Europe Wearable Medical Devices Market Outlook 2031
The Europe Wearable Medical Devices Market size was USD 8.34 Billion in 2022 and is likely to reach USD 30.29 Billion by 2031, expanding at a CAGR of 15.41% during 2023–2031. The growth of the market is attributed to increasing health awareness.
Wearable medical device is a sensor that detect and analyze changes in the body such as glucose level, insulin levels, heart diseases, blood pressure ingestion, brain activity, hydration, and temperature.
Consumers can wear smartwatches that are vital electronic devices in healthcare technology. They are used for collecting data about patient health, track medications, follow the recovery of patients after surgery, track sleep by using commercial and personal-grade devices, exercise habits, and also communicate with healthcare professional in real time. A fitness tracker, set of earbuds, smart clothing system, and glasses are some examples of wearable medical devices.
The COVID-19 pandemic negatively impacted the wearable medical devices market due to supply chain disruption and production facilities. Moreover, many scheduled product launches and related developments were postponed during the pandemic.
Europe Wearable Medical Devices Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for technological advancements in software & hardware components is projected to boost the market growth in the coming years.
- Rising growth prospects of next-generation displays in wearable devices is anticipated to the market growth during the forecast period.
- Growing geriatric population is estimated to spur the market growth in the coming years.
- Rising incidence of chronic diseases is projected to boost the market growth in the coming years.
- Increasing per capita health spending is anticipated to the market growth during the forecast period.
- Rising awareness toward early disease diagnosis is estimated to spur the market growth in the coming years.
- Increasing demand for minimally invasive and contactless diagnostic and therapeutic uses of wearable medical devices is projected to boost the market growth in the coming years.
- Rising health consciousness among people is anticipated to the market growth during the forecast period.
- Growing demand for wearables that integrate all computing requirements in one compact devices is estimated to spur the market growth in the coming years.
- High cost of wearable medical devices is expected to restraint the market growth.
- Limited battery life and security concerns is estimated to restrict the market growth.
- Rising demand for continuous developments in devices has led to new opportunities in the market.
Scope of The Europe Wearable Medical Devices Market Report
The report on the Europe wearable medical devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Wearable Medical Devices Market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023–2031
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Segmentation
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Device Types (Monitoring Devices [Vital Sign Monitoring Devices, Sleep Monitoring Devices, Electrocardiographs, Fetal and Obstetric Devices, and Neuromonitoring Devices] and Therapeutic Devices [Pain Management Devices, Rehabilitation Devices, Respiratory Therapy Devices, and Others]), Applications (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare), and Product Types (Watches, Wristbands, Ear Wears, and Others)
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Geographical Scope
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Germany, The UK, France, Italy, Spain, and Rest of Europe
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Abbott Laboratories; Activinsights Ltd; Fitbit, Inc.; Garmin Ltd.; Intelesens Ltd.; Koninklinje Philips NV; Nuubo; Omron Corporation; and Polar Electro Oy
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Europe Wearable Medical Devices Market Segment Insights
Rehabilitation devices segment to hold a significant market share
On the basis of device types, the market is divided into monitoring devices and therapeutic devices. The monitoring devices segment is further segmented into vital sign monitoring devices, sleep monitoring devices, electrocardiographs, fetal and obstetric devices, and neuromonitoring devices.
The therapeutic devices segment is segregated into pain management devices, rehabilitation devices, respiratory therapy devices, and others. The vital sign monitoring devices segment is anticipated to hold a key share of the market in the coming years. This type of monitoring device prevents misdiagnosis, detect symptom-less medical problems, and encourage to make better decision.
However, the rehabilitation devices segment is anticipated to expand at a rapid pace during the forecast period as they can produce repetitive high quality movements and helps restore pre-illness or accident function and mobility.
Home healthcare segment is projected to expand at a considerable CAGR
Based on applications, the market is segregated into sports and fitness, remote patient monitoring, and home healthcare. The remote patient monitoring segment is expected to represent a key share of the market in the upcoming years due to improve ability to manage chronic conditions and increased efficiencies. On the other hand, the home healthcare segment is anticipated to expand at a rapid pace during the forecast period owning to reduced cost of care.
Ear wears segment to hold a significant market share
On the basis of product types, the market is divided into watches, wristbands, ear wears, and others. The wristbands segment is anticipated to hold a key share of the market in the coming years due to increased preference for wrist based medical wearables among youth. However, the ear wears segment is anticipated to expand at a rapid pace during the forecast period due to easy insertion and improved ease in listening environments.
The UK is estimated to account a major market share
In terms of regions, the market is classified as Germany, the UK, France, Italy, Spain, and Rest of Europe. Germany is expected to constitute a key share of the market during the projected period due to increased demand for medical devices and innovation along with the availability of the funds for research and development. However, the market in the UK is anticipated expand at a rapid pace during the forecast period owing to increasing demand for fitness and health tracking devices in the country.
Segments
The Europe wearable medical devices market has been segmented on the basis of
Device Types
- Monitoring Devices
- Vital Sign Monitoring Devices
- Sleep Monitoring Devices
- Electrocardiographs
- Fetal and Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Others
Applications
- Sports and Fitness
- Remote Patient Monitoring
- Home Healthcare
Product Types
- Watches
- Wristbands
- Ear Wears
- Others
Geography
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Key Players
Competitive Landscape
Key players competing in the Europe wearable medical devices market includes Abbott Laboratories; Activinsights Ltd; Fitbit, Inc.; Garmin Ltd.; Intelesens Ltd.; Koninklinje Philips NV; Nuubo; Omron Corporation; and Polar Electro Oy.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
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