Wearable Medical Device Market: Current Trends, Business Opportunities, Challenges & ****** Industry Analysis by 2027

Wearable Medical Devices Market is trending among youth today. People are now concerned about their health and fitness. These devices keep a track of number of activities performed by an individual, for instance, number of steps taken while walking. Extensive use of fitness trackers by adults and strict regulations governing standards for the manufacturing of medical devices also boost the demand for wearable medical devices. Prominent market players are now targeting the youth by product differentiation and selling the devices at affordable prices.

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The wearable medical device market is expected to reach USD 4 billion in the forecasted period. The market is expected to grow at a CAGR of 26.78%. This growth in the market can be due to various factors such as increasing focus on fitness among individuals and awareness about healthy lifestyle. Furthermore signi8ficant growth in the home healthcare is expected to push up the demand for this segment.

Wearable Medical Device Market – Major Key Players

Some of the key players in the wearable Medical Device market are: Fitbit Inc., Garmin, Vital Connect, Omron Corp., Sotera Wireless, Jawbone, Pebble Technology Corp., Basis Science Inc., Withings, Intelesens Ltd., Covidien Plc, LifeWatch AG, Polar Electro, Philips Electronics, and Everist Genomics.

****** Wearable Medical Device Market – Regional Analysis

Globally, wearable device market comprises of four regions North America, Europe, Asia Pacific and Middle East & Africa.

North America is the largest market for Wearable Medical Device. This is due to increasing number in the technology adoption for the wearable medical devices and the homecare devices for the fitter health life.

Europe accounts for the largest market share owing to the demand for technological innovation in medical devices and availability of funds for research and development. Furthermore, increasing demand for fitness and health tracking devices also determine the market growth. Germany is the largest market followed by UK, which is expected to be the fastest growing market in Europe due to increasing chronic disease like diabetes and heart diseases.

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Countries in Asia Pacific have a great potential for the growth of this market. Asia Pacific market for medical devices is driven by innovative technology for continuous monitoring of health status of a patient in hospitals as well as sportsmen and athletes. The demand for easy to use wearable medical devices is increasing in China and India.  Furthermore, increasing prevalence of cardiovascular diseases, diabetes and obesity drive the market growth. Growing trend in the use of wearable medical devices such as smart watches also influences the growth of the market.

 

The Middle East region also shows a growth in the wearable devices market owing to strengthening healthcare system, and demand for technology in healthcare. In the Middle, lack of physical exercise, lifestyle changes and rising prevalence of chronic diseases are factors driving the growth of this market.

Wearable Medical Device Market – Segments

The Wearable Medical device market can be segmented on the basis of Application: Sports Fitness, Remote Patient Monitoring and Home Healthcare. On the basis of Product the market can be segmented as: Diagnostic, Therapeutic Device.

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