- The market for wearable medical devices is projected to grow at a CAGR of 25.78% over the forecast period
- Integration of IoT with wearable medical devices has transformed the healthcare industry by providing wireless connectivity.
- North America is estimated to hold the largest share of 36.71% in 2018 which is anticipated to grow further on account of increasing technological advancements in medical industry in the region.
Wearable medical devices are devices used for determining the health status of patients for various medical purposes. The market for wearable medical devices is projected to grow at a CAGR of 25.78% over the forecast period, i.e., 2020-2027. In 2018, the market captured a size of $8,292.60 million which is estimated to significantly increase by the end of 2027.
Market Drivers and Inhibitors
A growing number of applications of wearable medical devices including the monitoring of heart rate, blood pressure and calories for geriatric people have significantly impacted the industry positively. According to statistics by the UN, the population aged 60 and above is growing at a faster rate than other age groups. By 2050, the number of elderly individuals is estimated to increase up to 2.1 billion people.
Moreover, the integration of IoT with wearable medical devices has transformed the healthcare industry by providing wireless connectivity. As a result of these factors, the market for wearable medical devices is anticipated to grow at a significant rate. However, the challenges associated with privacy and security during widespread exchange of health information through these devices is predicted to become a restraint for market growth during the forecast period.
The market is segmented by product, by device, by application and by distribution channel and by region. On the basis of product, the market is segmented into therapeutic devices and diagnostic & monitoring devices, out of which, the diagnostic & monitoring devices segment is anticipated to grow at the highest rate during the forecast period.
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Based on geography, the market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East & Africa. Out of these, wearable medical devices market in North America is estimated to hold the largest share of 36.71% in 2018 which is anticipated to grow further on account of increasing technological advancements in medical industry in the region.
This report also provides the existing competitive scenario of some of the key players of the global wearable medical devices market which includes company profiling of Fitbit Inc. (NYSE: FIT), Omron Healthcare Inc. (TYO: 6645), Apple Inc. (NASDAQ: AAPL), Garmin Ltd. (NASDAQ: GRMN), Koninklijke Philips N.V. (AMS: PHIA), SAMSUNG (KRX: 005930), Motorola Mobility LLC., BioTelemetry Inc. (NASDAQ: BEAT), Medtronic (NYSE: MDT) and Withings.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global wearable medical devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.