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Market Analysis and Insights:- Global Wearable Medical Devices Market
Global Wearable Medical Devices Market By Type (Diagnostic Devices and Therapeutic Devices), Site (Headband, Handheld, Arm & Wrist, Clip, Shoe Sensor, Others), Device (Wristwatch/Wristband, Smart Clothing, Smartwatch, Ear Wear, Others), Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking), Country (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Switzerland, Netherlands, Belgium, Russia, Turkey, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E., Israel, Egypt, Rest of Middle East and Africa) – Industry Trends & Forecast to 2020
Market Analysis and Insights: Global Wearable Medical Devices Market
Wearable medical devices market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 19.6% in the forecast period of 2020 to 2027 and is expected to reach USD 79,945.89 million by 2027 from USD 19,347.69 million in 2019. Rising awareness towards early disease diagnosis and technological advancement in wearable medical devices are the major drivers which propelled the demand of the market in the forecast period.
Wearable medical devices are all those devices that help in disease diagnosis and monitoring to protect people from damage of long-term chronic disease. These devices play an important role in remote monitoring of patients in health centers or at home by tracking the vital signs such as heart rate, pulse rate, ECG and sleep cycle among others. Regulatory bodies regulate the wearable medical devices to demarcate them from normal consumer electronics. Wearable medical devices demand has increased as compared to the precise year with increased demand of minimally invasive and contactless diagnostic and therapeutic uses of wearable medical devices along with introduction of increased technologically advanced wearable medical devices. In addition demand of wearable medical devices has increased because of increasing health consciousness among people across world. Further high cost of wearable medical devices is expected to restraint the usage of wearable medical devices and is expected to slow down the growth of the wearable medical devices market in the forecasted period.
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The wearable medical devices market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Global Wearable Medical Devices Market Scope and Market Size
Wearable medical devices market is segmented on the basis of type, site, device and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
• On the basis of type, the wearable medical devices market is segmented into diagnostic devices and therapeutic devices. In 2020, diagnostic devices are dominating in the market as it has been used in broad range of applications ranging from cardiac health, obesity, Diabetes care, Pain management among more.
• On the basis of site, the wearable medical devices market is segmented into headband, handheld, arm & wrist, clip, shoe sensor, others. In 2020, handheld, arm & wrist segment is dominating the market due to availability of vast product portfolio of handheld, arm and wrist devices used to monitor vital signs thereby predicting any fluctuation from normal condition in humans.
• On the basis of device, the wearable medical devices market is segmented into wristwatch/wristband, smart clothing, smartwatch, ear wear. In 2020, wristband/wristwatches devices are dominating the market owing to maximum adoption of wearable devices which can be worn on wrist due to increased preference for them by people of all age group.
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• On the basis of application the wearable medical devices market is segmented into cardiac health, obesity, diabetes care, fitness monitoring, sleep tracking. In 2020, fitness monitoring segment is dominating the market as wearable medical devices are increasingly adopted by sportsperson in order to track their fitness at regular intervals.
Wearable Medical Devices Market Country Level Analysis
The wearable medical devices market is analysed and market size information is provided by type, site, device and application.
The countries covered in the wearable medical devices market report are the U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Switzerland, Netherlands, Belgium, Russia, Turkey, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E., Israel, Egypt, Rest of Middle East and Africa.
North America is expected to dominate the market due to the high adoption of wearable medical devices for the diagnosis of chronic diseases in the region and Asia-Pacific is expected to growth with the highest CAGR in the forecasted periods due to increasing number of research and development along with clinical trials in the region. U.S is dominating in the market and leading the growth in the North America market due to increasing adoption of wearable medical for lowering dependence of patients on hospitals for routine diagnosis. The Asia-Pacific region is expected to grow with the second highest growth rate in the forecast period of 2020 to 2027 because of increasing awareness regarding minimal invasive nature of the diagnostic wearable devices. China is dominating in Asia-Pacific market due to increased demand for remote monitoring due to growing geriatric population. Europe is expected to grow with the promising growth rate in the forecast period of 2020 to 2027 due to introduction of innovative technological advanced wearable devices and increasing in the geriatric population in the region. Germany is dominating the European market with the surging demand for wearable therapeutic and diagnostic devices among people.
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The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Partnership and New Product Launch in Wearable Medical Devices is Creating New Opportunities for Players in the Wearable Medical Devices Market
Global Wearable medical devices market also provides you with detailed market analysis for every country growth in particular industry with wearable medical devices sales, impact of advancement in the wearable medical Devices and changes in regulatory scenarios with their support for the wearable medical Devices Market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Wearable Medical Devices Market Share Analysis
Wearable medical devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to wearable medical devices market.
The major players covered in the report are Sotera Wireless, Inc., Bio- Beat, Medtronic, Abbott, Misfit, Masimo, Guangdong Transtek Medical Eletronics Co., Ltd., Hocoma, Withings, Xiaomi, Fitbit, Inc., Polar Electro, Omron Healthcare, Inc., Apple Inc., Garmin Ltd., Activinsights Ltd. , Bio Telemetry, Inc., VitalConnect, Koninklijke Philips N.V., SAMSUNG, iRhythm Technologies, Inc., Dexcom, Inc. and Huawei Device Co., Ltd. among other domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launch and agreement are also initiated by the companies’ worldwide which are also accelerating the wearable medical devices market.
For instance,
• In May 2020, Koninklijke Philips N.V. underwent licencing agreement with Masimo in order to bring the two solutions named Masimo NomoLine Capnography and O3 Regional Oximetry by Masimo in its patient monitoring portfolio. This agreement by Koninklijke Philips N.V. increased its product portfolio and technological advancement leading to increased demand in the market.
• In August 2019, SAMSUNG launched its new product named Galaxy watch Active 2 under Armour edition in collaboration with Under Armour Inc. for enhancing fitness tracking during running. This new product launched by SAMSUNG increased its product portfolio of smart wearables leading to increased sales and market in future.
Collaboration, joint ventures and other strategies by the market player is enhancing the company market in the wearable medical devices market which also provides the benefit for organisation to improve their offering for medical devices.
Customization Available: Global Wearable Medical Devices Market
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customised to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analysed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.
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BROWSE RELATED REPORTS
• North America Wearable Medical Devices Market – Industry Trends and Forecast to 2027
• Asia-Pacific Wearable Medical Devices Market – Industry Trends and Forecast to 2027
• Europe Wearable Medical Devices Market – Industry Trends and Forecast to 2027
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