Pune, India, March 01, 2021 (News) — 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, titled, “Wearable Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Product (Diagnostic & Patient Monitoring Wearable Medical devices, and Therapeutic Wearable Medical Devices); By Application (Remote Patient Monitoring & Home Healthcare, and Sports & Fitness); By Distribution Channel (Retail Pharmacies, Online Distribution and Hypermarkets & Others), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 29.76 billion in 2019 and is likely to gain momentum in the forthcoming years.
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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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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 Content:
- 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
- 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
- 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
- Asia pacific
- Rest of the World
- Market Analysis, Insights and Forecast – By Application
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Health News Highlights
- Headline: Wearable Medical Devices Market Worth USD 195.57 Billion by 2027 at an Astounding 26.4% CAGR by 2027 Owing to Presence of Established Players in North America
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