A recent report published by Infinium Global Research on wearable medical devices market provides in depth analysis of segments and sub-segments in global as well as regional wearable medical devices market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional wearable medical devices market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global wearable medical devices market. According to report the global wearable medical devices market is projected to grow at a CAGR of 17.8% over the forecast period of 2017-2023.
Wearable devices are small electronic products, primarily consisting of one or more sensors and having computational capability. They are inserted into devices that attach to the body, such as an individual’s head, feet, arms, wrists and waist. They can resemble a watch, eyeglasses, clothing, contact lenses, shoes, etc. Wearable devices either capture data or present data and the types of data collected could be as simple as the number of steps taken in a day or as complex as ECG. Currently, the wearable technology has become a major part of Internet of Things (IoT) over the past couple of years; and it is anticipated to have a major influence on various fields such as fitness, medicine, disabilities, education, transportation, gaming and entertainment. These wearable medical devices monitor individual’s health data by means of remote or wireless communication and transmit the data to medical professionals or the user. These devices are autonomous and non-invasive, which help to assess the various health parameters such as body temperature, glucose level, respiratory rate, heart rate, blood pressure, etc.
Figure 1: Global Wearable Medical Devices Market by Value 2015-2023
The wearable medical devices market has grown significantly over the past few years as innovations and advancements in electronics, material sciences and sensor technologies have allowed various startups to introduce relatively inexpensive and fashionable devices into the market. In addition, consumer interest in personal health, growing awareness about wearable devices among the population, rise in geriatric population, increasing benefits from wearable devices and rise in disposable income, are the factors that have helped to propel this market forward. Furthermore, increasing focus on innovations by tech start-ups and favorable government policies are also driving the market in the coming years. Along with these above-mentioned driving factors, there are some restraints which are expected to hinder the market growing in coming years. Privacy issues, unaddressed regulatory issues, unfashionable products, technical difficulties and cost of these products are some of the restraining factors, which could hinder the market.
The report on global wearable medical devices market covers segments such as, type of device, application, distribution channel and type. On the basis of type of device the global wearable medical devices market is categorized into diagnostic devices and therapeutic devices. On the basis of application the global wearable medical devices market is categorized into sports & fitness, remote patient monitoring and home healthcare. On the basis of distribution channel the global wearable medical devices market is categorized into pharmacies, online channel and hypermarkets. On the basis of type the global wearable medical devices market is categorized into activity monitors, patches, smart watches and smart clothing.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2015-2023.
Figure 2: Global Wearable Medical Devices Market by Region, CAGR % 2017-2023
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2017-2023.
The report provides profiles of the companies in the global wearable medical devices market such as, Jawbone, Vitalconnect, Lifewatch, Nokia Technologies, Activeinsights, Monica Healthcare, Philips, Omron, Polar Electro and Xiaomi.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global wearable medical devices market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of wearable medical devices market. Moreover, the study highlights current market trends and provides forecast from 2017-2023. We also have highlighted future trends in the wearable medical devices market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the wearable medical devices market to understand the present and future trends in this market and formulate their strategies accordingly.
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