Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Wearable medical devices are intended to provide long-term assistance to patients with temporary or permanent disabilities. These devices are non-invasive and performs a specific medical function such as monitoring or support over a prolonged period. Wearable medical devices can be embedded within smart clothing and equipment or adhered onto or inserted into the skin. They are an effective way to manage, monitor, and provide feedback on patient health, as well as deliver medication and aid in the rehabilitation process. Moreover, they can detect and monitor physiological data and provide drug delivery services for patients with medical conditions. More advanced systems of wearables comprise of information processing capabilities such as speech recognition, contextual awareness enhancement, alerts, or feedback. Such devices collect, process, display, and often transmit information related to the operator’s health condition, which involves the use of non-invasive electronic, mechanical, or biochemical sensors for monitoring physiological parameters depending on the application. The global wearable medical devices market has gained sustainable growth owing to increasing penetration of smartphones and growing number of smartphone-based healthcare applications compatible with wearable devices. Furthermore, the overall market is also being propelled by the swiftly increasing demand generated from emerging countries. Improving medical infrastructure and growing expenditure on healthcare are some of the major factors responsible for this growth. The market is further boosted by technological advancements in wearable medical devices by various vendors across the globe. Some of the prominent trends witnessed by the market includes growing awareness and preference for home healthcare in wearable medical devices. However, the global wearable medical devices market is hampered by high cost of wearable devices and unavailability of reimbursement policies. Moreover, data security issues are also creating an aversion among consumers regarding certain wearable devices. The report analyses the wearable medical devices market based on type, device type, application, distribution channel and geography. Based on type, the global wearable medical devices market is segmented into smart clothing, patches, activity monitors and smartwatches. Among all types, the activity monitors segment accounted for the largest share of the wearable medical devices market. The growth of this segment is mainly attributed to high occurrence of lifestyle illnesses and growing adoption of sedentary and unhealthy lifestyles. Based on device type, this market is segmented into diagnostic & monitoring devices and therapeutic devices. The diagnostic & monitoring devices is further segmented into sleep monitoring devices, fetal monitoring & obstetric devices, neuromonitoring devices, vital sign monitoring devices and glucose monitoring devices. Moreover, the therapeutic devices are sub-divided into pain management devices, rehabilitation devices, respiratory therapy devices and insulin pumps. Based on application, this market is categorized into sports & fitness, home healthcare and remote patient monitoring. Furthermore, the market is also segmented into distribution channels which includes online channel, hypermarkets and pharmacies. By geography, wearable medical devices market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world. North America is estimated to account for the largest share, followed by Asia-Pacific and Europe. Factors such as growing preference for wireless connectivity among healthcare providers and research contributions are fuelling the growth in North America. This is attributed to the advanced healthcare infrastructure in this region especially in the United States. In addition to this, the demand for wearable medical devices is increasing in emerging markets such as China and India due to rising disposable income, improving healthcare standards and reforms in foreign policies. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This high growth can be attributed to the cumulative usage of smartphones and budding number of smartphone-based healthcare apps well-suited with wearable devices. Furthermore, China is projected to grow at a lucrative growth rate over the estimate period. Some of the market players in the global wearable medical devices include Fitbit Inc., Philips Healthcare, Garmin, LifeWatch AG, Omron Corporation, Drägerwerk, Jawbone, Polar Electro, World Global Network, Activeinsights, Vitalconnect, Xiaomi, Misfit and Monica Healthcare among others. New product launches and endorsements are the key growth strategies adopted by major players to reinforce their positions in the international market. Furthermore, strategies such as expansions, as well as partnerships and agreements were also implemented by numerous market players to expand their R&D competences and geographic presence in the global market.
Why to buy this report:
GET CUSTOMIZED MARKET DATA