February 03, 2020
According to the research report titled ‘Wearable Medical Devices Market Size By Device (Activity/Fitness Monitors, Blood Glucose Monitors, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors, Hearing Aids), By Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking), By End-Use (Home Healthcare, Remote Patient Monitoring, Fitness and Sports), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global wearable medical devices market is expected to be worth USD 87.5 billion by the year 2025.
According to the report, increasing awareness pertaining to physical fitness has augmented the demand for fitness tracking and monitoring devices which in turn is driving the wearable medical devices market growth. Escalating investments in R&D activities has resulted in the development of innovative products. This factor along with rising per capita income is further aiding the market expansion.
Various companies in sports medicine market are creating awareness regarding their respective products and to extend the potential customer base, thereby stimulating the industry outlook. However, rising concerns regarding data security may hinder the market growth to some extent.
As per device type, the report states that body & temperature monitors segment is expected to grow with a CAGR of 40% during the estimated timeframe. Increasing awareness pertaining to advantages of wearable technology are fueling the segmental growth. Additionally, integration of thermal sensors in wearable devices for monitoring the body temperature will also facilitate the business scenario.
Based on the application spectrum, the wearable medical devices market from diabetes care applications was worth 1.8 billion in the year 2018 and is expected to register continuous growth during the forecast period. Increased pervasiveness of diabetes among elderly population along with technological advancements in wearable devices are propelling the segmental size.
Citing the end-use landscape, the report cites that home healthcare segment is presumed to expand with a CAGR of 40% during the period of 2019-2025. Growing demand for customized home healthcare services and technological developments in wearable devices are boosting the segmental growth.
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Considering the geographical landscape, India wearable medical devices industry is expected to grow with a CAGR of 46.7% during 2019-2025. Rising adoption of advanced healthcare wearables along with escalating advertisements by companies are contributing towards the popularity of the product across the country. Moreover, rising prevalence of chronic diseases coupled with increasing awareness pertaining to physical fitness are favoring the market outlook.
Sotera Wireless Inc., Xiaomi Corp., Samsung, Koninklijke Philips N.V., BioTelemetry Inc. (LifeWatch), Lifesense, Hocoma AG, Garmin Ltd., Fitbit Inc., Apple Inc. and Abott Laboratories are the prominent companies operating in the wearable medical devices market.
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