Market Trends of Europe Wearable Medical Devices Industry
This section covers the major market trends shaping the Europe Wearable Medical Devices Market according to our research experts:
Remote Patient Monitoring Segment is Expected to Grow Rapidly Over the Forecast Period in the Europe Wearable Medical Devices Market
Remote patient monitoring (RPM) devices allow providers to monitor, report and analyze their patient's acute or chronic conditions from outside the hospital or clinic setting. They enable the practitioner to have a real-time understanding of the patient's disease state and take preventative clinical actions. The remote patient monitoring segment is expected to witness significant growth over the forecast period owing to the factors such as the rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, hypertension, respiratory diseases, neurological diseases, and others, rising adoption of these devices, and growing geriatric population.
The rising burden of chronic diseases among the population is the key factor driving the demand for remote patient monitoring devices. For instance, according to the 2022 statistics published by the International Diabetes Federation in the 10thedition of 2021, in Germany, 6,199.9 thousand people were living with diabetes, in 2021. In addition, as per the same source, this number is projected to reach 6,519.7 thousand by 2030. The high blood sugar caused by diabetes can damage the nerves that control the heart and blood vessels, leading to a variety of cardiovascular diseases like coronary artery disease and stroke, which can narrow the arteries. Additionally, according to the British Heart Foundation England Factsheet, published in January 2022, about 6.4 million people are living with cardiovascular diseases in England in 2022. Also, as per the British Heart Foundation 2020 fact sheet, around 7.4 million people were living with heart and circulatory diseases in the United Kingdom. Thus, increasing the demand for effective monitoring to control the condition by measuring critical risk indicators, such as glucose, blood pressure, etc, is expected to increase the segment growth.
As per Germany Federal Statistical Office 2020 report, the total population in Germany was 83 million in 2020, of these 16.2 million population were above 67 years of age. In addition, as per the same source, this number is projected to reach 21.4 million in 2040. The rising geriatric population who are more prone to develop chronic diseases is expected to increase the demand for remote patient monitoring devices as well as increase the adoption of these wearable devices due to their easy usage.
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 the above factors the segment is expected to show growth in the coming years.
