SciTech Europa welcomes Global Market Insights to share their research on the growth of the global wearable medical devices market and how it’s expected to continue to grow.
The global wearable medical device market size is expected to exceed more than $87bn (~€78.6bn) by 2025; Growing at a CAGR of more than 39.4% in the given forecast period.
What will be the impact of popularity of fitness monitors on wearable medical devices market outlook?
In the year 2018, fitness monitors segment accounted for more than 25% of wearable medical devices market share and is projected to observe significant growth by the year 2025. Activity monitors help to keep track on fitness-related metrics including walking distance, sleep (in some cases), heartbeat, and calorie consumption. Sedentary lifestyle has led to disorders such as obesity and other chronic conditions, a need to prevent which will help to fuel activity monitors segment growth over 2019-2025. The growth of activity monitors segment will simultaneously augment wearable medical devices industry by 2025.
Wearable medical devices market to accrue substantial profits from fitness and sports sector by 2025.
Wearable medical devices market forecast report compiled by Global Market Insights Inc. projects that global revenue of the industry slated to exceed $87 billion by 2025. The proliferating union of medical products and wearables has proved favorable in transforming wearable medical devices market trends. After emerging as one of the most lucrative niche verticals in the global healthcare and medical devices sector, many medical device manufacturers have been including wearable devices in their product lines.
How will fitness monitoring shape global wearable medical devices industry?
Wearable monitoring devices have been segmented into cardiac health, obesity control, diabetes care, fitness monitoring, sleep tracking and other subdivisions. Fitness monitoring devices are easy to use, thus increasing their adoption among people cautious about fitness. Reports forecast that fitness monitoring application will register a CAGR more than 40% over 2019-2025 and also expand wearable medical devices market size.
What will be the contribution of diabetes care application segment in growth of wearable devices market share?
In the year 2018, diabetes care application segment accounted for more than 20% of wearable medical devices market share. Similar growth patterns are expected to be presented by wearable medical devices industry owning to the growth of diabetic population. There has been notable increase in number of people suffering from diabetes from past years. For convenience of diabetic patients, technological advancements have been made in blood glucose monitoring devices which are capable of delivering reliable and precise readings instantaneously. The increasing number of diabetic patients and development of technology for diabetes care and cure will fuel the application of diabetes care devices and hence, drive wearable medical devices market size expansion by 2025.
How will the usage in fitness and sports sector will augment wearable medical devices market size?
In the year 2018, fitness and sports end-use segment accounted for about 43% share in wearable medical devices market. There has been an increase in adoption of wearable medical devices for tracking and keeping check on fitness activities on daily basis. Increased adoption of these devices will augment revenue for fitness and sports end-use segment. Extensive uses of wearable devices for examining in-game performance, recovery after injury, and athletic training, will support wearable medical devices industry growth.
Which are some of the global wearable medical devices industry players expanding their footprint in the business?
Few of the major wearable medical devices market players operational in the industry include Omron Corporation, Koninklijke Phillips N.V., Fitbit, and Sotera Wireless. These firms are engaged in implementation of several strategies, such as strategic collaboration, partnerships, merger and acquisition, to reinforce their foothold in wearable medical devices market. Key business players are concentrating on untapped incipient markets to increase competitive edge and seize significant wearable medical devices industry share.