Research Nester released a report titled “Wearable Medical Devices Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global wearable medical devices market in terms of market segmentation by product, by device, by application and by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Wearable medical devices are used for monitoring the health status of patients and to aid in the determination of activity levels for patients as well as their caregivers for medical purposes. The market for wearable medical devices held a value of USD 8,292.60 million in 2018 and is projected to grow at a CAGR of 25.78% over the forecast period, i.e., 2020-2027. The market is segmented by product, by device, by application and by distribution channel and by region. Based on product, the market is segmented into therapeutic devices and diagnostic & monitoring devices, out of which, the diagnostic & monitoring devices segment is estimated to hold the largest share in the market and grow at the highest rate over the forecast period. It is further segmented into vital sign monitoring devices, sleep monitoring devices, neuromonitoring devices and fetal monitoring & obstetric devices, out of which, the vital sign monitoring devices is anticipated to experience significant growth as they measure the physiological signs which help with the human body analysis and the body’s reaction to external factors.
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East & Africa. The market in North America is estimated to witness the largest market share with 36.71% share in 2018. This was closely followed by the market in Europe. The growth in these regions can be attributed to technological advancements in the medical industry.
Rising Demand for IoT in Healthcare Industry to Drive the Market Growth
The major application of Internet of Things in the healthcare industry includes the use of wearable medical devices that continuously monitor the patients while recording the health statistics of the person for a certain period of time. Additionally, integration of IoT in these devices has transformed the healthcare industry by providing wireless connectivity. The market for wearable medical devices is anticipated to grow on the back of these factors during the forecast period. However, the challenges associated with privacy and security during widespread exchange of health information through these devices is predicted to become a restraint for the market growth.
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.