SELBYVILLE, Del., June 30, 2019 /PRNewswire/ -- Activity/fitness monitors segment of wearable medical devices market accounted over 25% market share in 2018 and is anticipated to witness lucrative growth over the analysis period. Activity monitors are used for monitoring fitness-related metrics such as calorie consumption, walking distance and in some cases sleep and heartbeat. Changing lifestyle leading to physical conditions such as obesity and other chronic conditions will drive activity monitors market growth over the forecast timeframe.
Diabetes care application segment held over 20% market share in 2018 and is estimated to witness considerable growth over the forecast period. The rising number of people suffering from diabetes as well as technological advancements in blood glucose monitoring devices delivering precise and reliable readings instantaneously will drive diabetes care market during the projected period.
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Based on application, the industry is segmented into cardiac health, obesity control, diabetes care, fitness monitoring, sleep tracking and others. Fitness monitoring market will witness robust CAGR over 40% during the analysis period owing to rising awareness about fitness and high product adoption due to technological advancements. Fitness monitoring devices are easy-to-use should further stimulate segmental growth over the coming years.
Global Wearable Medical Devices Market is poised to surpass USD 87 billion by 2025; according to a new research study published by Global Market Insights, Inc. Rising awareness about physical fitness and increasing disposable income of consumers will act as major driving factors for wearable medical devices market growth. High expenditure on marketing of wearable devices by major industry players operating in the market will positively impact business growth over the forecast period.
Technological advancements and cost efficiency of the devices will impel wearable devices market growth. Increased expenditure on development of smartphones-based healthcare apps in developing countries will positively impact market growth. However, data security issues related to the devices might restrain industry expansion to certain extent over the coming years.
Browse key industry insights spread across 150 pages with 199 market data tables & 8 figures & charts from the report, "Wearable Medical Devices Market Size By Device (Activity/Fitness Monitors, Blood Glucose Monitors, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body and Temperature Monitors, Hearing Aids), By Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking), By End-use (Home Healthcare, Remote Patient Monitoring, Fitness and Sports), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
Fitness and sports end-use segment accounted approximately 43% market share in 2018 and is projected to grow considerably over the foreseeable future. High adoption of wearable devices for tracking and monitoring fitness activities daily will lead to segmental growth. Due to wide applications of wearable devices including monitoring of in-game performance, athletic training and recovery after injury will positively impact business growth.
The U.S. wearable medical devices market will grow considerably over the coming years to reach USD 23 billion by 2025. Rising awareness about fitness and growing prevalence of lifestyle diseases will drive U.S. market growth over the coming years. High disposable income coupled with rising demand for technologically advanced healthcare monitoring products should further drive the industry growth.
Extensive promotion and increasing expenditure on advertisement of wearable devices by major companies will drive Indian market growth over the projected period. Active promotion of wearable medical devices will create trust among customers resulting in expansion of business and overall industry growth.
Some of the key industry players operating in wearable medical devices market are Koninklijke Phillips N.V., Omron Corporation, Sotera Wireless and Fitbit among others. Companies are involved in adoption of various strategies including partnerships, strategic collaboration, merger and acquisition to strengthen its business position. Major industry players are focusing on untapped emerging markets to gain competitive edge and capture significant market share globally.
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Wearable Medical Devices Market Forecasts 2019-2025
The worldwide wearable medical devices market is poised to register 39%+ CAGR from 2019 to 2025, driven by rising awareness about physical fitness coupled with technological advancements.
SOURCE Global Market Insights, Inc.