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The Wearable Devices Market is segmented by Product Type, Application, Device Type (Watch, Wristband, Clothing, Ear Wear), and Geography
Fastest Growing Market:
The growth of the global wearable medical devices market is due to the increasing technological advancements and innovations, as it can improve the lifestyle of patients, as well as the general population. Currently, these devices are gaining immense popularity, due to improved technologies that are being introduced every day by key market players.
Additionally, ease-of-use and interpretation of medical devices and increasing per-capita income in developing countries are the other important factors responsible for the growth of the market.
Less attractive reimbursement for wearable devices and lack of awareness among people are hindering the growth of the market. Additionally, the cost of wearable devices is one of the major challenges for the growth prospects of the market.
Wearable medical devices are capable of diagnosing or monitoring medical conditions, combined with digital health information, typically worn over the body. The demand for wearable medical devices and remote patient monitoring are continuously increasing in the global market, where technological advancements, innovations, and rising disposable income, along with healthcare expenditure and better healthcare management using medical devices are among the major drivers. Some of the significant barriers of growth in this market include the high cost of wearable devices that varies as per the application, reimbursement issues, and lack of awareness in low- and middle-income countries.
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The rise in the number of people with chronic medical conditions and increase in geriatric population are the major factors driving the growth of remote patient monitoring (RPM) services all over the world. The RPM also called homecare telehealth, is a process in which patients can use a mobile medical device to perform a routine test and send this data to healthcare professionals in real time.
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.
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North America dominated the overall wearable medical devices market, with the United States emerging as the major contributor to the market. The United States holds the largest share in the global wearable medical devices market, primarily attributed to the early adoption of wearable medical technology and high prevalence of cardiovascular and lifestyle-related diseases, along with high per capita medical expenditure. Apart from these factors, the presence of a large pool of mid- and large-sized device manufacturers also supplements the large market share. Favorable laws for setting up a business and robust intellectual property rights environment acted as catalysts for the growth for many wearable medical device startups, many of which are now global players.
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Rising number of market players is intensifying the competition. Players, such as Fitbit, Lifesense, Apple, Garmin, and Samsung, among others, are disrupting the market by launching several new products. The rate of technological advancements in this market is very high, and therefore, competitors are continuously investing heavily in R&D activities. Moreover, the competitor activity is very high across both the online and retail channels.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Technological Advancements and Innovations
4.3.2 Increasing Per-capita Income in Developing Countries
4.3.3 Ease-of-use and Interpretation of Medical Devices
4.4 Market Restraints
4.4.1 High Cost of Wearable Devices
4.4.2 Unfavorable Reimbursement Issues
4.4.3 Current Lack of Awareness in Some Regions
4.5 Industry Attractiveness- Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Wearable Vital Sign Monitor
184.108.40.206 Wearable Heart Rate Monitor
220.127.116.11 Wearable Activity Monitor
18.104.22.168 Wearable Electrocardiograph
22.214.171.124 Wearable Sleep Monitor
5.1.2 Wearable Fetal Monitor and Obstetric Device
5.1.3 Neuro-monitoring Device
126.96.36.199 Pain Management Wearable Medical Device
188.8.131.52 Glucose/Insulin Monitoring Wearable Device
184.108.40.206 Respiratory Therapy Wearable Device
5.2.1 Sports and Fitness
5.2.2 Remote Patient Monitoring
5.2.3 Home Healthcare
5.3 Device Type
5.3.4 Ear Wear
5.3.5 Other Device Types
5.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Middle East & Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
5.4.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Garmin Ltd
6.1.2 Apple Inc.
6.1.5 LifeWatch AG
6.1.6 Philips Electronics
6.1.8 Sotera Wireless
6.1.9 Xiaomi Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments