The global wearable medical devices market size was valued at USD 16.6 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 26.8% from 2021 to 2028. The growth of industries such as home healthcare and remote patient monitoring devices is anticipated to influence market growth.
The global wearable medical devices market has been segmented based on device, product type, application, distribution channel, and region. In terms of device, the global market has been classified into diagnostic and monitoring devices and therapeutic devices. The diagnostic and monitoring devices segment has been further sub-segmented into vital signs monitoring devices, glucose monitoring devices, sleep monitoring devices, fetal monitoring & obstetric devices, and neuromonitoring devices. The therapeutic devices segment has been further sub-segmented into pain management devices, rehabilitation devices, insulin pumps, and respiratory therapy devices. Based on product type, the wearable medical devices market has been categorized into smart watches, activity monitors, patches, and smart clothing.
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The rising prevalence of chronic diseases along with increasing mortality rates is a major area of concern among people as well as government organizations. Thus, healthcare providers are offering personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting routine life. Hence, considering the various advantages that it offers, the demand for wearable medical devices is projected to boost over the forecast period.
Key Player Mentioned:
- Philips Electronics
- Fitbit
- Basis Science
- Garmin
- Covidien
- Omron Corp.
- Withings
- Vital Connect
Product Segment Analysis:
- Diagnostic Devices
- Sleep Monitoring Devices
- Therapeutic Devices
Application Segment Analysis:
- Sports And Fitness
- Remote Patient Monitoring
- Home Healthcare
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Regional Segment Analysis:
North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
Increasing attention on fitness is a high-impact rendering driver for the market. Various wearable medical products and software have been developed for the management of weight and for monitoring fitness. Usually, wristbands are connected with cell phones that display real-time tracking of activities such as steps walked, calories burned, calorie intake, miles a person ran, etc. By compiling all the data together, vital information such as the body mass index is obtained. The regular study of these statistics helps in providing a good health plan to individuals as well as healthcare professionals. Also, the fitness club count is seen increasing in recent years. According to the 2019 IHRSA Global Report, there are around 183 million users of fitness clubs globally.
The therapeutic device segment is anticipated to witness the fastest CAGR throughout the forecast period owing to the increasing influx of therapeutic devices. Moreover, a strong pipeline of therapeutic devices such as intelligent asthma management products, wearable pain reliever devices, and insulin management devices is anticipated to assist market growth. The therapeutic device segment is further bifurcated into pain management devices, insulin monitoring devices, rehabilitation device, and respiratory therapy devices. The insulin monitoring device was dominant in 2020 and is anticipated to remain dominant over the forecast period owing to the large population suffering from diabetes.
KEY aspects covered in the report include:
- The market size and industry growth rate of the global and regional market across various segments
- The region or the sub-segment that is expected to drive the Wearable medical devices market in the forecast period 2021-2028
- Key companies operating in the global Wearable medical devices market and their market share
- The Factors that are estimated to drive the Wearable medical devices Market growth
- Key opportunities in the Wearable medical devices market
- Key technological advancements and market trends that shape the market
The study objectives of this report are:
- To research global status, future forecasts, growth opportunities, key markets and key players.
- To present the market development in us, Europe and China.
- To strategically profile the key players and comprehensively analyze their development plan and methods.
About Grand View Research
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Global Wearable Medical Device Market is expected to reach USD 27.8 billion by 2022, according to a new report by Grand View Research, Inc.
Rising prevalence Freight Elevator Manufacturers of conditions such as obesity and hypertension, as a result of sedentary lifestyle is anticipated to boost the demand for wearable medical devices.
Additionally, growing incidences of chronic conditions, such as diabetes, which require round-the-clock monitoring, are expected to increase the demand for wearable technology.
Browse full research report on Global Wearable Medical Device Market: grandviewresearch/industry-analysis/wearable-medical-devices-marketFurther key findings from the study suggest: Diagnostic wearable medical devices held substantial share in 2014 owing to increasing usage in remote patient monitoring as well as home healthcare Therapeutic wearable devices are anticipated to exhibit remunerative growth over the forecast period.
Wearable medical devices have applications in sports & fitness monitoring, home healthcare, and remote patient monitoring.
Simplified usage of this equipment along with ability to synchronize with cellular phones as well as tablet devices assisted the growth of this segment.
The global Wearable Medical Devices market size is expected to reach USD 85.6 billion by 2027 according to a new study by Polaris Market Research.
The report “Wearable Medical Devices Market Share, Size, Trends, Industry Analysis Report, By Device Type (Diagnostic Devices, Sleep Monitoring Devices, Neuro-monitoring Devices, Therapeutic Devices, Glucose Monitoring Devices, Respiratory Therapy Devices); By Site; By Application (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare); By Regions; Segment Forecast, 2020 –2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
They incorporate non-invasive sensors, wireless transmission, real time data processing capabilities, and also provide medical feedback.
Request for a sample of this research report @ https://www.polarismarketresearch.com/industry-analysis/wearable-medical-devices-market/request-for-sample Recent developments in wearable medical devices include alert mechanisms, decision support systems, and real time analysis.
According to the study published by the International Diabetes Federation (IDF), in 2015, there were approximately 415 million diabetic people and it is expected to increase to 640 million by 2040.
Moreover, in April 2020, Scripps Research Translational Institute (SRTI) launched DETECT, under which data from activity trackers and smart watches would be integrated into public health surveillance program for proactive disease tracking and population health programs.
New York, NY 22 Sep 2021: The global Wearable Medical Devices market size is expected to reach USD 85.6 billion by 2027 according to a new study by Polaris Market Research.
The report “Wearable Medical Devices Market Share, Size, Trends, Industry Analysis Report, By Device Type (Diagnostic Devices, Sleep Monitoring Devices, Neuro-monitoring Devices, Therapeutic Devices, Glucose Monitoring Devices, Respiratory Therapy Devices); By Site; By Application (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare); By Regions; Segment Forecast, 2020 –2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.Wearable medical devices are defined as the autonomous devices worn by the individual to provide medical or fitness monitoring and support over a period of time.
They are either worn as a body accessory or being embedded in cloth or shoes.
They incorporate non-invasive sensors, wireless transmission, real time data processing capabilities, and also provide medical feedback.Recent developments in wearable medical devices include alert mechanisms, decision support systems, and real time analysis.
These wearables offer point of care, and remote management for rehabilitating individuals, disabled and chronically ill.Request For Sample Copy @ https://www.polarismarketresearch.com/industry-analysis/wearable-medical-devices-market/request-for-sampleThe prominent factors favoring the wearable medical devices market growth include an increase in the prevalence of lifestyle-related diseases, consumer awareness towards fitness, and advancement in technology and medical innovation with ever increasing interest of consumer electronic companies.
According to the study published by the International Diabetes Federation (IDF), in 2015, there were approximately 415 million diabetic people and it is expected to increase to 640 million by 2040.
The global Wearable Medical Devices market size is expected to reach USD 85.6 billion by 2027 according to a new study by Polaris Market ResearchWearable medical devices are defined as the autonomous devices worn by the individual to provide medical or fitness monitoring and support over a period of time.
They are either worn as a body accessory or being embedded in cloth or shoes.
They incorporate non-invasive sensors, wireless transmission, real time data processing capabilities, and also provide medical feedback.
Recent developments in wearable medical devices include alert mechanisms, decision support systems, and real time analysis.
These wearables offer point of care, and remote management for rehabilitating individuals, disabled and chronically ill. Get Sample Copy : https://www.polarismarketresearch.com/industry-analysis/wearable-medical-devices-market/request-for-sample The prominent factors favoring the wearable medical devices market growth include an increase in the prevalence of lifestyle-related diseases, consumer awareness towards fitness, and advancement in technology and medical innovation with ever increasing interest of consumer electronic companies.
With a spike in infectious diseases over the past decade, the Stanford Healthcare Innovation Lab (SHIL) set up a team to study the impact of wearables to track infectious diseases.
