Wearable Medical Device Market Is Booming Due To Increasing Need of Homecare Facilities and Topmost Leading Players LifeWatch, OMRON Corporation, Polar Electo, by 2023
KEY PLAYERS FOR WEARABLE MEDICAL DEVICE MARKET
Apple Inc. (U.S), Abbott (U.S), Basis, an Intel Company (U.S), Fitbit, Inc. (U.S), Garmin Ltd. (U.S), Jawbone (U.S), LifeWatch (Stelzerland), OMRON Corporation (Japan), Koninklijke Philips N.V. (Netherland), Polar Electo (Finland) and others are some of the prominent players at the forefront of competition in the global wearble medical device market and are profiled in MRFR Analysis.
The global market of the wearable medical device is expected to grow with a CAGR of 18% during the forecasted period 2017-2023. The market generated near around USD 2 billion during 2016 and is expected to reach approximately USD 6 billion by the end of the forecasted period.
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MARKET SCENARIO FOR WEARABLE MEDICAL DEVICE MARKET
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.
SEGMENTS FOR WEARABLE MEDICAL DEVICE MARKET
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.
REGIONAL ANALYSIS FOR WEARABLE MEDICAL DEVICE
Asia Pacific is showing great growth potential in the wearable medical device market in the forecasted period. Increasing awareness among individuals, increasing income and rising fitness and healthcare concern across the globe is resulting in the growth the Wearable Medical Device market. North America and Europe are other significant markets for the market due to technological advancements.
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China is the largest market for these devices due to increasing awareness regarding fitness and health, technological advancement and increasing prevalence of diabetes and heart diseases. According to the World Health Organization, the number of annual cardiovascular events account to 41% of total deaths in China, while number of diabetic patients in India was about 65 million in 2016, which will reach to 101 million by 2030.
Wearable medical devices market is flourishing and is expected to continue its speedy growth due to changing lifestyle of people, increasing prevalence of obesity and diabetes and growing awareness about health. According to the International Diabetes Federation, about 420 million adult population worldwide was suffering from diabetes in 2016, which is increasing at the rate of 8.4% per year and is expected to reach 625 million by 2040. High cost of fitness trackers may restrain the market growth.
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