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Opportunities For The Global Wearable Medical Device To Reach $9.4 Billion By 2022
According to a new market report published by Lucintel, the future of the global wearable medical device market looks promising with opportunities in home healthcare and remote patient monitoring. The global wearable medical device market is expected to reach an estimated $9.4 billion by 2022 and it is forecast to grow at a CAGR of 14.9% from 2017 to 2022. The major drivers of growth are increasing awareness and importance of fitness and healthy lifestyle, rising chronic diseases, and technological innovations.
In this market, diagnostic wearable and therapeutic wearable are the main segments by application type. On the basis of its comprehensive research, Lucintel forecasts that diagnostic wearable device is expected to show highest growth during the forecast period from 2017 to 2022.
Healthcare and remote patient monitoring are the major segments of global wearable medical device end use market and remote patient monitoring is expected to show above average growth during the forecast period due to its advanced wireless communication technologies to share patient medical records and activity with doctors over a ...
... period of time.
North America is expected to remain the largest as well as the highest growth region due to high disposable income, rising chronic conditions and acceptance of technologically advanced products in this region.
Emerging trends, which have a direct impact on the dynamics of the market, include the increasing usage of wearable biofeedback devices and increasing adoption of cloud technology for interconnected healthcare devices. Medtronic Plc, Roche Holding AG, and Animas Corporation (Johnson & Johnson) are the major manufacturers of the wearable medical device market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global wearable medical device market by end use, application, distribution channel and region, and compiled a comprehensive research report entitled “Growth Opportunities in the Global Wearable Medical Device Market 2017-2022: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the growth opportunities in the global wearable medical device market by end use type, application, distribution channel and region, as follows:
By Application [Value ($ million) from 2011 to 2022]:
o Vital Sign Monitoring
o Fetal and Obstetric
o Pain Management Wearables
By End Use Market [Value $ million from 2011 to 2022]:
• Remote Patient Monitoring
By Distribution Channel [Value $ million from 2011 to 2022]:
• Pharmacy and Clinics
• Others and Online
By Region [Value ($ million) and Volume (million units) from 2011 to 2022]:
• North America
o United Kingdom
• Asia Pacific
o S. Korea
• The Rest of the World
o Latin America
o Middle East
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