Global Wearable Medical Devices market is projected to reach the market value of US$ 25,101.5 million by 2025 expanding at a skyrocketing CAGR of 18.29% during the forecast period (2019-2025). As the modern era is turning towards greater technological advancement, the invention of connected devices is changing the market scenario. Connected devices are state of the art technology that deploys the internet as a medium for connecting two devices such as a watch and a mobile phone. Mobile phone penetration is further driving the growth of these devices.
In healthcare devices such as smartwatches, wristbands, smart clothing, footwear, eyewear, skin patches, and others are sensor-laden. Smartwatch is getting much popularity as several players such as Apple, Huawei, and Garmin among others are launching them. These watches come with additional features such as measuring heart rate and blood pressure among others other than just telling time. The market of smartwatches is expected to grow enormously and is expected to rule the market in 2025 due to the high admiration of these devices.
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These devices are majorly bifurcated into diagnostic & monitoring devices and therapeutic devices. Wearable monitoring system supports by managing the treatment of chronic diseases such as asthma, heart diseases, and diabetes and the monitoring of vital signs such as heart rate, respiration, blood oxygen level, and body fat can be measured. They can act as a monitoring device for the patients. Other than diagnostics and monitoring these devices can be adapted for therapy. Therapeutic devices such as insulin pumps can provide continuous and timely drug delivery. The diagnostic & monitoring devices are expected to maintain its dominance during the analyzed period.
Some of the major applications of wearable medical devices include sports & fitness, remote patient monitoring, and home healthcare. As the elderly population is increasing the demand for home healthcare is also rising. Elderly population prefers to be treated at home rather than medical centers and hospitals. This will further drive the market growth. Moreover, among application home healthcare held the largest market share.
A regional-level study was also conducted regarding the market penetration of Wearable Medical Devices. The regions and countries covered included North America (the US, Canada and Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific) and Rest of the World. In 2019, North America generated the highest revenue owing to the high awareness regarding new technological advancements and high healthcare spending potential among the people. Pharmacies, hypermarkets, and online channels are the major distribution channel of this technology. Online channels are expected to dominate this segment in 2025.
Wearable Medical Devices market is gaining popularity as these devices can act as an accessory keeping a close check on the several biological parameters. Some of the major players of this industry include 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. These players are consistently aiming on expanding their product portfolio through numerous product launches and innovations. Market expansion is also targeted through several partnerships and mergers & acquisitions along with collaboration. Players such as Apple inc. is strengthening its market position by setting new stores around the globe.
Table Of Content:
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 REGULATORY FRAMEWORK
4 INDUSTRY PERFORMANCE
5 EXECUTIVE SUMMARY
6 MARKET OVERVIEW
7 KEY MARKET INDICATORS
8 MARKET INSIGHTS BY PRODUCT TYPE
9 MARKET INSIGHTS BY DEVICE TYPE
10 MARKET INSIGHTS BY APPLICATION
11 MARKET INSIGHTS, BY DISTRIBUTION CHANNEL
12 MARKET INSIGHTS BY REGION/COUNTRY
13 COMPETITIVE SCENARIO
14 TOP COMPANY PROFILES
Analyzing historical market, estimation of the current market and forecasting the future market of the Global Wearable Medical Device were the three major steps undertaken to create and analyze the overall adoption of wearable medical device. An exhaustive secondary research was conducted to collect the historical market of the technology and overall estimation of the current market. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across value chain of the wearable medical devices. After all the assumption, market sizing and validation of market numbers through primary interviews, top-down approach was employed to forecast the market size of global wearable medical device technology. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the future market size of segments and sub-segments of the technology. Detailed methodology is explained below:
Global Wearable Medical Devices Segmentation
Market Insight, by Product Type
• Smart Clothing
Market Insight, by Device Type
• Diagnostic & Monitoring Devices
o Vital Sign Monitoring Devices
o Glucose Monitoring Devices
o Sleep Monitoring Devices
o Fetal Monitoring & Obstetric Devices
o Neuromonitoring Devices
• Therapeutic Devices
o Pain Management Devices
o Rehabilitation Devices
o Respiratory Therapy
Market Insight, by Application
• Sports & Fitness
• Remote Patient Monitoring
• Tele-Home Healthcare
Market Insight, by Distribution Channel
• Online Channel
Market Insight, by Region
• North America
o United States
o Rest of North America
o United Kingdom
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
• Rest of World
Top Company Profiles
• Fitbit Inc.
• Apple, Inc.
• Omron Corporation
• Koninklijke Philips N.V.
• Xiaomi Corporation
• Huawei Technologies Co., Ltd.
• Garmin International, Inc.
• Polar Electro OY
• Samsung Electronics Co., Ltd.
• Gentag, Inc