Wearable Medical Device Market Size, Trends By Type (Activity Monitors, Smart Watches, Smart Clothing, Patches), Device Type (Diagnostic & Monitoring Devices, Therapeutic Devices), Application (Sports Academies and Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel (Pharmacies, Online Channel, Hypermarkets) - Forecast till 2027
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Wearable Medical Device Market will make a jump from USD 7859.4 Mn in 2017 to over USD 27,200 Mn by 2023, suggests MRFR (Market Research Future). Wearable medical device market forecast has been presented in the report, with MRFR experts keeping a tab on all the latest developments and trends that can impact the growth scope.
Among the opportunities available for the development of the wearable medical devices market is the growing demand for connected healthcare applications owing to cost effectiveness and its ability to reach patients in emerging countries effectively is expected to intensify the pace of development of the market. However, the progress of the wearable medical devices market is reliant on extensive network coverage and access to mobile devices.
Furthermore, the partnerships and collaborations among big players are contributing in a major way to the development of the market. This scenario is also foreseen as an excellent opening for new entrants in this market. The wearable medical devices are foreseen to have a great level of impact on medical delivery systems and consumer healthcare in the very near future, which will enhance the market’s growth pace throughout the forecast period.
Segmental Analysis
The segmentation of the market is carried out on based on application, device type, distribution channel, and type. The application areas for the wearable medical device market is segmented into remote patient monitoring, sports academies and fitness, and home healthcare. On the device type, wearable medical device market segments comprise of diagnostic & monitoring devices, therapeutic devices. Diagnostic & monitoring devices are additionally segmented into vital sign monitoring devices, neuromonitoring devices, glucose monitoring devices, sleep monitoring devices and fetal monitoring & obstetric devices. While, therapeutic devices are further segmented into rehabilitation devices, pain management devices, respiratory therapy devices and insulin pumps. On the basis of type, the market is segmented into smart watches, activity monitors, smart clothing, and patches. On the basis of the distribution channel, the wearable medical device market is segmented into online channel, pharmacies, and hypermarkets.
Detailed Regional Analysis
The region wise analysis of the wearable medical device market covers regions such as Europe, APAC, Americas and rest of the world. The Americas controls the wearable medical device market due to the incidence of vast obese and diabetic population. The nations such as the U.S. and Canada are the foremost nations in the North America wearable medical device market. The presence of many manufacturers present in these countries has created a balance between the supply and demand. The European region is the next leading region in the wearable medical device market globally.
Growing awareness of health and physical fitness with rising spending on healthcare, intensifying incidences of chronic diseases are some of the factor responsible for the development of the market. The Asia Pacific is the fastest developing region in the wearable medical devices market globally. The existence of an enormous population base, enormous opportunities for development of the market, increasing occurrence of cardiac and lifestyle diseases are among the chief driving factors for the Asia Pacific market. Moreover, production facilities in India and China and are developing rapidly in the medical devices business thereby adding to the overall development of the market.
Competitive Analysis
Honeywell International Inc., Boston Scientific Corporation, NIKE INC., Omron Corporation, Fitbit Inc., Philips, Apple Inc., Medtronic PLC, Qualcomm Inc., LG Electronics Inc., Motorola
Solutions Inc., and Sony Corporation are some of the important players profiled in the report.
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Market HighlightsCerebral vasospasm is narrowing of blood vesicles which results in hemorrhage as well as stroke and vice versa.
Adoption of sedentary lifestyle which results in an increase in the number of obese people plus increasing prevalence of many cardiovascular diseases are major driving factors for the growth of global cerebral vasospasm market.
Although high cost of the treatment may hamper this market’s growth still it is expected to grow at the CAGR of 5.4% during forecasted period of 2017-2023.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/1418As per regional basis, due to development in robust research & growing advancements in the field of neurology all these has taken the North America cerebral vasospasm market to the top position.
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The market is further segmented into end user which includes hospitals, clinics and others.Some of the key players in the global cerebral vasospasm market are Headsense Medical Ltd (Israel), B. Braun Melsungen AG (Germany), Minnetronix, Inc (US), Bristol-Myers Squibb Company (US), Boehringer Ingelheim GmbH (Germany), H. Lundbeck A/S (Denmark), and Penumbra, Inc (US).
These major companies are using the trend of strategic alliance and acquisition to gain the market and minimize the competition in the same.
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The extensive spread of the disease has led to the severe shortage of medical resources in the front line.
The company in the same month produced 400 gallons of medical-grade hand sanitizers.
While in March 2020, Pernod Ricard’s Facility in the US which originally produces Malibu Coconut Rum and Seagram’s Rin started producing 1000 gallons of hand Sanitizer.
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The rising growth of the cosmetic and personal care and pharmaceutical industry across the globe is substantially contributing to the growth of the medium chain triglyceride market.
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On the basis of the source, the market is segregated into coconut, palm, and others.
On the basis of the fatty acid type, the global market can be segregated into caprylic acid, capric acid, lauric acid, and caproic acid.
On the basis of the application, the market is further segmented into dietary supplements, cosmetic & personal care, pharmaceuticals, sports drinks, infant nutrition, and others.Market ScenarioAmong the various applications of the medium chain triglyceride, the dietary supplement segment was the largest segment in 2016 and is expected to show the same trend during the forecast years.
Immunotherapies show a better result for the treatment of melanoma cancer.
Immunotherapies are used for limited number of cancer treatment mostly hematological, but they show better results where other therapy is not effective.
On the other hand, long time approval and different adverse effect may restrain the growth of the marketSegmentationThe Immunotherapy Drugs market is segmented based on therapy area, type of drugs, end user and region.On the basis therapy area, the market is segmented into cancer, autoimmune & inflammatory diseases, infectious diseases and others.
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Further end user is segmented into hospitals & clinics, ambulatory surgical centers, others.Regional AnalysisAsia Pacific immunotherapy drugs market is segmented into Japan, China, India, Australia, Republic of Korea and Rest of Asia Pacific.
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According to data published by the World Health Organization (WHO), in February 2018, the world’s population over 60 years is expected to double from 12% in 2015 to 22% in 2050.Get Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/8787Furthermore, the rising incidence rate of lifestyle diseases, technological advancements in wireless monitoring & wearable devices, and the increasing R expenditure by market players to develop novel ECG devices are also expected to fuel the market growth during the forecast period.However, the dearth of skilled professionals, uncertainty in market saturation & economic circumstances, and irregular reimbursement policies are expected to restrain the growth of the global diagnostic electrocardiograph (ECG) market.Several market players such as Koninklijke Philips N.V., General Electric Company, and Nihon Kohden Corporation, among others currently dominate the global diagnostic electrocardiograph (ECG) market.
The key players are involved in awareness campaigns, mergers, and strategic collaborations to strengthen their market positions.
For instance, in May 2018, General Electric Company collaborated with Preventice Solutions, to expand its ECG services and create a more holistic solution for monitoring its ambulatory ECG patients.Regional AnalysisThe market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas region held the largest market in 2018, owing to the rising prevalence of cardiovascular diseases in the region.
The diagnostic electrocardiograph (ECG) market in the Middle East & Africa has been divided into the Middle East and Africa.SegmentationThe Global Diagnostic Electrocardiograph (ECG) Market has been segmented based on the product Type, Lead Type, and End User.Based on the product type, the global diagnostic electrocardiograph (ECG) market has been segmented into resting ECG devices, stress ECG devices, implantable loop recorders, mobile cardiac telemetry devices, event monitors, Holter monitors, and smart ECG monitors.
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Furthermore, the ballooned advertising budget of herbal medicine manufacturers has managed to work in their favor and evoke the interest of consumers.The growing health-consciousness levels among consumers has led to an increased demand for functional foods and beverages.
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Similarly, skin care products derived from herbal extracts are gaining prominence owing to the popularity of social media channels and their emphasis by influencers on these channels.
But stringent government regulations and high production cost can act as growth deterrents.Competitive Dashboard:Key players in the herbal extracts market include Martin Bauer GmbH & Co. KG (Germany), Jiaherb, Inc. (China), Kalsec Inc. (U.S.), Starwest Botanicals (U.S.), Organic Herb Inc. (China), Mountain Rose Herbs (U.S.), Döhler GmbH (Germany), Synthite Industries Ltd. (China), Vidya Herbs (India), and Herbal Extraction Group, Inc. (China).
The liquid segment can reach a size amounting to USD 3.4 billion by 2023 owing to its long shelf life and its rapid effects on the human body.By application, the market is segmented into cosmetics and personal care, pharmaceuticals, food and beverages, and others.
