North America to Dominate Wearable Medical Devices Market until 2025

Growing trend of self-health management is expected to drive the growth of global wearable medical devices market

According to TechSci Research report, “Global Wearable Medical Devices Market By Type (Vital Signs Monitoring Devices v/s Therapeutic Devices), By Product Type (Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing), By Purpose (Heart rate, Blood Pressure, Body Temperature, Blood oxygen saturation, Posture, Physical Activities, Hearing Aids, Others), By Site (Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors, Others), By Application (General Health & Fitness, Remote Patient Monitoring, Home Healthcare), By Distribution Channel (Store-Based v/s Non-Store-Based), By Business Segment (B2B Vs B2C), By Region, Forecast & Opportunities, 2025”, the global wearable medical devices market is expected to grow at an impressive growth rate during the forecast period on account of the increasing proliferation of smartphones across the globe. Additionally, growing use of healthcare tracker apps and physical activity monitoring apps is further expected to propel the market through 2025. Also, growing healthcare awareness and preference for healthcare services at home and remote patient monitoring is expected to spur the market growth. However, data security concerns might hamper the market growth through 2025. Additionally, cost constraints and affordability concerns especially in the emerging countries might further restrict the market growth. Furthermore, lack of awareness pertaining to these devices is expected to hinder the market growth during the forecast period. Besides, unfavorable reimbursement policies might further impede the market growth.

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The global wearable medical devices market is segmented based on type, product type, purpose, site, application, distribution channel, business segment, company and region. Based on type, the market can be split into vital signs monitoring devices and therapeutic devices. Here, the vital signs monitoring devices segment is expected to dominate the market owing to the growing prevalence of chronic and lifestyle associated diseases. Additionally, these devices are easy to handle, easy to wear, highly accurate and help in improving patient’s health. However, the therapeutic devices segment is expected to grow significantly on account of the growing influx of these devices. Based on purpose, the market can be fragmented into heart rate, blood pressure, body temperature, blood oxygen saturation, posture, physical activities, hearing aids and others. Among these, the body temperature segment is expected to dominate the market owing to the rising prevalence of communicable diseases. Based on application, the market can be categorized into general health & fitness, remote patient monitoring and home healthcare. Out of these, the general health & fitness segment is expected to dominate the market on account of the growing awareness pertaining to physical fitness among the population. However, the home healthcare segment is expected to grow significantly in the market on account of the increasing healthcare costs as it is an economically viable solution. On the other hand, the remote patient monitoring segment is expected to hold a large market share on account of the growing geriatric population requiring immidiatiate care and treatment.

Medtronic plc., Koninklijke Philips N.V., OMRON Corporation, Biotelemetry Inc., Apple, Inc., Dexcom Inc., Abbott Laboratories, Masimo Corporation, GE Healthcare, iRhythm Technologies, Inc., Boston Scientific Corporation, Honeywell International, Fitbit Inc., Sony Corporation, LG Electronics Inc. and others are some of the leading players operating in global wearable medical devices market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, Omron Corporation launched a wearable blood pressure smart watch HeartGuide.

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“North America is expected to dominate the global wearable medical devices market during the forecast period, owing to the growing prevalence of various chronic diseases such as diabetes, cardiovascular diseases, cancer, among others in the region. Additionally, growing awareness pertaining to healthcare has increased the demand for better and improved healthcare services. Furthermore, technological advancements and penetration of 3G and 4G services is expected to create lucrative opportunities for the market growth. Besides, increasing costs of healthcare facilities in the region are further expected to fuel the market growth through 2025. Also, presence of major market players such as Apple, Inc.,  Abbott Laboratories, GE Healthcare, among others especially in the United States is further expected to drive the regional growth over the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Wearable Medical Devices Market By Type (Vital Signs Monitoring Devices v/s Therapeutic Devices), By Product Type (Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing), By Purpose (Heart rate, Blood Pressure, Body Temperature, Blood oxygen saturation, Posture, Physical Activities, Hearing Aids, Others), By Site (Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors, Others), By Application (General Health & Fitness, Remote Patient Monitoring, Home Healthcare), By Distribution Channel (Store-Based v/s Non-Store-Based), By Business Segment (B2B Vs B2C), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global wearable medical devices market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global wearable medical devices market.

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