Wearable Medical Device Market Size, Trends and Growth Analysis 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) – Global Forecast till 2023
Global Wearable Medical Device Market: Synopsis
The detailed report that has been recently published by Market Research Future (MRFR) projects that the global wearable medical devices market is marked to exhibit remarkable expansion at a CAGR of 23% during the assessment period of 2018-2023 and reach the valuation of USD 27,255.6 Mn by the end of 2023 from USD 7859.4 Mn in the year 2017. Recent advancement in technologies and increased incorporation of technologically advanced solutions in the healthcare sector are majorly impacting the growth of the global wearable medical device market.
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Development of innovative medical devices as a result of increased research and development activities and increased adoption of wearable health monitors among the fitness enthusiasts along with increasing popularity of wearable medical devices for remote monitoring of patients are also complementing the expansion of the global wearable medical device market.
Global Wearable Medical Device Market: Key Players
The prime players profiled by MRFR that are operating in the global Wearable Medical Device 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: Industry Updates
In January 2019, it has been announced that a research group of Google's Parent company alphabet Inc., Verily Life Sciences, LLC, has obtained clearance from the U.S Food and Drug Administration (FDA) for the wearable medical device that is equipped with on-demand electrocardiogram (ECG) technology.
In January 2019, a wearable medical device startup, Skylabs, has announced the results of a survey that has been conducted on 721 patients diagnosed with atrial fibrillation which states that 80 percent of the respondents have projected their interests in using wearable medical device.
In January 2019, MbientLab, a company that develops next-generation sensors and tools for the healthcare industry, has announced that it has made available its MIOTherapy (MIO) wearable technology for physical and occupational therapists.
Global Wearable Medical Device Market: Segmental Analysis
The global market for wearable medical device has been segmented on the basis of type, device type, application, and distribution channel. Based on type, the global market for wearable medical device has been segmented into smart clothing, patches, smart watches, activity monitors, and others. The activity monitors segment is marked to command for the major market share of the global wearable medical device market due to the increasing health awareness and proliferation of fitness enthusiasts in the developed and developing regions. Based on device type, the global wearable medical device market is segmented into therapeutic devices and diagnostic & monitoring devices.
Based on application, the global wearable medical device market has been segmented into sports academies and fitness, home health care, remote patient monitoring, and others. The sports academies and fitness segment is anticipated to expand at a highest CAGR during the assessment period as a result of rise in trend of physical fitness which is being adopted by the population in developing and developed regions in order to improve the quality of life and increasing emphasis of medical practitioners in tracking the health progress of their patients. Based on distribution channel, the global wearable medical device market is segmented into online channel, pharmacies, hypermarkets, and others.
Global Wearable Medical Device Market: Regional Analysis
Geographically, the global wearable medical device market has been segmented into four major regions such as the Americas, Europe, Asia Pacific and the rest of the world. The Americas dominate the global wearable medical device market with the largest market share owing to the easy adoption of technologically advanced devices in the well-developed healthcare sector, increasing availability of affordable medical devices, and increased inclination towards maintaining physical health among the population of this region. Rise in demand and growing health awareness along with the prevalence of chronic diseases are propelling the expansion of the wearable medical devices market in the Asia Pacific region during the review period.
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