The size of the European Wearable Medical Devices Market is estimated to worth USD 5950.73 million by 2027 and USD 2514.71 million in 2022, growing at a CAGR of 18.8% during the forecast period.
Wearable medical devices are defined as devices with sensors that detect and monitor changes in body signatures like glucose levels, insulin levels, heart diseases, blood pressure ingestion, pain relief, brain activity, hydration, temperature, sleep, etc. Wearable medical devices feature wireless data transmission, real-time feedback, alerting mechanisms, and easy and timely sensing abilities. The data generated by wearable medical devices is analyzed and further used by customers for better health management.
A large user base and significant adoption of mobile products have led to market growth for wearable devices in Europe. Recent advancements in the field have led to compactness, multi-functionality, and easy use of wearable devices. Increasing expenditure on healthcare and rising incidences of chronic diseases amongst all demographics, along with all the factors, have led to increased growth.
Technological advances and health awareness drive the European wearable medical device market. The ease of use and interpretation of data using these devices will propel the demand for market growth. Also, other factors, such as ongoing product development and commercialization and enhancement of distribution channels for major product manufacturers, are expected to contribute to the advanced growth of the European wearable medical device market. Also, in emerging countries, this demographic aging coupled with the growing number of patients provides ample opportunity for widespread adoption of patient monitoring and wearable medical device diagnostics. By 2027, certain economic factors such as rising per capita health spending, developing healthcare infrastructure, and increasing investment by the industrial sector to develop innovative technologies will drive the growth of the wearable medical device market.
The aging of the population and the exponential growth of chronic illness will provide ample opportunities to accelerate the adoption of these devices, driving the growth of the European wearable medical device market during the forecast period.
However, the high cost of wearable devices has resulted in a slow adoption rate-limiting its potential. Further, the privacy concerns concerning transmitting sensitive patient information and the need for miniaturized devices with long battery life are a few challenges the industry faces in the current scenario.
This research report on the European Wearable Medical Devices Market segmented and sub-segmented into the following categories:
By Therapeutic Wearable Devices:
Geographically, in the Europe Wearable Medical Devices Market, the UK, Russia, and France are the major markets for medical wearable devices in Europe. Increased investment in healthcare infrastructure, easy-to-use devices, and the introduction of applications for patient monitoring are further shaping key reasons for the overall growth of the European wearable medical device market.
Europe has the largest market share due to the demand for medical device innovation and the availability of research and development funds. Increasing demand for fitness and health tracking devices will also drive market growth. With the presence of key market players and the overall growth of the healthcare industry, Germany is Europe's largest market for wearable devices.
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.
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