Market Overview
Wearable Medical Device Market will make a jump from USD 7859.4 Mn in 2017 to over USD 27,200 Mn by 2023, suggests MRFR (Market Research Future).Wearable medical device market forecast has been presented in the report, with MRFR experts keeping a tab on all the latest developments and trends that can impact the growth scope.
COVID-19 Analysis
With the COVID-19 outbreak and the pandemic escalating globally, there has been a considerable shortage of essential medical devices as well as supplies. The novel coronavirus is taking up most of the healthcare’s attention and the rising SARS-CoV-2 cases, as well as the consequent lockdown, are proving to be a huge challenge.
The pandemic has boosted the demand for digital health wearables with remote monitoring and telehealth emerging as the best ways to deal with the lockdown and travel bans. Wearable medical device companies are also focusing on accelerating the manufacturing process to develop an extensive range of wearable therapeutic devices. The medical device market research companies have also boosted their efforts in terms of R&D activities and are now more focused on strengthening their supply chains across the world.
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Market Segmentation
The wearable medical devices market has been segmented into applications, types, device types, and distribution channels. Based on the segment which is applications, the market is categorized on the basis of home healthcare, remote patient monitoring, and sports academies and fitness. The global market for wearable medical device is further segmented based on types into activity monitors, patches, smart clothing, and smart watches. Furthermore, the market, on the basis of device types is segmented into diagnostic & monitoring devices and therapeutic devices. Based on the segment which is distribution channels, the market is categorized on the basis of hypermarkets, online channels, and pharmacies.
The global wearable medical devices market research report covers all the aspects of the wearable medical device market based on the segmental analysis of these applications, types, device types, and distribution channels segments. Analysts have also studied the global wearable medical device market's regional markets spread across many continents and countries. The applications, types, device types, and distribution channels segments along with their sub-segments have been analyzed and companies functioning in the wearable medical devices market across these segments are profiled and analyzed based on input and feedback from wearable medical device market-based decision makers as well as primary and secondary sources. The wearable medical device market research report presents analysis based information for companies functioning in the wearable medical device market.
Regional Overview
The high rate of cyber-attacks and threats may hinder the wearable medical devices market growth. The market research report suggests that companies in the wearable medical device industry could be supported by ailments requiring continuous tracking and monitoring as well as the integration of healthcare data with medical devices during the forecast period. The wearable medical device market is set to register growth at a high CAGR owing to these key factors. The wearable medical device industry is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global wearable medical device market research report reveals that APAC, North America, and Europe regional wearable medical device markets will dominate the global market for wearable medical device during the forecast period 2018 to 2023. As per wearable medical device market analysts, the market is set to witness tremendous growth across smart watches, therapeutic devices, remote patient monitoring, and online channels segments in North America which covers wearable medical device markets across the United States, Canada, Mexico and several other regional markets. Companies active in the wearable medical device market are also analyzed and studied in the wearable medical device industry research report.
The wearable medical device market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the wearable medical devices market research report covers the Asia-Pacific region covering wearable medical device markets from India, China, Japan, Australia, and others. The wearable medical devices market is also spread across the rest of the world. The wearable medical device market report covers all such regions including the Middle East, Africa, Brazil, and others.
Competitive Landscape
Wearable medical device has seen increased demand over the years, due to the increase and complexity of data in the healthcare industry and focus on developing solutions to integrate AI (Artificial Intelligence) in wearable medical devices. Companies functioning in the global wearable medical devices market are also being challenged due to the rising superiority of cyber criminals and low awareness in developing countries. Mergers and acquisitions by wearable medical device industry companies are anticipated to help the market during the forecast period 2018 to 2023. As the wearable medical device market is set to register a high CAGR of 23% and is also anticipated to reach a US$27,200 million by 2023, the report highlights key areas companies need to focus on. The report suggests that the wearable medical device industry will see a healthy growth in the long run till 2023. Based on SWOT analysis and wearable medical device market’s analysis based on Porters’ Five Force Model presented in the wearable medical device industry report. Mergers and acquisitions by wearable medical devices market companies are anticipated to help the market during the forecast period 2018 to 2023.
Industry News
Preventice Solutions, a manufacturer of wearable heart monitors for remote patient control, is expected to be purchased by medical technology company Boston Scientific for $925 million, including up to $300 million in future commercial milestones. Due to Boston Scientific's current 22 percent equity interest in Preventice, such price tags equate to $720 million in cash and a possible $230 million in Boston Scientific payments. The contract is supposed to be completed by the end of 2021. According to the deal release, Preventice produced $158 million in net sales in 2020, a 30 percent improvement over its results in 2019.
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