Wearable Medical Devices Market Global Share to Hit USD 27.25 Bn by 2023 | A Deep-diving Study Report by MRFR
Mar 11, 2019
MRFR is Leading Research Firm who recently published “Wearable Medical Devices Market Research Report – Forecast to 2023” which includes Growth Study, Regional Analysis, Top Industry Players Formation, Major Drivers, Upcoming Trends and Forecast to 2023.
Pune, India - March 11, 2019 /MarketersMedia/ —
Wearable Medical Devices Market – Overview
The global wearable medical Devices market is not only growing rather its proliferating rapidly mainly due to the huge technological advancements. Continuous technological innovations in healthcare have led to the development of wearable medical Devicess that can perform various medical functions.
Over the past few years, these Devicess have garnered significant popularity, especially in the well-developed countries where healthcare expenditure is comparatively high. Moreover, rapidly spreading awareness towards the efficacy that these Devicess can offer, has reflected favorably, escalating the market on the global platform.
Acknowledging the phenomenal upsurges, the market is witnessing currently, Market Research Future (MRFR), an eminent research firm in its recently published study report asserts that the global wearable medical Devices market will reach over USD 27,200 MN by 2023 registering a fabulous CAGR throughout the forecast period (2018-2023). In 2018, the market had valued at USD 7859.4 MN, which means the market will grow over three-fold in just five years.
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Additional factors propelling the growth of the market include the continuous increase in lifestyle diseases that require routine vital statistics analysis, increasing demand for wireless monitoring Devicess, and cost-competitive/ dropping prices of these Devicess.
Moreover, factors such as the increasing focus on fitness among individuals and awareness about the healthy lifestyle and the significant growth in home healthcare are pushing up the demand for these Devicess. Furthermore, the miniaturization of diagnostic wearable Devicess is one of the major emerging trends contributing to the market growth
On the other hand, factors such as delayed regulatory clearances such as FDA approvals are impeding the growth of the global wearable medical Devices market. Simultaneously, constantly growing cybersecurity concerns especially in the connected wearable medical Devicess, are posing challenges to the market growth.
Leading Industry Players
Key players leading the global wearable medical Devices market include Boston Scientific Corporation, Medtronic PLC, Omron Corporation, Philips, Fitbit Inc., Apple Inc., Honeywell International Inc., Qualcomm Inc., LG Electronics Inc., Motorola Solutions Inc., NIKE INC., and Sony Corporation among others.
Global Wearable Medical Devices Market – Segments
For enhanced understanding, the report has been segmented into five key dynamics.
By Type : Activity Monitors, Smart Watches, Smart Clothing, and Patches among others.
Devices Type : Diagnostic & Monitoring Devicess (Vital Sign Monitoring Devicess, Glucose Monitoring Devicess, Neuromonitoring Devicess, Sleep Monitoring Devicess, Fetal Monitoring & Obstetric Devicess, and others), and Therapeutic Devicess (Pain Management Devicess, Rehabilitation Devicess, Respiratory Therapy Devicess, and Insulin Pumps, others)
By Application : Sports Academies and Fitness, Remote Patient Monitoring, and Home Healthcare among others.
By Distribution Channel : Pharmacies, Online Channel, and Hypermarkets among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Regional Analysis
The North American region is expected to retain its dominance over the global wearable medical Devices market, heading with the presence of a large number of key players. The region is a hub for technological growth and hence, has improved access to technology that allows North America to have an upper hand in the market.
Additionally, the availability to develop advanced technologies alongside the presence of well-established infrastructure that allows a suitable environment for the development and early implementation of these advanced technologies helps increase the size of the market to an extent. Also, increasing governmental support for R&D activities is some of the factors propelling the growth in the regional market.
The wearable medical Devices market in the European region is emerging as a lucrative market, holding the second position, globally. The market is growing due to the high per capita income and robust healthcare penetration in the region.
Germany with its flourishing medical Devicess market dominates the regional market whereas, the UK wearable medical Devices market accounts for the second-largest market in the region.
The Asia Pacific wearable medical Devices market is rapidly emerging as a profitable market, witnessing huge technological advancements and the high uptake of these advanced technologies. Some technologically sound countries such as India, China, and Japan as well, are innovating technologically advanced wearable medical Devicess which as a result is keeping the APAC in the front of the completion.
Also, technological advancements in connected medical Devicess and healthcare solutions contribute to the growth of the regional market.
Furthermore, the higher adoption rate of wearable and connected medical Devicess led by the improving economy in the region are some of the factors acting as a major tailwind pushing up the growth of the wearable medical Devices market in the APAC.
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Competitive Analysis
Highly competitive, the wearable medical Devicess market appears to be fragmented owing to the presence of several large and small-scale players. These players invest substantially in R&D to develop advanced Devicess. High potential growth opportunities that the market demonstrates are in turn, attracting several new entrants to the market, further intensifying the competition in the already fiercely competitive market.
Well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and product & technology launch in order to gain a competitive advantage in this market and to maintain their market positions.
Industry News
November 11, 2018 – A group of students from Grand Valley State University (US) announced the development of a series of wearable Devicess for Sterilogy (Michigan) a medical Devices company involved in addressing common problems of healthcare workers such as keeping hands sanitized and clean.
These students of applied medical Devices institute (aMDI) have developed the hand hygiene compliance system with a goal to reduce hospital infections. The three-Devices system is designed for nurses, doctors and other healthcare workers who come in direct contact with patients.
All three Devicess work in synchro to ensure that caregivers are complying with health standards. This system serves as a quick reminder for the healthcare professionals and workers and will also help hospital administrators to determine its compliance rate and improve workflow.
The company (Sterilogy) will continue to work with aMDI (Students) to fine-tune the current design in preparation for beta testing and mass production. Many hospitals in the Detroit area are interested in beta testing the new system, which has five patents granted and one patent pending.
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Source: MarketersMedia
Release ID: 490857
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