Wearable Medical Devices Market By Type (Smart Watches, Activity Monitors, Smart Clothing and, Patches), Distribution Channel (Online Channel, Pharmacies and, Hypermarket), Device Type (Diagnostic & Monitoring Devices and Therapeutic Devices), and Application (Sports & Fitness, Remote, Patient Monitoring and, Home Healthcare) - Global Analysis & Forecast 2019-2030
Report ID : 249 | Published Date : Jun 2020 | Pages : 180 | Region : Global | Report Code : MD-71
Wearable Medical Devices Market Introduction & Overview
Wearable medical devices are handheld electronic devices which are typically worn over the body. It is used for diagnosing & monitoring several medical conditions & attributes respectively. Wearable medical devices offers better monitoring of vital signs and simultaneously provides prompt alert regarding diverse parameters of health to a user as well as physicians. These devices are small-sized, portable and user-friendly. Various types of wearable devices are available in the market such as pain management devices, diabetic devices, brain devices, sleep tracking devices, and fitness tracking devices among others. These devices are equipped with sensors that monitor and track patient’s health.
Growing number of smartphone-based healthcare apps, rising prevalence of lifestyle-associated diseases and rising consciousness regarding one’s health are few of the factors which are playing a pivotal role in augmenting the growth of the market. Moreover, increasing investments from tech giants to develop advanced & innovative devices and their participation in several collaborative initiatives has further propelled the growth of the market. For instance, in 2016, Medtronic and Fitbit collaborated to provide unique activity tracking platform for patients suffering from diabetes.
Wearable medical devices market has primarily been segmented into the following categories, viz. by type, distribution channel, device type, application, and region
Wearable Medical Devices Market by Type
On the basis of type, wearable medical devices market is segmented into smart watches, activity monitors, smart clothing and patches. Activity monitors segment is estimated to account for the largest share in the global wearable medical devices market. These devices are used to measure metrics such as total distance covered, heartbeat rate, calories consumption per day and broad range of vital activities.
Wearable Medical Devices Market by Distribution Channel
On the basis of distribution channel, the market can be segmented into online channel, pharmacies and, hypermarket. In terms of market share, the segment of online channel is estimated to account for the largest market share during the forecast period owing to easier accessibility and availability of different brands on a single platform and expanding pharmaceutical industries.
Wearable Medical Devices Market, By Device Type
The segment of device type can be majorly classified into diagnostic & monitoring devices and therapeutic devices. The diagnostic & monitoring devices are further classified into vital signs monitoring devices, sleep monitoring devices, glucose monitoring devices, fetal monitoring & obstetric devices and, neuromonitoring devices. Therapeutic devices are further classified into Pain management devices, insulin pumps, rehabilitation devices and, respiratory therapy devices. The diagnostic & monitoring devices segment is projected to be the fastest growing segment during the forecast period, owing to rising prevalence of chronic diseases and growing need for tracking & monitoring of several diseases at an early stage.
Wearable Medical Devices Market, By Application
The segment of application can be majorly classified into sports & fitness, remote patient monitoring and, home healthcare. The sports & fitness segment is projected to be the fastest growing segment in the global wearable medical devices market during the forecast period owing to changing lifestyle and increasing concern about fitness among consumers.
Wearable Medical Devices Market by Regions
The global Wearable Medical Devices market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America accounts for the largest share in wearable medical devices market owing to early adoption of wearable medical technology, and presence of developed healthcare infrastructure. Asia Pacific is expected to witness the highest CAGR owing to technological advancements, increasing demand for user-friendly & self-monitoring devices by consumers and growing geriatric population among others.
Wearable Medical Devices Market Prominent Players
Some of the key players operating in the global wearable medical devices market are Fitbit, Inc., Koninklijke Philips N.V., Omron Healthcare, Inc., Drägerwerk AG & Co. KGaA, Polar Electro, VitalConnect., World Global Network, Garmin Ltd., Xiaomi and ten3T Healthcare among others.