Global Wearable Medical Devices Market 2019-2025
発行: Orion Market Research Pvt Ltd
Global Wearable Medical Devices Market Size, Share & Trends Analysis Report by Device Type (Diagnostics & Monitoring Devices and Therapeutic Devices), By Application (Sports & Fitness, Remote Patient monitoring, and Homecare), and Forecast, 2019-2025
Global wearable medical devices market is expected to grow at a CAGR of 18% during the forecast period. Wearable medical device includes sleep trackers, activity trackers, insulin pumps, sports trackers, heart rate monitors, accelerometers, pain management devices, respiratory devices, and other major wearable devices. These devices are made of various components which include accelerometers, gyroscope, magnetometer and sensors such as biometric, temperature and humidity sensors. Moreover, the wearable devices are turning into a lifestyle necessity for the high-income groups, especially in the developed countries. It has also gained popularity amongst the urban population in the emerging countries.
Wearable devices have gained major popularity due to the rise of smartphones and the emergence of the smartphone connected smart watches. Manufacturers are developing wearable devices to connect with smartphones. It can easily reduce the cost of adding a display unit on the device. One of the latest attempts is by DexCom which is developing continuous glucose monitors (CGMS) devices which sends data to a smartphone. The wearable device is also gaining popularity due to the capability of remote monitoring. Doctors and physicians can track the activity, heart rate, blood pressure, brain activities and others using these wearable devices that enable in reducing the cost of hospital visits and stays, thus, encourages the demand of wearable medical devices in healthcare.
On the basis of geography, the global wearable medical devices market is further segregated into North America, Europe, Asia-Pacific, and Rest of the World. North America is projected to have a considerable market share in the global wearable devices market. The factors that are contributing to the growth of the North American wearable medical devices market include high popularity of wearable technology in healthcare and high healthcare expenditure in the region. Moreover, Asia-Pacific is estimated to have considerable market growth in the global wearable medical devices market. The Asia-Pacific wearable medical devices market is growing owing to increasing demand for smartphone connected health monitoring devices coupled with rising smartphone penetration in emerging economies.
The global wearable medical devices market is influenced by product development and technological advancements conducted by the market players. The key players of the wearable medical devices market include Apple Inc., BioTelemetry, Inc., Fitbit Inc., Garmin Ltd., Koninklijke Philips N.V., Medtronic PLC, Samsung Electronics Co., Ltd., Activinsights Ltd., VitalConnect, Inc., and many others. These players are playing a significant role in the growth of the wearable medical devices market by providing various products and adopting several strategies such as a merger and acquisition, partnerships, collaboration, technological development, and others.
The market study of the global wearable medical devices market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
The report is intended for a healthcare service provider, medical device companies, investing companies, government organizations for overall market analysis and competitive analysis. The report provides an in-depth analysis of the market size and growth opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.