Global Wearable Device Market, Industry Analysis, Growth, Forecast 2024

Nov 16, 2018

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Global wearable device market is projected to reach USD 19.28 billion by 2024, growing at a CAGR of 17.0% during the forecast period.

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Global Wearable Device Market, Industry Analysis, Growth, Forecast 2024

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Aarkstore Market Research
Global Wearable Device Market 2024
Summary • The wearable technology is expected to witness a promising growth with over 320 million connected wearable devices in 2016 which is estimated to reach over 2 billion by the end of 2024. • Smart glasses, smart watches, fitness and health trackers, smart clothing and smart jewelry are the most popular wearable devices which are setting up new trend into the market. • Health and fitness wearable device is the dominating market; however, the entire wearable device market is experiencing stagnation from past few years. • Global wearable device market is projected to reach USD 19.28 billion by 2024, growing at a CAGR of 17.0% during the forecast period.
Market Segments – By Product Types
Market Segments – By End User
Market Segments – By Geography
Key Players
About Us Aarkstore forms global market research reports from various industry verticals serving businesses worldwide. As market research report resellers, we partner with already established publishers for syndicated data and customized reports. Consequently, market research data by us is up-to-date and reliable for Industry analysis and future market forecasts.
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Insight by Application The different applications of neurostimulation device are pain management, essential tremor, Parkinsonu2019s disease, urinary and fecal incontinence, depression, epilepsy, gastroparesis, hearing loss, dystonia and others. The pain management segment is estimated to account the largest share in the neurostimulation device market due to the increasing number of product launches and approvals of devices to reduce chronic pain. In addition, the epilepsy segment is expected to grow at the fastest rate due to the availability of new therapeutic procedures. According to the World Health Organization (WHO), globally approximately 50 million people have epilepsy and approximately 2.4 million people are diagnosed with epilepsy each year. Industry Dynamics Growth Drivers The growing prevalence of neurological disorders, increasing prevalence of lifestyle associated diseases, robust product pipeline and mounting geriatric population are the primary growth drivers for neurostimulation device market. Neuromodulation devices have shown to be very effective in treating Parkinsonu2019s and other chronic illnesses induced by old age. According to the WHO, globally depression is a common mental disorder and approximately 300 million people of all age group suffer from depression. Expanded target applications and new indications, increasing healthcare expenditure, increasing demand for minimally invasive surgeries, and increasing adoption of technologically advanced products are also fueling the growth of the neurostimulation device market. Challenges The lack of trained professionals and unfavorable reimbursement scenario are the major challenges for the growth of the neurostimulation device market. In addition, the availability of alternative options of treatment for neurological disorders and side effects and risks associated with neurostimulation therapy are also some of the factors hindering the growth of the market. Industry Ecosystem The key challenge for the new entrants is the survival in capital intensive and highly regulated neurostimulation device market. However, various large neurostimulation companies can enter the neurostimulation device market through mergers and acquisitions of smaller companies. Geographic Overview Geographically, North America is the largest neurostimulation device market as the region has a high prevalence of chronic diseases and the growing geriatric population. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes. In addition according to National Institutes of Health, in the U.S. approximately one million people have Parkinsonu2019s disease. As per the Alzheimer's Association in 2017, 5.5 million Americans had Alzheimer and about 5.3 million of this patient populationu2019s age was 65 years or more. In addition, according to Alzheimer's Association approximately 14 million people are expected to suffer from Alzheimer in 2050. Asia-Pacific is observed to witness the fastest growth in the market. Largest population, increasing prevalence of diabetes, growing geriatric population and rising adoption of neurostimulation devices is creating a positive impact on the neurostimulation device market growth in the region. Competitive Insight Key players in the neurostimulation device industry are investing in the development of innovative and advanced neurostimulation device products, which is strengthening their position in the market. In September 2017, Medtronic, Inc. received FDA approval and launched the Intellis platform for the management of certain types of chronic intractable pain. Medtronic, Inc., Boston Scientific Corporation, Cyberonics, Inc., Nevro Corporation, Neurosigma, Inc., Neuropace, Inc., Coclear Ltd., St. Jude Medical Inc., LivaNova PLC, Aleva Neurotherapeutics SA, Synapse Biomedical, Inc., Neuronetics, Inc. are some of the key players offering neurostimulation devices.

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