Europe Wearable Medical Devices Market to Grow with a CAGR of 8.50% through 2028
Growing rising
prevalence of chronic diseases and increasing diversity & applications of
wearable medical devices is expected to drive the Europe Wearable Medical Devices
Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Europe Wearable Medical Devices Market – Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Europe Wearable Medical Devices Market stood at USD 5.87 billion in 2022
and is anticipated to grow with a CAGR of 8.50% in the forecast period,
2024-2028. Several factors contributing to market growth include technological
advancements, product innovation, growing health awareness, and the benefits of
wearable devices such as user-friendliness and data interpretation.
Additionally,
continuous product development, commercialization, and the strengthening of
distribution channels by major manufacturers are expected to support the growth
of the Europe wearable medical devices market.
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"Europe Wearable Medical Devices Market”
The growth of
the market in Europe for wearable medical devices is being driven by several
key factors. One of the primary drivers is the continuous rise in technological
advancements and product innovation. With ongoing developments, wearable
devices have become more advanced and efficient, catering to the increasing
health awareness among the population. These devices are now equipped with
features that enable accurate health tracking and monitoring, empowering
individuals to take better control of their well-being. Another factor
contributing to the growth of the market is the numerous advantages offered by
wearable devices. These devices are known for their ease of use and the ability
to interpret data, making them highly desirable among consumers. They provide
real-time insights into various health parameters, such as heart rate, sleep patterns,
and physical activity, allowing individuals to make informed decisions about
their lifestyle and overall health.
Furthermore, the
continuous product development and commercialization efforts by major
manufacturers have strengthened the distribution channels in the European
market. For instance, Xiaomi recently introduced the Redmi Watch 2 Lite
smartwatch in Germany, which offers an array of features including blood oxygen
level tracking, step counting, and heart rate monitoring. Similarly, Withings launched
the Sleep Analyzer, a device that detects sleep apnea and provides valuable
insights into sleep patterns and snoring episodes. These innovative products
have further expanded the options available to consumers, driving the market's
growth.
In addition to
these factors, there has been a significant increase in initiatives aimed at
raising health awareness about various chronic diseases among the population in
the region. The Healthier Together - EU non-communicable diseases (NCD)
initiative, launched by the European Commission, is a notable example. This
initiative aims to support European countries in implementing effective
policies and actions to reduce the burden of major NCDs and improve the health
and well-being of citizens. It focuses on multiple strands, including health
determinants, cardiovascular diseases, diabetes, chronic respiratory diseases,
mental health, and neurological disorders. Such initiatives contribute to the
overall growth of the market by fostering a proactive approach to healthcare
and encouraging the adoption of wearable medical devices. Despite these
positive factors, it is important to note that the lack of reimbursement
policies in Europe may pose a challenge to the growth of the market in the
forecast period. Efforts to address this issue and establish favorable
reimbursement frameworks will be crucial in ensuring the sustained growth and
accessibility of wearable medical devices in the European market.
The Europe
Wearable Medical Devices Market is segmented into type, product type, site,
application, distribution channel, country distribution, and company.
Based on
application, the Remote Patient Monitoring (RPM) segment is anticipated to
experience rapid growth in the Europe Wearable Medical Devices Market during
the forecast period. RPM devices enable healthcare providers to remotely
monitor, report, and analyze the acute or chronic conditions of their patients
outside of traditional healthcare settings. This real-time understanding of the
patient's disease state allows for timely clinical interventions and
preventative measures. Factors driving the growth of the remote patient
monitoring segment include the increasing prevalence of chronic diseases such
as cardiovascular diseases, diabetes, hypertension, respiratory diseases,
neurological diseases, and others, as well as the growing adoption of these
devices and the rise in the geriatric population. The rising burden of chronic
diseases among the population is a key driver for the demand of remote patient
monitoring devices. For example, according to the 2022 statistics published by
the International Diabetes Federation in the 10th edition of 2021, in Germany
alone, there were 6,199.9 thousand people living with diabetes in 2021. This
number is projected to reach 6,519.7 thousand by 2030. Cardiovascular diseases,
such as coronary artery disease and stroke, can be caused by high blood sugar
levels in diabetes patients, which can damage the nerves that control the heart
and blood vessels. In England, approximately 6.4 million people are living with
cardiovascular diseases in 2022, according to the British Heart Foundation
England Factsheet published in January 2022. In the United Kingdom, around 7.4
million people were living with heart and circulatory diseases, as per the British
Heart Foundation 2020 fact sheet. The increasing demand for effective
monitoring of critical risk indicators, such as glucose and blood pressure, is
expected to drive the growth of the remote patient monitoring segment.
The geriatric
population is also a significant factor contributing to the demand for remote
patient monitoring devices. According to the Germany Federal Statistical Office
2020 report, the total population in Germany was 83 million in 2020, with 16.2
million people aged above 67 years. This number is projected to reach 21.4
million in 2040. The rising geriatric population, which is more susceptible to
developing chronic diseases, is expected to drive the demand for remote patient
monitoring devices and increase the adoption of wearable devices due to their
user-friendly nature. The implementation of RPM can greatly improve the
management of chronic diseases by monitoring critical risk indicators such as
glucose and blood pressure. It offers numerous benefits for end-users and
hospitals, including reduced healthcare costs, shorter hospital stays, and
fewer doctor appointments, among others. This can ultimately help lower the
overall cost associated with the treatment of chronic diseases. Considering
these factors, the remote patient monitoring segment is poised for growth in
the coming years.
Based on
country, Germany is widely recognized as a dominant player in the European
Wearable Medical Devices Market, and this can be attributed to a combination of
various factors. Firstly, the country boasts a robust and efficient healthcare
system that ensures the delivery of high-quality medical services to its
citizens. This, in turn, creates a favorable environment for the adoption and
utilization of wearable medical devices. Additionally, Germany's advanced
technological infrastructure plays a pivotal role in driving the growth of the
market. The country has made significant investments in cutting-edge
technologies and research, which has resulted in the development of innovative
and sophisticated wearable medical devices. These devices are equipped with
state-of-the-art features and functionalities, allowing for accurate monitoring
and effective treatment of various health conditions. Furthermore, the
population in Germany has shown an increasing inclination towards fitness and
preventive healthcare measures. There is a growing awareness among individuals
about the importance of maintaining good health and well-being. As a result,
the demand for wearable medical devices, which enable users to monitor their
health and track their fitness goals, has witnessed a significant surge.
Moreover,
Germany's strong focus on research and development in the field of medical
technology has played a pivotal role in fostering market growth. The country's commitment
to innovation and scientific advancements has led to the continuous development
of new and improved wearable medical devices. These devices not only enhance
the quality of healthcare but also contribute to the overall well-being of
individuals. Supportive governmental policies and regulations have played a
crucial role in shaping the success of the wearable medical devices market in
Germany. The government has implemented favorable policies that promote the
adoption and usage of wearable medical devices. This has not only created a
conducive environment for manufacturers and developers but has also instilled
confidence among consumers regarding the safety and efficacy of these devices.
Major companies
operating in Europe Wearable Medical Devices Market are:
- Apple Inc.
- Samsung Electronics Co. Ltd.
- Medtronic PLC
- Fitbit, Inc.
- Koninklijke Philips N.V.
- Omron Corporation
- Vital Connect
- Intelesens Ltd.
- Garmin Ltd.
- Honeywell International
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“The European
wearable medical devices market is poised for substantial growth in the coming
years. With rapid advancements in technology, individuals are becoming more
aware of their health and are actively seeking solutions to manage chronic
diseases. This increasing prevalence of chronic diseases, coupled with the
rising trend of device interoperability and data accuracy, is expected to fuel
the market growth. Moreover, as users increasingly prioritize fitness and
wellness, the demand for wearable medical devices is anticipated to surge even
further. The convergence of these factors creates a promising landscape for the
future of wearable medical devices in Europe.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Europe Wearable Medical Devices Market By Type (Vital Signs Monitoring
Devices v/s Therapeutic Devices), By Product Type (Activity Monitors/Trackers,
Smartwatches, Patches, Smart Clothing), By Purpose (Heart rate, Blood Pressure,
Body Temperature, Blood oxygen saturation, Posture, Physical Activities,
Hearing Aids, Others), By Site (Handheld, Headband, Strap/Clip/Bracelet, Shoe
Sensors, Others), By Application (General Health & Fitness, Remote Patient
Monitoring, Home Healthcare), By Distribution Channel (Store-Based v/s
Non-Store-Based), By Business Segment (B2B Vs B2C), By Country, Forecast &
Opportunities,, 2018-2018F”,
has evaluated the future growth potential of Europe Wearable Medical Devices
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Europe Wearable Medical
Devices Market.
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