Global Wearable Medical Devices Market
- POSTED ON Saturday, May 1, 2021
Global Wearable Medical Devices Market was valued at US$ 15.80 Bn in 2019 and is expected to reach US$ 58.50 Bn by 2026, at a CAGR of 17.78 % during a forecast period.
Global Wearable Medical Devices Market
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Wearable medical devices are electronic devices, which consumer can wear. It is designed to collect the data of users' personal health and exercise.
Global Wearable Medical Devices Market Dynamics:
The technological advancement in wearable technology and demand from consumers to take care of their own health have influenced the medical industry. Wearable technologies offer many physiological features, which is also presenting a multitude of medical solutions. The demand for wearable medical devices is increasing at a rapid rate because of the high adoption rate among patients to diagnose, treat, and monitor their diseases.
The wearable medical device is undergoing a shift from fitness trackers to real-time clinical monitors. The evolving medical technology landscape is expected to grow industry-wide expenditure of more than a billion on health trackers by 2026. Wearable medical devices like smartwatches, fitness trackers, wrist bands, movement sensors, smart footwear, and wearable patches are expected to transform the healthcare industry in the near future.
The advancements in artificial intelligence solutions are driving the exponential growth of wearables. An extensive reach of smartphones has increased the popularity of wearable devices. Medical wearables are promising for adult and mental healthcare delivery, which enable remote monitoring in case of an emergency. On the other hand, Data privacy is the largest hindrance factor on the road to the adoption of medical wearable. Also, the high cost of wearable devices in healthcare is expected to limit the global wearable medical devices market growth.
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COVID-19 has increased attention on personal health, mental well-being as topmost priorities. Despite the pandemic had not drastically altered the development of wearable, it has accelerated the demand for digital health solutions and increased the value of wearable technologies.
Global Wearable Medical Devices Market Regional Analysis:
Asia Pacific region is projected to lead the global wearable medical devices market. The growth in the market is expected to attribute to the factors like presence of the largely young population, which are adopting wearable medical devices for their personal health care. With the growing focus on fitness, mainly in the duration of the pandemic, the adoption has increased smartwatches, which are constantly monitored by healthcare statics. Fitness bands include 90% of the wearable medical device market in India. In the fitness tracker segment, there are 3 main key players like are GOQii, Xiaomi and Fitbit contributing share of 21%, 10% and 5% in the Indian market.
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Global Wearable Medical Devices Market Competitive Analysis:
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The objective of the report is to present a comprehensive analysis of the Global Wearable Medical Devices Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Wearable Medical Devices Market dynamics, structure by analyzing the market segments and projects the Global Wearable Medical Devices Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Wearable Medical Devices Market make the report investor’s guide.
Scope of the Global Wearable Medical Devices Market: Inquire before buying
Global Wearable Medical Devices Market, by Device Type
• Diagnostic & Monitoring Devices
o Vital Sign Monitoring Devices
ECG/Heart rate monitors
Blood pressure monitors
• Glucose Monitoring Devices
• Sleep Monitoring Devices
• Fetal Monitoring & Obstetric Devices
• Neuromonitoring Devices
• Therapeutic Devices
• Pain Management Devices
• Rehabilitation Devices
• Respiratory Therapy Devices
Global Wearable Medical Devices Market, by Product
• Activity Monitors
• Smart watches
• Smart Clothing
Global Wearable Medical Devices Market, by Distribution Channel
Global Wearable Medical Devices Market, by Grade Type
• Consumer-Grade Wearable Healthcare Devices
• Clinical-Grade Wearable Healthcare Devices
Global Wearable Medical Devices Market, by Application
• Sports & Fitness
• Remote Patient Monitoring
• Home Healthcare
Global Wearable Medical Devices Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Global Wearable Medical Devices Market Key Players
• Fitbit, Inc.
• Omron Healthcare Co., Ltd
• Medibiosense Ltd.
• Preventice Solutions, Inc
• Contec Medical Systems Co. Ltd
• Ihealth Lab, Inc.
• Cyrcadia Health, Inc.
• Biotricity Inc.
• Ten3t Healthcare
• Verily Life Sciences.
• Garmin Ltd.
• Koninklijke Philips N.V.
• Medtronic Plc
• Ge Healthcare
• Biotelemetry, Inc.
• Dexcom, Inc.
• Abbott Laboratories
• Masimo Corporation
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