Growing healthcare costs is expected to drive the growth of China wearable medical devices market
According to TechSci Research report, “China 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 Price Range (Economy, Medium, Premium), By Source (Domestic, Cross-Border), By Region, Forecast & Opportunities, 2025”, the China wearable medical devices market is expected to grow at an impressive rate during the forecast period on account of the increasing proliferation of internet and smartphones. Furthermore, flourishing telecommunication industry and adoption of 3G, 4G, and 5G services is expected to foster the market growth through 2025. Besides, growing prevalence of various chronic, infectious and lifestyle associated diseases in the country. The ageing population is hence more susceptible to these diseases. This has in turn led to the increase in adoption of wearable medical devices to continuously monitor the patients’ health. Additionally, growing healthcare awareness pertaining to different diseases and fitness is further expected to propel the market growth. This has also increased the demand for applications such as step counter, heart rate monitor, distance travelled monitor, among others. Also, the advent of advanced technologies such as cloud computing, connected devices, AI, among others is expected to bolster the market growth during the forecast period. However, data security concerns might hamper the market growth through 2025. Besides, unfavorable reimbursement policies can further impede the market growth. Also, lack of awareness pertaining to the availability of these devices is expected to restrict the market growth over the next few years.
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The China wearable medical devices market is segmented based on type, product type, purpose, site, application, price range, distribution channel, business segment, company and region. Based on type, the market can be split into vital signs monitoring devices and therapeutic devices. Among these, the therapeutic devices segment is expected to register significant growth in the market owing to the growing penetration and demand for these devices. Based on product type, the market can be fragmented into activity monitors/trackers, smartwatches, patches and smart clothing. Here, the activity monitors/trackers type is expected to hold the largest market share on account of the growing prevalence of diseases. This has increased the need to monitor everyday physical activities, step count, among others. Based on site, the market can be grouped into handheld, headband, strap/clip/bracelet, shoe sensors and others. Among these, the strap/clip/bracelet segment is expected to dominate the market since they help in monitoring fitness parameters such as calories burned, footstep count, distance walked, among others. Based on distribution channel, the market can be bifurcated into store-based and non-store-based. Here, the store-based segment is expected to dominate the market during the forecast period owing to the increasing awareness pertaining to healthcare among the population. this has increased the demand for self-monitoring and assessment of health.
CONTEC Medical Systems Co. Ltd, Cyrcadia Asia Limited, Xiaomi Technologies, Huawei Corporation, Wuhan UN-medical Technology Co., Ltd, Tencent Holdings Ltd., Omron Corporation, Abbott Laboratories Shanghai Co. Ltd, Medtronic, Apple, Inc. and others are some of the leading players operating in China wearable medical devices market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“China is the largest market for wearable medical devices in the Asia-Pacific. The market is expected to grow significantly owing to the increasing healthcare related awareness in the country. Additionally, increase in mortality rate due to the prevalence of diseases such as diabetes, cardiovascular diseases, among others is further expected to fuel the market growth. Furthermore, technological advancements and new product launches by the major players operating in the market is expected to create lucrative opportunities for the market growth over the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“China 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 Price Range (Economy, Medium, Premium), By Source (Domestic, Cross-Border), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of China 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 China wearable medical devices market.
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