Wearable Medical Devices Market Size And Forecast

The global Wearable Medical Devices market was valued at US$ 28,096.4 Mn in 2018 and is projected to reach US$ 50,898.5 Mn by 2027, growing At a CAGR of 7.9% from 2020 to 2027.

According to new informative report by Coherent Market Insights an analytical data of Wearable Medical Devices market has recently added to its massive database. The research report covers various business verticals. It was added based on various dynamic aspects of the business. This statistical report has been prepared using primary and secondary research methods. Well explained Porter’s five analysis and SWOT analysis have been used to examine the strength, weaknesses, threats and opportunities.

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What are Wearable Medical Devices?

Wearable medical devices consist of sensors attached to the body, which detects and monitor changes in different parts of body and organ. Increase in awareness and health facilities and advancement in technology and innovation in the devices, are some of the factors propelling the wearable medical devices.Smart watch, wristband, and smartphones are some of the wearable medical devices which are targeted by the companies. This is owing to factors such as their high demand and user friendly approach, and it also reduces hospital based expenditure. In near future technology is expected to play a major role in healthcare services. These devices help pharmaceutical companies in conducting valuable clinical trials. Wearable medical devices are available in wide range having different functions such as alerting mechanism, real-time feedback, and wireless data transmission.

Perhaps the biggest advantage of IoT-enabled wearable medical devices is how they easily give people the data they require to manage their daily activities and routines thus leading to improved health results. The devices also allow for a comprehensive view of a person’s entire body via infrared, Bluetooth, or even WiFi. This allows doctors to monitor the vital signs of patients in real-time and makes for much more efficient care. Medical devices that fall under wearable medical devices include heart rate monitors, glucose monitors, and blood pressure, monitors. These parables come with additional features such as GPS receivers for easier location tracking and wireless sensors that allow them to communicate wirelessly with servers, which upload data to a central server and display it on a screen. As well as these devices, there are also software applications available that help healthcare professionals monitor patients via their wearable medical devices. The software can be used to download and upload data from the sensors to a central server where it can be viewed by a doctor or nurse, or for administration. Some software applications can also upload vital signs to a mobile application that can be displayed to patients on a screen.

Competitive Landscape:

Major players operating in the global wearable medical devices market include Huawei Corporation, Xiaomi Technologies, Garmin Ltd, Fitbit, Inc., ten3T healthcare, Cyrcadia Asia Limited, Verily Life Sciences, Biotricity Inc., CONTEC Medical Systems Co. Ltd, Preventice Solutions, Inc., Minttihealth, VitalConnect, iRhythm Technologies, Inc., Bio-Beat Technologies, GE Healthcare, Masimo Corporation, Abbott Laboratories, Dexcom Inc., Apple, Inc., Biotelemetry Inc., OMRON Corporation, Koninklijke Philips N.V., and Medtronic plc.

Key Market Drivers:

The increasing prevalence of several health issues that need monitoring, such as cardiovascular issues is the main factor that is expected to drive the growth of the global wearable medical devices market. For instance, according to World Health Organization, cardiovascular diseases are one of the main causes of death in the world and takes around 17.9 million lives annually.

Covid-19 Impact Analysis

During the peak times of the COVID-19 pandemic, monitoring health issues became very necessary, and this positively affected the growth of the global wearable medical devices market. For instance, according to World Health Organization, in 2020 all over the world, there were 21 crore positive cases in the world along with 44 lakh deaths attributed to the spread of the virus.

Key Takeaways

The global wearable healthcare devices market was estimated at around US$ 18.4 billion in 2020 and is projected to increase at a CAGR of around 20.5% to reach around US$ 46.6 billion by 2025, owing to the increasing prevalence of chronic diseases in the world. For instance, according to World Health Organization, around 422 million individuals in the world have diabetes.

North America is expected to hold a major share of the global wearable healthcare devices market, owing to the increasing cases of diseases in the region that needs monitoring, such as diabetes. For instance, according to the Centers for Disease Control and Prevention, around 34.2 million US residents suffer from diabetes and around 88 million US adults have pre-diabetes. Moreover, the presence of key market players in the region is expected to enhance the growth of the market.

The Asia Pacific is estimated to witness significant growth in the global wearable healthcare devices market, owing to the increasing incidence of diseases in the region. For instance, according to American Heart Association Journal, cardiovascular disease is a leading cause of mortality in India and the estimated prevalence is more than 54.5 million. Moreover, increasing investment in the healthcare sector is expected to aid the growth of the market.

Key Players In Wearable Medical Devices Market

The “Global Wearable Medical Devices Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Life Watch AG, Google Inc., Apple, Medtronic Plc., Omron Corporation, Philips Healthcare, and Polar Electro.

Reasons to Purchase this Report

Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors

Provision of market value (USD Billion) data for each segment and sub-segment

Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis

Provides insight into the market through Value Chain

Market dynamics scenario, along with growth opportunities of the market in the years to come

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