Technological advances in medical wearables are expected to lead the global wearable medical device market. The global wearable medical device market is expected to reach $ 111.89 million in 2019, with an annual average growth of 13.8% over the forecast period by 2027, to $ 225 million.
The increasing prevalence of lifestyle-related disorders worldwide and the increasing need for home-based healthcare solutions are key drivers of the growth of the wearable medical device market. In order to increase the sedentary lifestyle of the elderly population and the incidence of diabetes and hypertension, it is necessary to constantly monitor physiological parameters such as blood pressure and blood sugar levels. Portable wearable medical devices provide doctors with real-time data access and point-of-care diagnostics. In addition, the number of smartphone-based applications connected with wearable medical devices is increasing rapidly, doctors' preference for wireless connectivity is increasing, and awareness of physical health is expected to accelerate market growth over the forecast period.
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Wearable medical device companies are focused on emerging markets such as India and China. In April 2019, US multinational company Fitbit announced in April 2019 that it will launch Fitbit Ace 2, Versa Lite Edition, Fitbit Inspire and Inspire HR products on the Indian continent.
The detailed research study provides qualitative and quantitative analysis of global wearable medical devices market. The market has been analyzed from the scope of demand as well as supply. The analysis of demand covers market revenue across regions and further also across all the major countries. The analysis of supply covers the major market players and their regional and global presence and strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
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- Wearable medical device companies are focused on emerging markets such as India and China. In April 2019, US multinational company Fitbit announced in April 2019 that it will launch Fitbit Ace 2, Versa Lite Edition, Fitbit Inspire and Inspire HR products in the Indian subcontinent.
- In the device type segment, as the individual's awareness of the body band increases, the wrist band is estimated to grow at a CAGR of 13% or more during the projection period. Bracelets manufactured by fitbit are popular products in this category.
- In application, sports and fitness expected to register highest CAGR over the forecast period. The high rate of growth is due to increase in obsession of people with the physical fitness to improve the quality of life.
- Asia pacific region in the wearable medical devices market is expected to witness the highest growth rate over the forecast period. The presence of huge population suffering with cardiovascular and diabetes related disorders in the countries such as China and India would be high growth impacting factors.
- Key industry participants in the global wearable medical devices market are Activeinsights, Garmin Ltd, Apple Inc., Lifesense, LifeWatch AG, Samsung, Sotera Wireless, Fitbit, Omron Healthcare, and Monica Healthcare among others.
- Partnership, collaboration, expansion and acquisition are some of the strategies adopted by companies to expand their reach and gain competitive advantage.
- By Product
- Vital sign monitor
- Heart rate monitor
- Activity monitor
- Sleep Monitor
- Wearable fetal monitor and obstetric device
- Neuromonitoring device
- Pain management wearable medical device
- Glucose monitoring wearable device
- Respiratory therapy wearable device
- By Application
- Sports and fitness
- Remote patient monitoring
- Home healthcare
- By Devices Type
- Ear Wear
- By Geography
- North America
- Rest of North America
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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