What are Key Factors Causing Boom of Wearable Medical Devices Market?
The global wearable medical devices market is expected to generate revenue of $67.2 billion by 2030, increasing from $10.6 billion in 2019, progressing at an 18.3% CAGR during the forecast period (2020–2030). The key driving factors of the market are the rising awareness regarding fitness, increasing geriatric population, surging prevalence of chronic diseases, and growing penetration of technologically advanced products. On the basis of distribution channel, the market is categorized into pharmacies, hypermarkets, and online.
Out of these, the online category held the largest share of the market in the past and is further expected to account for the major share of the market in the years to come. In terms of application, the market is divided into home healthcare, sports & fitness, and remote patient monitoring. Among these, the sports & fitness division accounted for the largest share of the market in 2019, due to the increasing need for monitoring the condition of athletes and the surging consciousness among people regarding physical fitness.
The objective of this research includes;
• Major factors driving the wearable medical devices market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the wearable medical devices market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
Geographically, the Asia-Pacific region is expected to exhibit the highest CAGR during the forecast period in the wearable medical devices market. This is due to the rapid technological advancements in India, Japan, and China, growing investments by public and private organizations, increasing expenditure in the healthcare sector, surging geriatric population, and swiftly increasing prevalence of chronic diseases in the region. North America accounted for the largest share of the market in the past.
Some other major players operating in the wearable medical devices market are Apple Inc., Senseonics Holdings Inc., Mad Apparel Inc., Neurotech LLC, Fitbit Inc., Xiaomi Inc., Garmin Ltd., Moov Inc., Samsung Electronics Co. Ltd., Medtronic plc, Fossil Group Inc., Proteus Digital Health Inc., Sony Corporation, and ZOLL Medical Corporation.