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The Europe Wearable Medical Devices Market is segmented By Device Type, By Application (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare), By Product Type, and Geography.
The European wearable medical devices market is expected to register a CAGR of 28.5% during the forecast period. The market is driven by technological advancements, increasing health awareness. Ease of use and interpretation of data using these devices is also a major contributing factor for market growth.
As per Germany Federal Statistical Office 2020 report, currently there about 83 million population in Germany, of these 16.2 million population are above 67 years of age and this number is projected to reach to 21.4 million in 2040. As the number of the elderly population is expected to increase in near future who are more prone to chronic conditions such as diabetes, cardiovascular diseases, respiratory diseases, neurological diseases, and other diseases which shows a positive impact on the market over the forecast period.
Additionally, other factors, such as continuous product development and commercialization, and strengthening distribution channels of major product manufacturers is expected to aid the growth of the Europe wearable medical devices market. However, the market is highly constrained due to the lack of reimbursement policies in Europe.
As per the scope of the report, wearable medical devices are the device with sensors attached to the body that detect and monitor changes in body signatures of various areas and organs. The wearable medical devices find applications in the area of disease monitoring which include neurological diseases, metabolic diseases, and pain management. It is widely used in outdoor as well as home settings. The Europe wearable devices market is segmented by device type, application, product type and geography.
|By Device Type|
|Sports and Fitness|
|Remote Patient Monitoring|
|By Product Type|
|Other Product Types|
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The rise in the number of people with chronic medical conditions and an increase in the geriatric population are the major factors driving the growth of remote patient monitoring. Implementation of remote patient monitoring (RPM) can improve the management of chronic diseases by measuring critical risk indicators, such as glucose, blood pressure, etc. With the help of this, patients can use a mobile medical device to perform a routine test and send this data to healthcare professionals in real-time.
According to the Office for National Statistics (UK), in 2018, approximately 161 men and 117 women (per 100,000 population) died due to respiratory diseases in England. Moreover, the North West of England had the highest mortality from respiratory diseases for men at almost 190 (per 100,000 population) while the North East had the highest female rate at 150 deaths (per 100,000 population). Hence, by using respiratory therapy devices which are expected to lower the mortality rate or it may also help in monitoring the diseases.
Implementation of RPM can improve the management of chronic diseases by measuring critical risk indicators, such as glucose, blood pressure, etc. RPM has various benefits for end-users and hospitals, such as low cost of healthcare, reduction in extended hospitalization, and fewer doctor appointments, among others. This can also help to reduce the cost associated with the treatment of chronic diseases. Thus, owing to above factors the segment is expected to show growth in coming years.
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The Europe Wearable Medical Devices Market is moderately consolidated competitive. The companies are adopting different strategies to maintain their position in the market. In 2017, the UK-based vector watch was acquired by a San Francisco-based company Fitbit, the leader in connected health and fitness market, to build other new and amazing products with unique technology. The major companies dominating this market are Abbott Laboratories, Activinsights Ltd, Fitbit, Inc., Garmin Ltd., Intelesens Ltd., LifeWatch AG, Nuubo, Omron Corporation, and Polar Electro Oy.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements
4.2.2 Increasing Health Awareness
4.2.3 Ease of Use and Interpretation of Data
4.3 Market Restraints
4.3.1 Lack of Reimbursement Policies
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Device Type
5.1.1 Monitoring Devices
220.127.116.11 Heart Rate Monitor
18.104.22.168 Activity Monitor
22.214.171.124 Fetal and Obstetric Monitor
126.96.36.199 Other Monitoring Devices
5.1.2 Therapeutic Devices
188.8.131.52 Pain Management Devices
184.108.40.206 Rehabilitation Devices
220.127.116.11 Respiratory Therapy Devices
18.104.22.168 Other Theraputic Devices
5.2 By Application
5.2.1 Sports and Fitness
5.2.2 Remote Patient Monitoring
5.2.3 Home Healthcare
5.3 By Product Type
5.3.4 Ear Wear
5.3.5 Other Product Types
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Activinsights Ltd
6.1.3 Fitbit, Inc.
6.1.4 Garmin Ltd.
6.1.5 Intelesens Ltd.
6.1.6 LifeWatch AG
6.1.8 Omron Corporation
6.1.9 Polar Electro Oy
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments