Devices Market Regional Analysis
The region-based assessment of the wearable medical devices market is done across key regions; the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is expected to lead the global market due to the growing demand for efficient medical devices owing to the increasing incidence of the diabetic population. The presence of eminent players is anticipated to drive the regional wearable medical devices market significantly. Honeywell International Inc. is expected to boost the regional wearable medical devices market by accelerating the production of protective equipment and ventilator filters during COVID-19.
Europe is predicted to acquire a second position owing to the growing consciousness towards health and physical fitness. The augmenting expenditure on medication is likely to augment the market, additionally during the forecast period.
APAC is recognized as the fastest-growing wearable medical devices market, owing to a large consumer base, which is likely to result in a plethora of opportunities that can grow the regional market. The increasing incidences of cardiac illness are anticipated to grow the regional market. Furthermore, the outbreak of COVID-19 is predicted to boost trade in the assessment period.
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The Middle East region is anticipated to procure the smallest wearable medical devices market share during the projection period due to its dearth of expertise and underdeveloped healthcare infrastructure.
Wearable Medical Devices Market Key Players
Boston Scientific Corporation, Motorola Solutions Inc., Honeywell International Inc., NIKE INC., Fitbit Inc., Omron Corporation, Philips, Apple Inc., Qualcomm Inc., Medtronic PLC, LG Electronics Inc., and Sony Corporation are some of the eminent wearable medical devices market players profiled by MRFR.
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