Wearable Medical Device Market -Overview
Consumers have driven the surge in interest in wearables due to increased acceptance of technology to lead a healthy life and improve their longevity. Reports created by MRFR detail the developments of the industry that can be expected in the market through the forecast period. The wearable medical device market is estimated to garner USD 27,200 Mn by 2023.
The breakthroughs in technology that have led to improvements in the product functions and quality, such as its compactness and ability to execute a vast range of functions, are promoting the wearable medical device market share in the forecast period.
Wearable Medical Device Market Segmental Analysis
The segmental evaluation of the wearable medical device market is conducted based on application, device type, type, distribution channels, and region. The distribution channel segment in the wearable medical device market is segmented into pharmacies, hypermarkets, and online channels. The wearable medical device market's application segment is segmented into sports academies and fitness, remote patient monitoring, and home healthcare. The type basis of the wearable medical device market is segmented into activity monitors, smartwatches, smart clothing, and patches. The device type segment of the wearable medical device market segments comprises of therapeutic devices and diagnostic & monitoring devices. The regions included in the wearable medical device market are the Americas, APAC, Europe, and other essential regional markets.
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Wearable Medical Device Market Regional Analysis
The regional evaluation of the wearable medical device market includes regions such as the Americas, APAC, Europe, and other essential regional markets. The Americas wearable medical device market influences the global market due to the prevalence of obesity and diabetes. The nations such as Canada and the U.S. are the foremost nations in the North American wearable medical device market due to many producers in these nations that have shaped an equilibrium between the wearable device's supply and demand. The European region's wearable medical device market is the next principal region globally. The budding understanding of health and physical fitness with increasing healthcare expenditure and rising occurrences of enduring diseases are aspects accountable for the growth of the wearable medical device market. The Asia Pacific region is the quickest emerging region globally. The enormous opportunities for expansion of the market, presence of a vast residents' base, the collective occurrence of cardiac and lifestyle illnesses is among the leading factors for the Asia Pacific market's progress. Furthermore, the manufacturing facilities in India and China are increasing rapidly, thereby adding to the wearable medical device market's global advancement.
Wearable Medical Device Market Competitive Analysis
The challenges of business stability and diminished cash flows due to the pandemic are estimated to be rectified gradually in the coming years. The market is estimated to be powered by the developments visible in the global market that are being instated to create a swift return to normalcy. The progress in the distribution of vaccines is estimated to fasten the market's development as optimistic sentiment returns to the market. The majority stake contenders are assessed to take an enhanced amount of risk to achieve their overall targets by aligning the resources needed to accomplish this goal. The return in demand stability is estimated to herald a positive development phase in the global market in the forecast period. The positive influence of macro market reforms is predicted to ripple favorably throughout the global market in the forecast period. The focus on sustained growth in the market is likely to reveal promising development options in the forecast period. Foreign portfolio investors are predicted to play a vital role in expanding the business interest of new businesses innovating the product range being offered in the market.
The notable firms in the wearable medical device market are Medtronic PLC, Boston Scientific Corporation, NIKE INC., Fitbit Inc., Philips, Apple Inc., Honeywell International Inc., Qualcomm Inc., LG Electronics Inc., Motorola Solutions Inc., Omron Corporation, and Sony Corporation.
Wearable Medical Device Industry Updates:
Jan 2021 Philips has progressed to obtain Capsule Technologies, a supplier of data platforms that endeavor to tie all of the record systems and medical devices inside a hospital—to help develop out its combined care and vital sign examining solutions. The USD 635 million cash deal is projected to be accomplished by the conclusion of March, with Capsule's 300 employees scheduled to connect Philips' connected care division.
Jan 2021 Valencell's, the US-based wearable biometrics firm's cuffless blood pressure (BP) technology can forthwith be operated in devices worn on the finger and wrist, such as fitness bands, smart watches, and pulse oximeter finger clips, the company has declared. The technology was first revealed in January 2020 for hearing aids, hearables, and other ear-based devices. Valencell declared that its technology doesn't need to be adjusted to a BP cuff and as an alternative uses data from photoplethysmography (PPG) and inertial sensors that are usually used in wearables.
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Published by Tanuja Kulkarni