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Europe Wearable Medical Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • ID: 5120183
  • Report
  • July 2021
  • Region: Europe
  • 68 Pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Abbott Laboratories
  • Activinsights Ltd
  • Fitbit, Inc.
  • Garmin Ltd.
  • Intelesens Ltd.
  • Koninklinje Philips NV

The European wearable medical devices market is expected to register a CAGR of 18.36% during the forecast period. The market is driven by technological advancements, increasing health awareness. Ease of use and interpretation of data using these devices is also a major contributing factor for market growth.



As per Germany Federal Statistical Office 2020 report, currently there about 83 million population in Germany, of these 16.2 million population are above 67 years of age and this number is projected to reach to 21.4 million in 2040. As the number of the elderly population is expected to increase in near future who are more prone to chronic conditions such as diabetes, cardiovascular diseases, respiratory diseases, neurological diseases, and other diseases which shows a positive impact on the market over the forecast period.



Additionally, other factors, such as continuous product development and commercialization, and strengthening distribution channels of major product manufacturers is expected to aid the growth of the Europe wearable medical devices market. However, the market is highly constrained due to the lack of reimbursement policies in Europe.



Key Market Trends


Remote Patient Monitoring Segment is Expected to Grow Rapidly Over the Forecast Period in the Europe Wearable Medical Devices Market



The rise in the number of people with chronic medical conditions and an increase in the geriatric population are the major factors driving the growth of remote patient monitoring. Implementation of remote patient monitoring (RPM) can improve the management of chronic diseases by measuring critical risk indicators, such as glucose, blood pressure, etc. With the help of this, patients can use a mobile medical device to perform a routine test and send this data to healthcare professionals in real-time.



According to the Office for National Statistics (UK), in 2018, approximately 161 men and 117 women (per 100,000 population) died due to respiratory diseases in England. Moreover, the North West of England had the highest mortality from respiratory diseases for men at almost 190 (per 100,000 population) while the North East had the highest female rate at 150 deaths (per 100,000 population). Hence, by using respiratory therapy devices which are expected to lower the mortality rate or it may also help in monitoring the diseases.



Implementation of RPM can improve the management of chronic diseases by measuring critical risk indicators, such as glucose, blood pressure, etc. RPM has various benefits for end-users and hospitals, such as low cost of healthcare, reduction in extended hospitalization, and fewer doctor appointments, among others. This can also help to reduce the cost associated with the treatment of chronic diseases. Thus, owing to above factors the segment is expected to show growth in coming years.



Competitive Landscape


The Europe Wearable Medical Devices Market is moderately consolidated competitive. The companies are adopting different strategies to maintain their position in the market. In 2017, the UK-based vector watch was acquired by a San Francisco-based company Fitbit, the leader in connected health and fitness market, to build other new and amazing products with unique technology. The major companies dominating this market are Abbott Laboratories, Activinsights Ltd, Fitbit, Inc., Garmin Ltd., Intelesens Ltd., Koninklinje Philips NV, Nuubo, Omron Corporation, and Polar Electro Oy.



Reasons to Purchase this report:


  • The market estimate (ME) sheet in Excel format
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Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abbott Laboratories
  • Activinsights Ltd
  • Fitbit, Inc.
  • Garmin Ltd.
  • Intelesens Ltd.
  • Koninklinje Philips NV

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements and Innovation
4.2.2 Increasing Health Awareness
4.2.3 Ease of Use and Interpretation of Data
4.3 Market Restraints
4.3.1 Lack of Reimbursement Policies
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Device Type
5.1.1 Monitoring Devices
5.1.1.1 Vital Sign Monitoring Devices
5.1.1.2 Sleep Monitoring Devices
5.1.1.3 Electrocardiographs, Fetal and Obstetric Devices
5.1.1.4 Neuromonitoring Devices
5.1.2 Therapeutic Devices
5.1.2.1 Pain Management Devices
5.1.2.2 Rehabilitation Devices
5.1.2.3 Respiratory Therapy Devices
5.1.2.4 Other Theraputic Devices
5.2 By Application
5.2.1 Sports and Fitness
5.2.2 Remote Patient Monitoring
5.2.3 Home Healthcare
5.3 By Product Type
5.3.1 Watch
5.3.2 Wristband
5.3.3 Ear Wear
5.3.4 Other Product Types
5.4 Geography
5.4.1 Europe
5.4.1.1 Germany
5.4.1.2 United Kingdom
5.4.1.3 France
5.4.1.4 Italy
5.4.1.5 Spain
5.4.1.6 Rest of Europe
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Activinsights Ltd
6.1.3 Fitbit, Inc.
6.1.4 Garmin Ltd.
6.1.5 Intelesens Ltd.
6.1.6 Koninklinje Philips NV
6.1.7 Nuubo
6.1.8 Omron Corporation
6.1.9 Polar Electro Oy
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Abbott Laboratories
  • Activinsights Ltd
  • Fitbit, Inc.
  • Garmin Ltd.
  • Intelesens Ltd.
  • Koninklinje Philips NV
  • Nuubo
  • Omron Corporation
  • Polar Electro Oy
Note: Product cover images may vary from those shown

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