Wearable Medical Device Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019-2025
Global Wearable Medical
Device Market is anticipated to reach market valuation of US$ 25,101.5 Million
by 2025 displaying reasonable CAGR of 18.29% over the forecast period
(2019-2025). Wearable
medical devices are deployed for the monitoring of patients at both personal as
well as medical level. The technology revolves around the miniaturization of
electronic devices in order to make them wearable and reliable. The market of
wearable medical device market is anticipated to grow enormously owing to the factors such as
rising old age population and old age-related diseases, increasing penetration
of smartphones and growing number of smartphone-based healthcare apps
compatible with wearable devices. Growing preference for wireless connectivity
among healthcare providers and increasing focus on physical fitness would
further derive the overall adoption of wearable medical device. However, high cost
of wearable devices and lack of reimbursement and data security issues.
Moreover, Incorporation of AI Wearable Medical Devices Market and Increasing
demand for connected devices will act as the opportunity for further evolution
of this industry.
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“Smart Watches are projected to hold the
largest market share and will dominate the Global wearable medical device
market by 2025.”
Based on type of wearable medical device
market is bifurcated into Smartwatches, Wristband, Smart Clothing, Footwear, Eyewear, Skin
Patches and Others. Market of Smart watches is expected to grow
tremendously and is projected to dominate the market in 2025 due to the high
popularity of these devices.
“Diagnostic
& Monitoring Devices are expected to dominate the product type during the
analyzed period.”
Wearable medical device market is segmented
based on
device into diagnostic & monitoring devices and therapeutic devices. The
diagnostic & monitoring devices occupied the largest share and is expected
to maintain its dominance throughout the forecast period 2019-2025. However,
therapeutic devices are expected to show the highest growth.
“Amongst
application, Home Healthcare holds the major share in Global wearable medical
device market.”
Wearable device market holds a wide range of
application in sports & fitness, remote patient monitoring and home
healthcare. Rising
incidence of lifestyle disease will escalate the market growth and Home
Healthcare will hold the highest market share in this segment.
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“Online mode of distribution is the prominent
mode of distribution of wearable medical devices and is anticipated to
dominate Global wearable medical device market by 2025.”
Pharmacies, online channel and hypermarkets
are the major distribution channel of this technology. Online Channel are anticipated to
dominate this segment in 2025. Rising smartphone penetration and people
spending more time on internet is expected to boost the online mode of purchase
and distribution of wearable medical devices majorly in the developed and
developing countries.
“United States
represents as one of the largest markets of wearable medical device market
globally.”
For deep dive analysis of the
overall adoption of wearable medical devices, through analysis was conducted
for major region/country. Regional analysis of the
technology is conducted for North America (United States, Canada), Europe
(Germany, France, Italy, United Kingdom, Spain, Netherlands), Asia-Pacific
(China, India, Japan, Australia, South Korea) and Rest of the world. United
States is the largest adopter of technologically advanced products, hence
dominate the market for wearable medical device globally.
Competitive
Landscape-Top 10 Market Players
Fitbit, Inc., Apple, Inc.,
Xiaomi Technology Co., Ltd, Garmin International, Huawei Technologies Co. Ltd,
Philips Healthcare, Samsung Electronics Co., Ltd., Polar electro OY, Gentag
Inc., Omron corporation are some of the prominent players operating in the
Global wearable medical device market industry. These players are adopting
several growth strategies including acquisition, product launches, partnership
and business expansion to increase their market presence and benefit as first
mover advantages. The industry has also witnessed the emergence of several
start-ups in the respective domain, majorly in the European region.
Reasons to buy
(The research report presents):
- Current and future market size from 2018 to 2025 in terms of value (US$)
- Combined analysis of deep dive secondary research and input from primary research through Key Opinion Leaders of the industry
- Country level details of the overall adoption of wearable medical device market and current and future health status of the country
- A quick review of overall industry performance at a glance
- An In-depth analysis of key industry players
- A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
- Examination of industry attractiveness with the help of Porter’s Five Forces analysis and start ups
- The study comprehensively covers the market across different segments and sub-segments of the technology
- Region/country Covered: North America (United States, Canada), Europe (Germany, France, Italy, United Kingdom, Spain, Netherlands), Asia-Pacific (China, India, Japan, Australia, South Korea) and Rest of the world
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have your own business need, hence we also provide fully customized solutions
to clients. The Global Wearable
Medical Device Market can be customized to country level or any other
market segment.
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Labels: Healthcare, WEARABLE MEDICAL DEVICE MARKET, Wearable Medical Devices Market
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