The size of the European wearable medical devices market is estimated to be worth USD 7069.46 million by 2028 and USD 2987.47 million in 2023, growing at a CAGR of 18.8% during the forecast period.
The increasing prevalence of chronic diseases such as cardiovascular disease, diabetes, and blood pressure among the European population is fuelling the demand for wearable medical devices and contributing to the growth of the European market. Changes in lifestyle, improper diet, consumption of alcohol, smoking, and low workout are the primary reasons for the incidence of chronic diseases among the population. Wearable medical devices are a type of healthcare monitoring device that is worn on the body to monitor healthcare data. Some examples of wearable healthcare devices are pulse monitoring, sleep-related devices and others.
The growing geriatric population and rapid adoption of remote patient monitoring devices across Europe are supporting the growth of the wearable medical devices market in Europe. The growing patient population of diabetes among the elderly results in the increasing adoption of continuous glucose monitoring devices. It checks the blood glucose levels at regular intervals of time and sends the data to the smart devices that are connected to it. The stored data can be sent to the healthcare provider for a better treatment process. Increasing the use of remote patient monitoring devices such as blood pressure monitoring devices, blood glucose monitoring devices, and temperature at home by the population supports the regional market growth.
Technological advancements in wearable medical devices fuel the growth rate of the European market. In recent years, wearable technology has gained more popularity compared to previous years. Advanced technologies such as biosensor technologies are used in wearable technologies, which help in increasing the device performance and accuracy and developing small batteries. They also focus on different designs, such as bracelets and leather materials, to design wearable medical devices that attract more people. Increasing public and private organizations' support, increasing investment in research and development, and increasing availability of devices through offline and online e-commerce sites further contribute to the European market growth.
The high cost of wearable medical devices primarily hampers the European market growth. Lack of skilled professionals, lack of awareness, long wait time for approval of the devices, increasing brand competition and complex interfaces of wearable medical devices hinder the regional market growth. Increasing concerns over data privacy and security are likely to pose challenges for the key players in the European wearable medical devices market.
This research report on the European wearable medical devices market has been segmented and sub-segmented into the following categories:
Europe Wearable Medical Devices Market – By Type:
Europe Wearable Medical Devices Market – By Therapeutic Wearable Devices:
Europe Wearable Medical Devices Market – By Application:
Europe Wearable Medical Devices Market – By Country:
The European regional market is estimated to hold a substantial share of the worldwide market during the forecast period due to the presence of advanced healthcare infrastructure facilities and increasing healthcare expenditure by the population. Several awareness campaigns and programs are conducted in the region about the use and benefits of wearable medical devices, which also raise the market demand. Key players and manufacturers promote wearable medical devices through television and social media to boost sales.
Germany is anticipated to hold the leading share of the European market in the coming years due to the presence of key players and an increasing number of mergers and acquisitions in the country. Increasing manufacturing facilities for wearable medical devices also raises the growth rate of the Geman market. The increasing adoption of smartwatches by the population for fitness also demands the wearable medical devices market in the country.
The UK is predicted to witness a promising CAGR in the European market during the forecast period due to the presence of clinical trial centers and an increasing number of research laboratories. The United Kingdom government has taken several measures and followed several rules in the approval and launch of wearable medical devices in the country.
KEY MARKET PLAYERS:
Some of the promising companies leading the Europe wearable medical devices market profiled in this report are Fitbit, Garmin, Jawbone, Polar Electro, Vital connect, Withings SAS, Zephyr Corporation, Basis Science, Omron Corporation, Drager, Lifewatch AG, Sotera Wireless, Abbott Laboratories, and Nuubo.
Germany, the United Kingdom, France, Italy, and Spain are contributing significantly to the European wearable medical devices market.
An increasing awareness of health and fitness, technological advancements, and a growing aging population are driving the growth of the European wearable medical devices market.
Data security concerns, limited reimbursement policies, and the need for standardization in the industry are some of the major challenges to the growth of the European wearable medical devices market.
The COVID-19 pandemic has accelerated the adoption of telehealth and remote monitoring solutions, positively impacting the wearable medical devices market.
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