Sarasota, FL -- (SBWire) -- 04/10/2019 --Zion Market Research has published a new report titled "Wearable Medical Devices Market by Device Type (Diagnostic & Monitoring Devices and Therapeutic Devices), by Application (Sports & Fitness, Home Healthcare, and Remote Patient Monitoring), by Type (Activity Monitors, Smart Clothing, Patches, and Smartwatches), and by Distribution Channel (Pharmacies, Hypermarkets, and Online Channel): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025". According to the report, the global wearable medical devices market was valued at approximately USD 7,655 million in 2018 and is expected to generate around USD 24,941 million by 2025, at a CAGR of around 18.4% between 2019 and 2025.
Biosensors that monitor physiological data, usually using wireless communication or remote, are worn or attached to the human body are called wearable medical devices. The wearable medical devices market globally is likely to be driven by advanced functionality and distinct capabilities, such as the ability to function without any external device or smartphone. This has resulted in the rise in consumer acceptance toward these devices. With growing health awareness among people, the increasing prevalence of chronic diseases, such as diabetes, and rising healthcare expenditure, the demand for wearable medical devices is projected to witness outstanding growth in the future.
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The global wearable medical devices market is sectored based on device type, application, type, and distribution channel. By device type, the wearable medical devices market is divided into diagnostic and monitoring devices and therapeutic devices. The diagnostic and monitoring devices segment is further segmented into vital sign monitoring devices, sleep monitoring devices, glucose monitoring devices, fetal monitoring and obstetric devices, and neuromonitoring devices. The therapeutic devices segment is sub-segmented into rehabilitation devices, respiratory therapy devices, pain management devices, and insulin pumps. In terms of market share, the diagnostics and monitoring devices segment was dominant in 2018, due to the increasing application of monitoring and diagnostics products in remote patient monitoring and home healthcare. The therapeutics segment is expected to register high growth over the forecast time period, due to the rising patient population.
By application, the wearable medical devices market is segmented into sports and fitness, home healthcare, and remote patient monitoring. In 2018, the sports and fitness segment held the largest share in the global wearable medical devices market, due to the rising focus on physical fitness to enhance the quality of life along with the growing trend of tracking one's health progress. By type, the market is segmented into activity monitors, smart clothing, patches, and smartwatches. Activity monitors held the largest share in the global market in 2018 and are anticipated to register the highest growth over the estimated timeline. This can be attributed to the growing prevalence of lifestyle-related diseases, due to the increasing adoption of an unhealthy lifestyle, and rising awareness about health and fitness. By distribution channel, the global wearable medical devices market is segmented into pharmacies, hypermarkets, and online channel. Pharmacies held the largest share in the global wearable medical devices market in 2018.
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By region, North America dominated the wearable medical devices market globally by contributing nearly 40% toward in 2018 and is expected to remain dominant over the forecast time period as well. Europe and the Asia Pacific are estimated to dominate the global wearable medical devices market in the future.
Some key players of the global wearable medical devices market are Samsung Electronics Co. Ltd., Xiaomi Technology Co., Ltd, Fitbit, Inc., Apple Inc., Garmin Corporation, Huawei Technologies Co., Ltd., OMRON Corporation, Polar Electro, Activinsights Ltd., and VitalConnect.
This report segments the global wearable medical devices market as follows:
Global Wearable Medical Devices Market: Device Type Analysis
Diagnostic and Monitoring Devices
Vital Sign Monitoring Devices
Sleep Monitoring Devices
Glucose Monitoring Devices
Fetal Monitoring and Obstetric Devices
Neuromonitoring Devices
Therapeutic Devices
Rehabilitation Devices
Respiratory Therapy Devices
Pain Management Devices
Insulin Pumps
Global Wearable Medical Devices Market: Application Analysis
Sports and Fitness
Home Healthcare
Remote Patient Monitoring
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Global Wearable Medical Devices Market: Type Analysis
Activity Monitors
Smart Clothing
Patches
Smartwatches
Global Wearable Medical Devices Market: Distribution Channel Analysis
Pharmacies
Hypermarkets
Online Channel
Global Wearable Medical Devices Market Is Expected to Reach Around USD 24, 941 Million by 2025
Global Wearable Medical Devices Market Is Expected To Reach Around USD 24, 941 Million By 2025