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Region : Global | Published Date: Aug, 2019 | Report ID: FBI101070| Status : Published
The Global Wearable Medical Devices Market was valued at US$ 24,571.8 Mn in 2018 and is projected to reach US$ 139,353.6 Mn by 2026, exhibiting a CAGR of 24.7% in the forecast period. Healthcare industry is witnessing extensive adoption of connected devices. Rapidly increasing prevalence of chronic disease, superior treatment and diagnostic outcomes, and increasing integration of technology and healthcare is accelerating the acceptance of wearable medical devices across the globe.
Certain new technologies such as IoT (Internet of Things) and others can retrieve real time patient data which is utilized by physicians to predict the health conditions of patients. For instance, in September 2018, UbiHealth, a Switzerland-based MedTech startup has recently developed a remote patient monitoring patch, which has the capability to analyze vital conditions of the patients, also it can transfer real time information to the concerned physician with the help of cloud. Exponentially increasing population across the globe is generating need of intelligent technologies with the aim to cope with limited number of healthcare resources.
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Increasing patient pool coupled with growing per capita healthcare expenditure is projected to boost the global wearable medical devices market
According to a study conducted by United Nations, an estimated 1 in 6 people in the world will be over age 65 by 2050. Moreover, according to the study, 1 in 4 people in North America and Europe will be over 65 during the same course of time. Aging population across the globe is prominently projected to accelerate the global wearable medical devices market during the forecast period. Additionally, such rate of aging population combined with increasing patient pool in emerging nations is offering lucrative opportunity for extensive adoption of patient monitoring and diagnostic wearable medical devices. Moreover, certain economic factors such as increasing per capita healthcare expenditure, developing healthcare infrastructure, and increasing investment of industry sector for the development of innovative technologies are anticipated to boost the growth of the global wearable medical devices market by 2026.
Based on product, the global wearable medical devices market segments includes diagnostic & monitoring wearable medical devices and therapeutic wearable medical devices. Diagnostic & monitoring wearable medical devices are projected to hold significant share of the market during the forecast period. On the basis of application, the global wearable medical devices market is segmented as remote patient monitoring, sports & fitness, and home healthcare. Based on the distribution channel, the global wearable medical devices market segment includes retail pharmacies, online pharmacies, and hypermarkets.
Favorable HIPAA (Health Insurance and Portability and Accountability Act) policies combined with advanced healthcare infrastructure in enabling the growth of the market in North America
North America generated a revenue of US$ 10,146.3 Mn in 2018. North America is witnessing gradual shift of patient preference from traditional physician interaction to remote interaction. Moreover, favorable regulatory policies for the development of fitness wearable as well as patient monitoring devices are anticipated to boost the growth of the North America wearable medical devices market by 2026. In Europe, aging population coupled with exponentially increasing chronic diseases are offering lucrative opportunity for accelerated adoption of wearable medical devices, which will eventually fuel the growth of the Europe wearable medical devices market during the forecast period. Asia Pacific is anticipated to witness higher market CAGR as compared to other regions owing to the growing adoption of devices such as activity monitors, smartwatches, pain management devices, and others. Moreover, rising emphasis on reduction in patient hospital stay in emerging nations such as China and India are expected to drive the market in Asia Pacific.
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Fitbit, Apple, Sonova, Samsung, and Philips Healthcare Are Expected to Hold Considerable Share in the Global Wearable Medical Devices Market
Giant organizations such as Fitbit, Apple, Sonova, and Philips Healthcare are expected to lead the global wearable medical devices market during the forecast period. Robust focus on innovation coupled with continuous product development, increasing investments in research & development and cost management are projected to serve huge opportunity for the mentioned market players to lead the global wearable medical devices market during the forecast period. Moreover, the global wearable medical devices market is expected witness intense competitive landscape owing entry of already established market players and new medical technology startups during the forecast period.
North America Wearable Medical Devices Market Size, 2018
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Wearable devices are often utilized to track real time vital signs of patients. The data generated by wearable devices adds value to the early disease diagnosis, treatment outcomes, remote patient monitoring, and other types of healthcare aspects. The popularity of wearable medical devices is continuously increasing in life sciences due to its extensive applications, promising solutions, and methodologies for disease diagnosis on molecular level.
The report provides both qualitative and quantitative insights on wearable medical devices industry trends and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented into product, application, and distribution channel. On the basis of product, the global wearable medical devices market is categorized into diagnostic & patient monitoring wearable medical devices and therapeutic medical devices. Diagnostic & patient monitoring wearable medical devices are further segmented as activity monitors/trackers, smartwatches, smart clothing, and others. Based on therapeutic wearable medical devices market, the market is segmented as wearable defibrillators, drug delivery devices, pain management devices, hearing aids, and others. Based on applications, the global wearable medical devices market is segmented as remote patient monitoring, sports & fitness, and home healthcare. On the basis of distribution channel, the global wearable medical devices market is segmented as retail pharmacies, online pharmacies, and hypermarkets. Geographically, the market is segmented into major regions, which are North America, Europe, Asia Pacific, and Rest of the World. These regions are further categorized into countries.
Along with this, the report analysis includes market dynamics and a competitive landscape. Various key insights provided in the report are Porter’s five forces analysis, recent advancements in wearable medical devices, key mergers & acquisitions, and others.
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· Diagnostic & Patient Monitoring Wearable Medical Devices
o Activity Monitors/ Trackers
o Others (Biosensors, blood pressure monitors, glucose monitoring systems)
· Therapeutic Wearable Medical Devices
o Wearable Defibrillators
o Drug Delivery Devices (Injectors, Patches)
o Pain Management Devices (TENS, EMS)
o Hearing Aids
· Remote Patient Monitoring and Home Healthcare
· Sports and Fitness
By Distribution Channel
· Retail Pharmacies
· Online Pharmacies
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Rest of the World