North America to Dominate Wearable Medical Devices Market until 2025
Growing trend of self-health management is expected to drive the
growth of global wearable medical devices market
According
to TechSci Research report, “Global Wearable
Medical Devices Market By Type (Vital Signs Monitoring Devices v/s
Therapeutic Devices), By Product Type (Activity Monitors/Trackers,
Smartwatches, Patches, Smart Clothing), By Purpose (Heart rate, Blood Pressure,
Body Temperature, Blood oxygen saturation, Posture, Physical Activities,
Hearing Aids, Others), By Site (Handheld, Headband, Strap/Clip/Bracelet, Shoe
Sensors, Others), By Application (General Health & Fitness, Remote Patient
Monitoring, Home Healthcare), By Distribution Channel (Store-Based v/s
Non-Store-Based), By Business Segment (B2B Vs B2C), By Region, Forecast &
Opportunities, 2025”, the global wearable medical
devices market is expected to grow at an impressive growth rate during the
forecast period on account of the increasing proliferation of smartphones
across the globe. Additionally, growing use of healthcare tracker apps and
physical activity monitoring apps is further expected to propel the market
through 2025. Also, growing healthcare awareness and preference for healthcare
services at home and remote patient monitoring is expected to spur the market
growth. However, data security concerns might hamper the market growth through
2025. Additionally, cost constraints and affordability concerns especially in
the emerging countries might further restrict the market growth. Furthermore,
lack of awareness pertaining to these devices is expected to hinder the market
growth during the forecast period. Besides, unfavorable reimbursement policies might
further impede the market growth.
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The global wearable medical devices market is segmented based on type,
product type, purpose, site, application, distribution channel, business
segment, company and region. Based on type,
the market can be split into vital signs monitoring devices and therapeutic
devices. Here, the vital signs monitoring devices segment is expected to
dominate the market owing to the growing prevalence of chronic and lifestyle
associated diseases. Additionally, these devices are easy to handle, easy to
wear, highly accurate and help in improving patient’s health. However, the therapeutic
devices segment is expected to grow significantly on account of the growing
influx of these devices. Based on purpose, the market can be fragmented into heart rate, blood pressure, body temperature, blood
oxygen saturation, posture, physical activities, hearing aids and others. Among
these, the body temperature segment is expected to dominate the market owing to
the rising prevalence of communicable diseases. Based on application, the
market can be categorized into general health & fitness, remote patient
monitoring and home healthcare. Out of these, the general health & fitness
segment is expected to dominate the market on account of the growing awareness
pertaining to physical fitness among the population. However, the home
healthcare segment is expected to grow significantly in the market on account
of the increasing healthcare costs as it is an economically viable solution. On
the other hand, the remote patient monitoring segment is expected to hold a
large market share on account of the growing geriatric population requiring immidiatiate
care and treatment.
Medtronic plc., Koninklijke Philips N.V., OMRON Corporation,
Biotelemetry Inc., Apple, Inc., Dexcom Inc., Abbott Laboratories, Masimo
Corporation, GE Healthcare, iRhythm Technologies, Inc., Boston Scientific
Corporation, Honeywell International, Fitbit Inc., Sony Corporation, LG Electronics
Inc. and others are some of the leading players operating in global wearable
medical devices market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their share.
For instance, Omron Corporation launched a wearable blood pressure smart watch
HeartGuide.
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“North America is expected to dominate the
global wearable medical devices market during the forecast period, owing to the
growing prevalence of various chronic diseases such as diabetes, cardiovascular
diseases, cancer, among others in the region. Additionally, growing awareness
pertaining to healthcare has increased the demand for better and improved
healthcare services. Furthermore, technological advancements and penetration of
3G and 4G services is expected to create lucrative opportunities for the market
growth. Besides, increasing costs of healthcare facilities in the region are
further expected to fuel the market growth through 2025. Also, presence of
major market players such as Apple, Inc., Abbott Laboratories, GE Healthcare, among
others especially in the United States is further expected to drive the
regional growth over the next few years.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Wearable Medical Devices Market By Type
(Vital Signs Monitoring Devices v/s Therapeutic Devices), By Product Type
(Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing), By Purpose
(Heart rate, Blood Pressure, Body Temperature, Blood oxygen saturation,
Posture, Physical Activities, Hearing Aids, Others), By Site (Handheld,
Headband, Strap/Clip/Bracelet, Shoe Sensors, Others), By Application (General
Health & Fitness, Remote Patient Monitoring, Home Healthcare), By
Distribution Channel (Store-Based v/s Non-Store-Based), By Business Segment
(B2B Vs B2C), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global wearable
medical devices market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global wearable
medical devices market.
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