Wearable Medical Devices Market Report Overview
The Wearable Medical Devices market is projected to grow at a CAGR of 20.7% to reach $68.67 billion by 2027 from $18.70 billion in 2020. The growth of businesses such as home healthcare and remote patient monitoring devices is expected to influence the market growth. In addition, growing attention to fitness and a healthy lifestyle is also expected to impact the market.
Covid-19 Analysis of Wearable Medical Devices Market
The outbreak of the COVID-19 pandemic has expanded the role of wearable medical devices in the healthcare business. Many companies operating globally in the field of wearable health products are joining the scene where warning signs of viral infection can be detected using medical devices. For example, the Ava bracelet, mainly used as a fertility monitoring device, is currently being used to help fight the coronavirus. This bracelet tracks changes in heart rate, respiratory rate, and skin temperature, making it useful in monitoring virus symptoms. This presents a unique opportunity during this pandemic.
|Sports And Fitness||The sports and fitness segment is growing with a moderate pace. This sluggish pace is assumed to be owing to temporary restrictions on sports activities due to pandemic.||Moderate|
|Remote Patient Monitoring||The remote patient monitoring is anticipated to witness the fastest CAGR over the forecast period. Globally rising geriatric population base and rising incidences of chronic conditions are expected to be high impact rendering drivers for the growth of remote patient monitoring instruments over the forecast period.||Positive|
|Home Healthcare||The home healthcare segment dominated the market and accounted for the largest revenue share of xx% in 2020 due to the increasing geriatric population triggering prevalence rates of target diseases and the growing need to curb healthcare expenditure as an economically viable initiative are some of the factors responsible for market growth.||Positive|
The research report analyses the ecosystem of wearable medical devices and categorizes the Wearable Medical Devices Market to forecast the revenues and analyse the trends in each of the following below-mentioned market segments.
In terms of device type, diagnostics and monitoring devices segment is estimated to be the largest segment during the forecast period
In terms of device type, the global wearable medical devices market can be segmented into diagnostic & monitoring devices and therapeutic devices. The diagnostic devices segment dominated the market and accounted for the largest revenue share of xx% in 2020. Among diagnostic, the neuro-monitoring device segment was the largest in 2020. The growing prevalence of neurological disorders is the prime factor affecting the growth of the segment.
By Application, the Home Healthcare application is expected to be the largest segment
The home healthcare segment dominated the market and accounted for the largest revenue share of xx% in 2020 due to the increasing geriatric population triggering prevalence rates of target diseases and current pandemic condition are some of the factors responsible for the market growth. The remote patient monitoring is anticipated to witness the fastest CAGR over the forecast period. Globally rising geriatric population base and incidences of chronic conditions are expected to be high impact rendering drivers for the growth of remote patient monitoring devices over the forecast period.
By Distribution Channel the Pharmacies are expected to be the largest segment
The pharmacies segment accounted for the largest market share in the wearable healthcare devices market by distribution channel. As the customers have easy access to pharmacies and sell an authentic and reliable product, which has greatly driven consumer preference for this distribution channel.
North America is expected to be the largest segment in the forecast period
North America dominated the market and accounted for the largest revenue share of 38.1% in 2020 owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region. In addition, the rise in chronic diseases that need routine monitoring and the presence of sophisticated healthcare infrastructure are further likely to drive market growth over the forecast period. The Asia Pacific region is expected to witness exponential growth over the forecast period. Major factors boosting market growth are favorable government initiatives for use of such wearable medical instruments, increasing geriatric population base, and increasing healthcare expenditure in this region.
The key players operating in the market are:
The report also provides an in-depth analysis of market dynamics such as drivers, restraints opportunities, and challenges:
The report also provides an analysis of recent news and developments in the Wearable Medical Devices markets value chain:
|Sr. No.||Date||News Category||Description|
|1||April, 2020||Product launch||A Global wearable brand Fit bit on Wednesday launched its new fitness band Charge 4 with features like built-in GPS, Spotify, sleep tracking and other new features. Charge 4 will be available for ?14,999 in black, rosewood and storm blue/black.|
|2||September, 2019||Product Launch||Omron Healthcare pioneered this segment in 2019 when it launched HeartGuide, the first-ever blood pressure monitoring smartwatch. It looks like a smartwatch, works as a smartwatch, but hidden from plain sight are its oscillometric blood pressure sensors.|
The unique insights provided by this report also includes the following:
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