Technological advances in medical wearables are expected to lead the global wearable medical devices market. The global wearable medical devices market is expected to reach $ 111.895.6 million in 2019, with annual average growth of 13.8% over the forecast period by 2027, to $ 235 million.
High prevalence of lifestyle-associated disorders, such as diabetes and hypertension, due to sedentary lifestyle, requires continuous monitoring of several physiological parameters, for instance, blood sugar levels and blood pressure. This allows amalgamation of healthcare data with portable devices, which can be forwarded to physicians for real-time access to data and minimal errors. Moreover, rising mortality rate due to non-communicable diseases is the major concern demanding more focus on personalized monitoring and care. This is ultimately anticipated to further boost the product demand.
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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.
Rising prevalence of chronic diseases along with increasing mortality rates are major concerns among people as well as government organizations. Thus, healthcare providers offer personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting the routine life. Considering various advantages, their demand is projected to witness steady rise over the forecast period.
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.
Key Findings of the Report:
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- In product wearable medical devices market segment, activity monitors held more than 25% of market share in 2018 and is estimated to grow at robust CAGR during the forecast period. The growth in the activity monitors is attributed to rise in sedentary lifestyle and increased market activity. Geriatric population requires continuous care, which will fuel market growth in near future.
- In devices type segment, wristbands is estimated to grow with CAGR of above 13% over the projection timeframe, owing to increase in awareness among individuals regarding physical fitness. Wristbands manufactured by fitbit are the popular product in the 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.
- Partnership, collaboration, expansion and acquisition are some of the strategies adopted by companies to expand their reach and gain competitive advantage.
Wearable medical devices market By Application
- 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
Wearable medical devices market By Geography
- Sports and fitness
- Remote patient monitoring
- Home healthcare
- By Devices Type
- Ear Wear
- 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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