Europe Middle & Africa Wearable Medical Device Market Size, Share, Application Analysis, Regional Outlook, Growth Trends, Competitive Strategies
Wearable Medical Device Market
Market Scenario
The global Europe
Middle & Africa Wearable Medical Device Market is presumed to
garner USD 27,255.6 during the forecast period (2015-2023). The market is considered
to expand at 23 % CAGR owing to the continuous technological advancements,
asserts Market Research Future (MRFR). Wearable medical devices are referred to
as handheld monitoring tools which are used monitor and identify diseases.
Advances in the healthcare sector have boosted the expansion of the market
during the review period.
Drivers and Constraints Impacting the Market
With the advancement in the healthcare sector along with
progressive innovation in the technology sector, the global market for wearable
medical devices has propelled during the assessment period. Growing awareness
among the patients regarding healthcare technologies is further boosting the
market across the globe. Factors such as cost-effectiveness of the devices,
continuous increase in the lifestyle diseases, and growing connected healthcare
applications have spurred the growth of the market. Moreover, increasing
penetration of smartphones and growing use of smartphone-based applications are
projected to encourage the market growth.
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On the flip side, patient data theft and growing incidences
of cybercrime are some of the major factors considered to impede the market
growth in the coming years. Moreover, wearable medical devices are facing
challenges in offering cost-effective monitoring to patients suffering from
chronic diseases such as blood diseases and cancer.
Global Wearable Medical Device Market: Segmental Analysis
The global wearable medical device market has been segmented
on the basis of type, device type, application, distribution channel, and
region.
By mode of type, the global wearable medical device market
has been segmented into smart clothing, patches, smart watches, activity
monitors, and others. Among these, the activity monitors segment is presumed to
account for the largest market share owing to the increasing adoption of
sedentary and unhealthy lifestyles, growing awareness of health and fitness,
and growing prevalence of lifestyle diseases.
By mode of device type, the global wearable medical device
market has been segmented into therapeutic devices and diagnostic &
monitoring devices.
By mode of application, the global wearable medical device
market has been segmented into sports academies and fitness, home health care,
remote patient monitoring, and others. Among these, the sports and fitness
segment is presumed to register the highest CAGR during the review period owing
to the growing focus on physical fitness among people to improve the quality of
life and rising trend of tracking health progress.
By mode of distribution channel, the global wearable medical
device market has been segmented into online channel, pharmacies, hypermarkets,
and others.
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Regional Insights
Geographically, the wearable medical device market span
across regions namely, Europe, Asia Pacific, America, and the Rest-of-the-World
(RoW).
Among all the regions, the American region is anticipated to
dominate the global wearable medical devices and is estimated to maintain its
dominance during the forecast period. The growth is attributed to the growing
incidence of obese and diabetic population in this region. Countries such as
the U.S. and Canada are the major countries driving the market in this region.
Europe is considered to hold the second position in the
global market due to the growing awareness health and physical fitness with
high expenditure on healthcare. Also, with the increasing prevalence of chronic
diseases, the market is likely to augment in this region.
Asia Pacific is considered to be the most rapidly emerging
region globally due to the presence of huge population and increasing
prevalence of lifestyle and cardiac diseases. Moreover, production facilities
in China and India emerging rapidly, thereby adding to the development of the
market.
Industry News
October 23, 2018: A pioneering medical technology company,
AWAK Technologies, had focused on dialysis by using regeneration technology for
end-stage renal disease. It has announced positive preliminary results from a
Phase I study investigating the safety of AWAK PD in dialysis treatment for
patients with End Stage Renal Disease which was led by the Singapore General
Hospital.
Competitive Dashboard
The major players operating the global market are Motorola
Solutions Inc., Medtronic PLC, Omron Corporation, Qualcomm Inc., Fitbit Inc.,
Honeywell International Inc., LG Electronics Inc., Boston Scientific
Corporation, Apple Inc., Sony Corporation, Philips, NIKE INC., and others.
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