According to a new report published by UnivDatos Markets Insights, the Wearable Medical Device Market was valued at more than USD 28,018.3 million in 2020 and is expected to grow at a CAGR of around 24.7% from 2022-2028. The analysis has been segmented into Product Type (Wristband, Smartwatches, Footwear, Smart Clothing, Patches, Eyewear, and Others); Device Type (Diagnostic & Monitoring Devices, Therapeutic Devices, and Others); Application (Sports & Fitness, Remote Patient Monitoring, and Tele-Home Healthcare); Distribution Channel (Pharmacies, Online Channel, and Hypermarkets); Region/Country.
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The wearable medical device market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the wearable medical device market. The wearable medical device market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the wearable medical device market at the global and regional levels.
Market Overview
Wearable medical devices are electronic devices that can be worn on the body to monitor, track, and diagnose various health conditions. These devices are designed to provide continuous and real-time health data and are becoming increasingly popular due to their ease of use and convenience. Some common types of wearable medical devices include fitness trackers, smartwatches, continuous glucose monitoring systems, sleep apnea monitors, cardiac monitors, and pain management devices. These devices offer numerous benefits, including improved self-awareness and self-care, better management of chronic conditions, and more personalized medical treatment. However, they also raise some concerns such as privacy, security, and accuracy of the data collected. Overall, the wearable medical device market is expected to continue growing as technology advances and consumer demand increases.
Chronic diseases and lifestyle-related disorders are one of the foremost causes of morbidity and mortality around the world. The prevalence of diabetes and cardiovascular diseases is the highest throughout the world. Moreover, lifestyle-related disorders such as diabetes, hypertension, and obesity are also increasing throughout the world which will further drive the growth of the market. For instance, according to the World Health Organization (WHO), as of 2021, approximately 463 million people globally have diabetes, and this number is expected to rise to 700 million by 2045.
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Some of the major players operating in the market include FITBIT; Apple, Inc.; OMRON Corporation; Koninklijke Philips N.V.; Xiaomi; Huawei Technologies Co., Ltd.; Garmin Ltd.; Polar Electro; SAMSUNG; GENTAG, Inc.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The pandemic led to an increase in demand for wearable devices that could help monitor health and prevent the spread of the virus, such as fitness trackers and smartwatches. On the other hand, the pandemic also resulted in a slowdown of the supply chain and a decrease in consumer spending, which has affected the sales of wearable medical devices. Overall, the impact of COVID-19 on the wearable medical device market has been mixed, with both challenges and opportunities arising from the pandemic.
The global wearable medical device market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on product type, the market is segmented into wristband, smartwatches, footwear, smart clothing, patches, eyewear, and others. The smart clothing category is to witness the fastest growth rate during the forecast period. Smart clothing consists of a range of articles, although it is typically in the form of shirts, socks, yoga pants, shoes, bow ties with secret cameras, helmets, and caps with a wide range of sensors and features. Wearable smart biometric devices have attracted the attention of professional sports leaders in golf, soccer, athletics, racing, basketball, and baseball, and teams and athletes are benefitting from the application of wearables to monitor the physical condition of players while training, to reduce the number of injuries and enhance team performance. These factors are driving segmental growth during the forecast period.
· On the basis of device type, the market is categorized into diagnostic & monitoring devices, therapeutic devices, and others. Among these, therapeutic devices held a considerable share of the market in 2020. The therapeutic device segment of the wearable medical device market includes devices that are used to treat and manage various medical conditions. These devices are designed to provide targeted therapy, improve patient outcomes, and enhance the quality of life. These devices have revolutionized the way medical conditions are treated and managed, offering more personalized and convenient care. The growth of this segment is expected to grow rapidly in the coming years due to the increasing demand for non-invasive and minimally invasive medical treatments.
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Wearable Medical Device Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at the fastest rate during the forecast period owing to factors such as escalation in the geriatric population, increasing standard of living, and rise in chronic diseases. Moreover, China is expected to foresee a surge in the geriatric population due to the One-Child Policy. This will drive the growth of the wearable device market in China. Further, Japan is the country with the highest life expectancy, this will directly influence the growth of the wearable medical device market as a rise in the geriatric population leads to the escalation of age-related disorders.
The major players targeting the market include
· FITBIT
· Apple, Inc.
· OMRON Corporation
· Koninklijke Philips N.V.
· Xiaomi
· Huawei Technologies Co., Ltd.
· Garmin Ltd.
· Polar Electro
· SAMSUNG
· GENTAG, Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Wearable Medical Device Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the wearable medical device market?
• Which factors are influencing the wearable medical device market over the forecast period?
• What are the global challenges, threats, and risks in the wearable medical device market?
• Which factors are propelling and restraining the wearable medical device market?
• What are the demanding global regions of the wearable medical device market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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COVID-19 Impact Analysis on Wireless Wearable Medical Device Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the wireless wearable medical device market include Abbott Diabetes Care, Inc., Adidas AG, Alive Technologies Pty.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Wireless Wearable Medical Device Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/wireless-wearable-medical-device-market/download-sampleMarket DynamicsThe major drivers responsible for the growth of the wireless wearable devices market include Smart Fitness monitoring, Health consciousness, and mobile communications, Rapid rising of Smart Wireless Health and Fitness Devices, Integrating Smart Sensors and different programs, Professional Wireless Healthcare Devices have transformed consumer Healthcare industry operated in Hospital Settings.
Additionally, high demand for mobile health care devices and the rise in prominence of AI and big data analytics in the area of digital health care are likely to propel the global wireless wearable devices market.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
The global wearable medical device market size is expected to reach USD 93.19 billion by 2027, according to a new report by Radiant Insights, Inc.
It is projected to progress at a CAGR of 27.9% during the forecast period.
Wearable devices, such as smart bands and smart watches help monitor fitness parameters including calories burned, footstep count, and distance covered while walking or running.
Wearable devices companies also offer guidance of certified dieticians and nutritionists, further generating the demand for wearable medical devices.
Download Free Sample Report @ https://www.radiantinsights.com/research/wearable-medical-device-market/request-sample Companies, such as Google, Fitbit, Apple, and Nike are working toward launching new innovative products, which is anticipated to boost the wearable medical devices market growth over the forecast period.
Further key findings from the report suggest: • The diagnostic devices segment dominated the market in 2019 owing to the increasing disposable income and awareness along with higher healthcare spending • The straps, clip, and bracelets is the largest and fastest growing segment in the wearable medical device market • Home healthcare held a significant market share in 2019 owing to the rise in geriatric population triggering incidence rate of target diseases • North America is projected to command for a cumulative market share in 2019 due to the increasing application of home care and remote patient monitoring for the purpose of regular, continuous, and long-term monitoring of patients • Asia Pacific is expected to witness the fastest growth over the forecast period, attributed to the rising incidence of chronic disease along with growing awareness and disposable income of the consumers • Some of the companies present in the market are Philips Electronics, Fitbit, Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, Intelesens, Everist Genomics, Intelesens, and Sotera Wireless Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/wearable-medical-device-market Table of Contents Chapter 1 Methodology and Scope1.1 Market Segmentation & Scope1.1.1 Product1.1.2 Site1.1.3 Application1.1.4 Regional Scope1.1.5 Estimates And Forecast Timeline1.2 Research Methodology1.3 Information Procurement1.3.1 Purchased Database1.3.2 Radiant Insights Internal Database1.3.3 Secondary Sources1.3.4 Primary Research1.3.5 Details Of Primary Research1.4 Information Or Data Analysis1.4.1 Data Analysis Models1.5 Market Formulation & Validation1.6 Model Details1.6.1 Commodity Flow Analysis (Model 1)1.6.1.1 Approach 1: Commodity Flow Approach1.6.2 Volume Price Analysis (Model 2)1.6.2.1 Approach 2: Volume Price Analysis1.7 List of Secondary Sources1.8 List of Primary Sources1.9 List of Abbreviations1.10 Objectives1.10.1 Objective - 1:1.10.2 Objective - 2:1.10.3 Objective - 3:1.10.4 Objective - 4: Chapter 2 Executive Summary2.1 Market Outlook2.2 Segment Outlook2.3 Competitive Insights Chapter 3 Wearable Medical Device Market: Variables, Trends & Scope3.1 Market Lineage Outlook3.1.1 Parent Market Outlook3.1.2 Ancillary Market Outlook3.2 Penetration & Growth Prospect Mapping3.3 User Perspective Analysis3.3.1 Consumer Behavior Analysis3.3.2 Market Influencer Analysis Continued… Read all Reports of this category @ https://www.radiantinsights.com/catalog/medical-devices About Radiant InsightsRadiant Insights is a platform for companies looking to meet their market research and business intelligence requirements.
According to research report the wearable medical devices market is expected to reach USD 14.41 Billion by 2022 from USD 5.31 Billion in 2016, at a CAGR of 18.3% during the forecast period.
The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.The key growth strategies adopted by the top companies (profiled in the report) include partnerships, collaborations, and agreements; new product launches and approvals; expansion, and acquisition.Read More: https://www.marketsandmarkets.com/PressReleases/wearable-medical-device.aspProminent players in the wearable medical device market include Fitbit Inc. (U.S.), Philips Healthcare (Netherlands), Garmin Ltd. (Switzerland), LifeWatch AG.
(Switzerland), Omron Corporation (Japan), Drägerwerk AG & Co. KGaA (U.S.), Withings SA.
(France), Jawbone Inc. (U.S.) and Polar Electro Oy (Finland).Activity monitors are expected to dominate the market in 2017.Based on type, the wearable medical devices market is segmented into activity monitors, smartwatches, smart clothing, and patches.
In 2017, the activity monitors segment is expected to account for the largest share of the wearable medical devices market.
The high growth in this segment is attributed to factors such as the rising adoption of sedentary and unhealthy lifestyles, rising prevalence of lifestyle diseases, and growing awareness of health and fitness.Companies are focused on various organic and inorganic growth strategies such as collaborations, and agreements; new product launches and approvals; expansion, and acquisition.
