The European wearable medical devices market has been estimated at USD XX billion in 2015 and is projected to reach USD XX billion by 2021, at a CAGR of about X% during the forecast period from 2016 to 2021. Wearable medical device are defined as the devices 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 includes neurological diseases, metabolic diseases and pain management. It is widely used in outdoor as well as home settings.
The European wearable medical devices market is driven by technological advances, increasing incidence of chronic pain and diabetes patients. Ease of use and interpretation of data using these devices is also a major contributing factor for market growth. However, the market is highly constrained due to the lack of reimbursement policies and high cost of devices.
The European wearable medical devices market has been segmented by product type: diagnostic wearable devices and therapeutic wearable devices; and by end user: sports and fitness, home based user and others. Diagnostic wearable devices has been further segmented into vital sign monitors, foetal monitors and obstetric devices, neurological monitoring devices and others. Therapeutic wearable devices has also been further segmented into pain management devices, glucose monitoring devices and respiratory therapy devices.
The European wearable medical devices market has been geographically segmented into the Benelux, UK, France, Germany, Italy, Spain, Portugal, and Scandinavia, with the UK dominating the European market. France is also an emerging market which has a scope for growth and can potentially dominate the market in the future.
The European wearable medical devices market is growing due to the large population of diabetic patients in Europe. The major companies dominating this market are Draeger, Everest Healthcare, Intelesens Limited, LifeWatch AG, Nuubo, and Polar Electro. However, the market is challenged by the high cost and stringent FDA regulations on medical devices.
Key Deliverables in the Study