According to the report, the market is expected to witness whopping 17.9% CAGR during the projected tenure of 2020 to 2027. With this CAGR, the experts predict that the global wearable medical devices market is projected to reach to the value of US$ 29.8 bn by the end of 2027. They also states that the market stood strong with the revenue generation of US$ 6.9 bn during 2019. As per the report, the market is anticipated to reach to this value due the aggressive steps taken by the players to grab lion’s share of the global wearable medical devices market during the tenure of 20208 to 2027.
Wearable medical devices can be referred to as autonomous and non-invasive devices that can perform specific medical functions. These medical functions include medical monitoring or support over some time. One of the primary objectives of wearable medical devices is the collection of information regarding the patient’s health.
Rising Innovation in Healthcare Sector Drives the Growth
Technology rides at the core of the development of global wearable medical devices market. It is because of technologies like IoT and Data Science that there is a massive demand for such devices. Moreover, these devices can leverage cognitive technologies and help the users visualize the status of their health. These benefits are the major reasons that propels the growth of global wearable medical devices market. Additionally, the technology also allow the users to monitor every step of the health of the body, for instance, heartbeat, blood pressure, and even steps. These additional benefits are further projected to boost the growth of market from 2020 to 2027.
Capital Intensive Devices may Hamper the Growth
Since the concept of wearable medical device is in its nascent stage, the devices are quite expensive. They may cost from few hundred bucks to thousands of dollars. This high cost of the devices may hamper the growth of global wearable medical devices market. However, with the growing trend of personalized health monitoring and demand for better healthcare solution, the global market is projected to maintain its growth momentum across the tenure of 2020 to 2027.
Growing Number of Diabetic and Blood Pressure Patients to Boost the Growth
Diabetes and blood pressure have become a major epidemic presently. These diseases may occur to a person regardless of any age group. It is advisable to keep a constant check on these two in order to avoid any major complication. However, it is not possible for patients to visit the diagnostic center and get the tests done. It is because of this reason, the wearable medical devices are in high demand. Since, the number of the patients suffering from these conditions have increased exponentially recently, the market is projected to grow with a rapid pace in the tenure of 2020 to 2027.
Asia Pacific to Witness Maximum Push During the Forecast
Asia Pacific shall emerge as the biggest regional market for the players of global wearable medical devices market. This exceptional growth of the region is powered by the growing number of patients suffering from conditions such as diabetes, blood pressure, and other chronic conditions. Additionally, the healthcare infrastructure is also improving in countries like India and China which also supports the growth of Asia Pacific in global wearable medical devices market from 2020 to 2027.
The report analyzes and forecasts the wearable medical devices market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global wearable medical devices market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the wearable medical devices market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of wearable medical devices market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
Companies Mentioned in the Report
The report also profiles major players in the global wearable medical devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. The major players profiled in the market report include Xiaomi Technology Co., Ltd, Samsung Electronics Co. Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., Huawei Technologies Co., Ltd., Polar Electro, OMRON Corporation, Activinsights Ltd., and VitalConnect.
The global wearable medical devices market has been segmented as below:
Reasons to Purchase this Report:
- Estimates 2019-2026 wearable medical devices market development trends with the recent trends and SWOT analysis
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are: