Market Research Report
Wearable Medical Devices Market with COVID-19 Impact Analysis, By Device Type, By Application, By Distribution Channel, and By Region - Size, Share, & Forecast from 2021-2027
|Published by||AnalystView Market Insights||Product code||975657|
|Published||Content info||199 Pages
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|Wearable Medical Devices Market with COVID-19 Impact Analysis, By Device Type, By Application, By Distribution Channel, and By Region - Size, Share, & Forecast from 2021-2027|
|Published: December 1, 2020||Content info: 199 Pages||
The global Wearable Medical Devices market was valued at USD 18.5 billion in 2020, growing with 28.5% CAGR during the forecast period, 2021-2027.
Wearable medical devices are used for medical monitoring, and to provide prolonged support to person in medical needs. These devices are normally incorporated with noninvasive physiological sensors, data processing modules, medical feedback, and wireless data transmission capabilities. Wearable medical devices offer the supporting hardware for dealing with the emerging medical trend of delivering point-of-care service, unconfined medical monitoring, and support, and assisting in the remote management of medical conditions for rehabilitating patients, & chronically ill people.
The Wearable medical devices market is estimated to witness tremendous growth in the next few years, owing to rising emphasis on home healthcare, and remote patient monitoring. Additionally, the increasing consumer focus on fitness, sports activities to support their living lifestyle is expected to positively impact market growth. All these mentioned factors are projected to spur the demand for wearable medical devices over the forecast period.
Furthermore, the growing prevalence of lifestyle-associated disorders, such as diabetes and hypertension, is projected to increase over the next few years. These diseases demand continuous monitoring of several physiological parameters, for example, blood sugar and blood pressure levels. The rising prevalence of chronic diseases along with increasing mortality rates is a major concern among people as well as government organizations. Thus, the healthcare providers are providing personalized care including continuous and remote patient monitoring. This is projected to boost the demand for wearable medical devices in the next few years.
Increasing prevalence of obesity among middle-age and old-age adults is expected to drive the monitoring devices. In addition, the rising awareness about physical fitness is encouraging consumers to go for for workouts and adopt other fitness-related activities. Wearables like smart bands and smartwatches help monitor fitness parameters including calories burned, footstep count, and distance walked. The companies are offering advanced Artificial Intelligence (AI), IoT-enabled wearables to meet consumer needs.
North America held the largest market share in 2019. This growth is contributed by rising prevalence of diabetes, cancer, and other cardiovascular diseases across the U.S. In addition, growing chronic disorders are boosting the need for monitoring devices which is projected to spur the growth of medical wearables. Asia Pacific is expected to witness significant growth over the forecast period. The rising population and growing medical sector across developing countries such as India, and China is projected to bolster the market growth.
The wearable medical devices market is highly competitive in nature with the presence of international and local players. Key players such as Fitbit Inc., and Garmin focus on new product development to expand their product portfolio. For instance, in 2019, Garmin introduced new wearables for fitness and sports application. In addition, major players in the market engage in strategic activities such as mergers & acquisitions, and new product developments and to enhance their reach across the world.
Key features of the study:
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows: