Wearable Medical Devices Market Size Worth USD 195.57 Billion by 2027 at an Astounding 26.4% CAGR by 2027 Owing to Presence of Established Players in North America
Key Prominent Players Covered in the Wearable Medical Devices Market Research Report Are BD, Ypsomed, Fitbit, Inc., Apple Inc., Sonova, NeuroMetrix, Inc., SAMSUNG, Omron Healthcare, Inc., AiQ Smart Clothing, Koninklijke Philips N.V. and other key market players.
Pune, India, Jan. 06, 2021 (GLOBE NEWSWIRE) -- The global wearable medical devices market size is expected to showcase considerable growth by reaching USD 195.57 billion by 2027 while exhibiting an astounding CAGR of 26.4% between 2020 and 2027. This is ascribable to factors such as the increasing prevalence of chronic diseases and the growing awareness regarding fitness and wellness amongst the people that is driving the adoption of innovative wearable type of medical devices globally. Fortune Business Insights, in its latest report. The market stood at USD 29.76 billion in 2019 and is likely to gain momentum in the forthcoming years.
A wearable medical device is a noninvasive, autonomous device that performs the function of tracking and monitoring the overall health function of the wearer. The wearable technology consists of healthcare devices that the person can wear on his body such as Fitbits and smartwatches. They efficiently collect the personal health data of the consumer to track his fitness regime.
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*Increasing Prevalence of Chronic Diseases to Accelerate Growth*
The sedentary lifestyle of people is likely to pave the way for the increasing prevalence of chronic diseases such as diabetes, heart disease, and others. According to the International Diabetes Federation, around 463 million adults aged between 20 to 79 suffer from diabetes. Additionally, by 2045, this number is expected to rise to about 700 million. The surging demand for innovative wearable type of medical devices owing to the growing awareness regarding the importance of fitness is expected to bode well for the global wearable medical devices market growth in the forthcoming years.
*COVID-19 Impact: Surge in Sales of Wearables Owing to Increasing Awareness Regarding Fitness*
The COVID-19 pandemic has led the people to look after their health regime more than before. The growing consumption of healthy diet and the increasing focus on maintaining proper sleep patterns is driving the sales of advanced wearable type of medical devices among people across the globe. This is likely to favor the market growth amid the widespread effects of the novel coronavirus. Additionally, the convenience of online shopping platforms has further led to the positive sales of the wearable devices globally.
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*Diagnostic & Patient Monitoring Segment to Hold Dominant Position *
The diagnostic & patient monitoring segment, based on product, is expected to showcase substantial growth owing to the high disposable income of the young population that is propelling the sales of innovative wearable medical devices to monitor their overall health and fitness data.
*North America to Remain at Forefront; Key Players Launching Innovative Wearable Devices to Aid Growth*
Among all the regions, North America is expected to gain momentum and hold the highest position in the global market in the forthcoming years. This is attributable to the presence of established manufacturers that are introducing innovative devices to cater to the growing number of fitness enthusiasts in the region.
On the other hand, Europe is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as the increasing prevalence of chronic diseases among the elderly population that is likely to boost the adoption of innovative wearable medical devices in the region between 2020 and 2027.
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*Strong Product Offering by Prominent Companies to Strengthen Their Market Positions*
The global wearable medical devices market is consolidated by the presence of key players that are focusing on maintaining a stronghold by offering this innovative devices to the growing demand among fitness enthusiasts across the globe. Moreover, the adoption of organic and inorganic strategies to maintain their presence by other key players will favor the market growth.
*Industry Development:*
· *March 2020 -* Widex unveiled WIDEX MOMENT, the world’s first natural hearing aid. The device is manufactured using Widex’s patented ZeroDelay Technology platform that benefits people with hearing disability.
*List of the Companies Profiled in the Global Market:*
· BD (New Jersey, United States)
· Ypsomed (Burgdorf, Switzerland)
· Fitbit, Inc. (San Francisco, United States)
· Apple Inc. (Cupertino, United States)
· Sonova (Stäfa, Switzerland)
· NeuroMetrix, Inc. (Waltham, United States)
· SAMSUNG (Suwon-si, South Korea)
· Omron Healthcare, Inc. (Kyoto, Japan)
· AiQ Smart Clothing (Taipei, Taiwan)
· Koninklijke Philips N.V. (Amsterdam, Netherlands)
· Other Prominent Player
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*Table of Contents:*
· Introduction
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· Executive Summary
· Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Key Insights
· Recent Industry Developments- Partnerships, Mergers, and Acquisitions
· Key Industry Trends
· New Product Launch by Key Players
· Technological Advancements in Wearable Medical Devices Market
· Impact of COVID-19 on the Market
· Global Wearable Medical Devices Market Analysis, Insights and Forecast, 2016-2027
· Key Findings / Summary
· Market Analysis, Insights and Forecast – By Product
· Diagnostic & Patient Monitoring Wearable Medical Devices
· Activity Monitors/Trackers
· Smartwatches
· Smart-clothing
· Others (Biosensors, Blood Pressure Monitors, Glucose Monitoring Systems)
· Therapeutic Wearable Medical Devices
· Wearable Defibrillators
· Drug Delivery Devices (Injectors, Patches)
· Pain Management Devices (TENS, EMS)
· Hearing Aids
· Others
· Market Analysis, Insights and Forecast – By Application
· Remote Patient Monitoring & Home Healthcare
· Sports and Fitness
· Market Analysis, Insights and Forecast – By End User
· Retail Pharmacies
· Online Pharmacies
· Hypermarkets & Others
· Market Analysis, Insights and Forecast – By Region
· North America
· Europe
· Asia pacific
· Rest of the World
TOC Continued….!
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*SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:*
· Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
· Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
· Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
· Number of procedures and average price of procedures
· Replacement rate and pricing of capital equipment
· Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
· Market & technological trends, new product developments, product pipeline.
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