An annual growth rate of 18.3% is predicted for the Europe Wearable Medical Devices Market during the next few years. The increase can be attributed to the rising concern for a healthy lifestyle. Owing to consumers’ evolving preferences, technically advanced healthcare devices are flourishing.
As high-end medical devices make their way into the European market, experts predict the wearable medical devices market is expected to see development. Germany’s rise to prominence as a center for the healthcare industry can be attributed to the country’s growing demand for advanced medical devices. Faced with the COVID-19 pandemic, the United Kingdom, France, Germany, and Italy are likely to turn to online resources for information and support.
The wearable medical devices market in Europe is growing at a rapid pace due to the presence of medical technology pioneers found in Nordic countries such as Finland, Sweden, and Iceland. For instance, Suunto, established in Finland, is a major participant in the heart rate monitor segment.
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Some companies are also working on mobile apps for wearable devices, and these may use cutting-edge technologies like artificial intelligence, cloud computing, and others. These apps have many uses, including allowing users to communicate with other devices, such as smartphones, laptops, and PCs, through Bluetooth and Wi-Fi, allowing for personalized settings and thorough performance monitoring. Key manufacturers may get inspired by these reasons, broadening their product lines to include AI-powered platforms. This is changing the wearable medical devices market outlook.
Key Takeaways
- Younger generations are more likely to try out and maybe buy new wearable devices due to the widespread availability and use of social media platforms and mobile devices.
- The development of cutting-edge technology has allowed for the introduction of artificial intelligence-driven mobile applications in this area.
- The availability of advanced medical devices that enable medical care outside of the hospitals boosts the wearable medical device market
Competitive Landscape
- Medtronic plc
- Siemens AG
- Fitbit Inc.
- Bayer AG
- Panasonic Corporation
- Animas Corporation – Johnson and Johnson
- Smiths Medical – A Smiths Group Company
- Koninklijke Philips N.V.
- Owlet Baby Care
- OMRON Corporation
- Hoffmann-La Roche Ltd and Rest Devices Inc.
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Recent Developments
- In February 2020 — VitalConnect®, Inc., a leader in wearable biosensor technology, announced the introduction of arrhythmia detection to its remote monitoring portfolio. In partnership with CorVitals, Inc., VitalConnect now offers physicians the ability to monitor, diagnose and treat patients suffering from various heart conditions and diseases.
- Polar Introduced the Polar Pacer Pro series watches with ultra-light, new-generation GPS running watch with an integrated barometer that equips serious runners with advanced training tools to improve running economy and performance.
- In May 2020– Royal Philips announced the launch of wearable biosensor to help manage confirmed and suspected COVID-19 patients in the hospital. The next-generation wireless wearable biosensor enhances clinical surveillance in the Philips patient deterioration detection solution to help clinicians detect risk so they can intervene earlier and help improve care for patients in lower acuity care areas.
Wearable Medical Devices Market By Segmentation
By Product:
- Wearable Monitoring and Diagnostic Devices
- Fetal and Obstetric Devices
- Wearable Fetal Monitors
- Infant Motion Sensing Monitors
- Continuous Glucose Monitoring Devices
- Cardiac Monitoring Devices
- Wearable Heart Rate Monitors
- Wearable Pulse Oximeters
- Wearable Blood Pressure Monitors
- Wearable Therapeutic Medical Device
- Hearing Aid
- Insulin Pump
- Respiratory Therapy Devices
- Sleep Apnea Devices
- Non-invasive Ventilation
- Health and Fitness Devices
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By Application:
- Patient Monitoring
- Home Healthcare
- Health and Fitness
By Distribution Channel:
- Hospital Pharmacies
- Clinics
- Online Channels
- Hypermarkets
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