Europe Wearable Medical Devices Market – Industry Trends and Forecast to 2030

 Europe Wearable Medical Devices Market Analysis and Size

Growing growth prospects of next-generation displays in wearable medical devices are crucial to market revenue growth. The growing popularity of connected devices and Internet of Things will foster market growth. In the workplace, this technology can be employed in different styles. For instance, in the healthcare sector, doctors can use these wearable techs to look inside a patient’s veins, without waiting for X-rays or scans.

Data Bridge Market Research analyses that the wearable medical devices market was valued at USD 6,637.17 million in 2022 and is expected to reach the value of USD 29,897.93 million by 2030, at a CAGR of 20.70% during the forecast period. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Europe Wearable Medical Devices Market Scope and Segmentation

Market Definition

A wearable medical device is an electronic device with or without software or physical components that an individual wears to collect information regarding that individual's wellness habits and health situation in an passive or active manner. The device's data is normally sent to a software platform for analysis by the organization or an individual to track health and encourage healthy behaviour.

Europe Wearable Medical Devices Market Dynamics

Drivers

• Increasing demand of wrist wear

These wristwatches can be paired with a mobile application to deliver the user major health-related statistics and information. Some of the major market players of wrist-wear for healthcare applications are Fitbit, GOQii, Apple, Xiaomi and Nike. The growing adoption of smartwatches in the healthcare sector is anticipated to support the market's growth during the forecast period. Smartwatches are integrated with disease-specific functions, specifically those that provide cardiovascular indications, and have seen a substantial increase in adoption over the years. For instance, Apple Inc.’s smartwatches, equipped with electrical heart sensors to sense abnormal heart rhythms, have seen a wide demand growth over the years.

• Growing rising prevalence of chronic diseases and increasing mortality

The increasing prevalence of chronic diseases and growing mortality rates are some major areas of concern among government organizations and people. Therefore, healthcare providers are offering personalized care such as remote and continuous patient monitoring. Furthermore, these can be worn for 24 hours without affecting routine life. Therefore, considering its several advantages, the demand for wearable medical devices is anticipated to increase over the forecast period.

 Opportunities

• Increasing diversity and applications of wearable medical devices

Wearable electronics is developing diverse and there can be numerous applications for this technology, ranging from health and medicine to fitness. As the diversity and applications develop, the demand for wearable medical devices increases. Developing technologies such as internet of Things (IoT) can be implemented alongside wearable devices, to increase the efficiency of tasks which could perform. Numerous technologies with wearable medical devices are being developed.

Furthermore, the rise in the demand for wearable medical devices that integrate all computing requirements in one compact device will generate ample and new opportunities for market growth during the forecast period of 2023-2030.

Restraints

• High cost associated with the Wearable medical devices market

High initial cost of these wearable medical devices will hamper the growth of this market to some extent. The medical devices market is a rapidly developing marketplace. However, industry players face high expense erosion since when a new technology is established, the products with old technology lose their importance. Technology advances at an unbelievable speed, and keeping up with these advancements is a foremost challenge for businesses because by the time engineers come up with a prototype.

This wearable medical devices market analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the wearable medical devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Covid-19 Impact on Wearable Medical Devices

The coronavirus outbreak has extended the role of wearable medical devices in the healthcare sector. Several companies are entering the landscape, with innovative wearable medical products that can aid to detect the early warning signs of the viral infections. For instance, Ava Bracelet, mainly used as a fertility tracker, is now being used to help fight coronavirus. This bracelet tracks breathing rate, heart rate variability, and skin temperature, making it also useful in tracking virus symptoms. This provides a unique opportunity during this pandemic.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Europe Wearable Medical Devices Market Scope

The wearable medical devices market is segmented based on type, site, device, distribution channel and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Diagnostic Devices
• Vital Sign Monitoring Devices
• Heart Rate Monitors
• Activity Monitors
• Electrocardiographs
• Pulse Oximeters
• Spirometers
• Blood Pressure Monitors
• Others
• Sleep Monitoring Devices
• Sleep trackers
• Wrist Actigraphs
• Polysomnographs
• Others
• Electrocardiographs Fetal and Obstetric Devices
• Neuromonitoring Devices
• Electroencephalographs
• Electromyographs
• Others
• Therapeutic Devices
• Pain Management Devices
• Neurostimulation Devices
• Others
• Insulin/Glucose Monitoring Devices
• Insulin Pumps
• Others
• Rehabilitation Devices
• Accelerometers
• Sensing Devices
• Ultrasound Platform
• Others
• Respiratory Therapy Devices
• Ventilators
• Positive Airway Pressure (PAP) Devices
• Portable Oxygen Concentrators
• Others

Site

• Headband
• Handheld
• Arm And Wrist
• Clip
• Shoe Sensor
• Others

Device

• Wristwatch/Wristband
• Smart Clothing
• Smartwatch
• Ear Wear

Application

• Cardiac Health
• Obesity
• Diabetes Care
• Fitness Monitoring
• Sleep Tracking

Distribution Channel

• Online Distribution
• Retail Pharmacies
• Hypermarkets
• Others

Wearable Medical Devices Market Regional Analysis/Insights

The wearable medical devices market is analyzed and market size insights and trends are provided by country, type, site, device, distribution channel and application as referenced above.

The countries covered in the wearable medical devices market report are report  Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.

Germany is dominating the European wearable medical devices market owing to the demand for medical device innovation with the availability of funds for research and development activities. Europe is anticipated to grow during forecast period of 2023 to 2030 owing to growing demand of health tracking and fitness devices in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Wearable Medical Devices Market Share Analysis

The wearable medical devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Wearable medical devices market.

Some of the major players operating in the wearable medical devices market are:

• SAMSUNG (South Korea)
• Garmin Ltd. (U.S.)
• Huawei Technologies Co., Ltd. (China)
• Apple Inc. (U.S.)
• Sony Corporation (Japan)
• HTC Corporation (Taiwan)
• Fitbit, Inc. (U.S.)
• Xiaomi Global Community (China)
• ADIDAS AG (Germany)
• Nike, Inc. (U.S.)
• LG Electronics. (South Korea)
• Motorola Solutions, Inc. (U.S.)
• Fossil Group, Inc. (U.S.)
• Google LLC (U.S.)
• Polar Electro (Finland)
• Withings (France)
• Michael Kors (U.S.)
• CASIO AMERICA, INC. (U.S.)
• TomTom International BV (Netherlands)
• ASUSTeK Computer Inc. (Taiwan)

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