Market Research Report
Wearable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||967712|
|Published||Content info||137 Pages
Delivery time: 2-3 business days
|Wearable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: December 5, 2020||Content info: 137 Pages||
The global wearable medical devices market grew at a CAGR of around 22% during 2014-2019. Wearable medical devices refer to various instruments that are non-invasively attached to the body for monitoring the patient's health. It includes multiple diagnostic devices, such as vital signs, glucose, sleep, fetal, obstetric and neuromonitoring devices, along with numerous therapeutic devices for pain management, rehabilitation and respiratory therapy. These devices consist of biosensors, controllers, power source and software systems for data acquisition, interpretation, transfer and storage. They can be worn as an accessory, incorporated in clothing or used as an implant. They are used regularly for accurate measurement of the patient's vital stats and predicting epileptic seizures and heart problems, which can further aid in enhancing comfort and providing timely clinical interventions to the patient.
Significant growth in the healthcare infrastructure, along with the increasing prevalence of chronic medical ailments, represents one of the key factors creating a positive outlook for the market growth. Furthermore, as the coronavirus disease (COVID-19) pandemic continues to spread across the globe, there has been a significant increase in the demand for wearable medical devices in healthcare centers. These devices have immense applicability for monitoring, providing feedback, rehabilitation, disease management and suggesting adequate treatment. This, in turn, is aiding individuals to keep a regular check of their health concerns and address them in a timely manner. Additionally, various technological advancements, such as the development of the internet of things (IoT)-integrated smartwatches, patches and smart clothing, are acting as other growth-inducing factors. These technologies ensure accurate storing and monitoring of patient information, both on-premises and remotely. Other factors, including the rising geriatric population, along with increasing expenditure capacities of consumers on health management technologies, are anticipated to drive the market further. Looking forward, IMARC Group expects the global wearable medical devices market to continue its strong growth during the next five years.