Wearable Medical Devices Market Worth to Reach USD 83191.27 million By 2027
Posted On August 02, 2021
The Global Wearable Medical Devices Market report evaluates the market revenue to reach USD 83191.27 million mark in 2027. The CAGR is expected to be close to 26% from 2021 till the end of 2027 according to the newly published report by Value Market Research. The key factors driving the growth of wearable medical devices market throughout the forecast period are increasing demand for remote patient monitoring devices and growing awareness about home healthcare among consumers. Growing emphasis on fitness and healthy lifestyle is expected to influence wearable medical devices market growth. Increasing incidence of lifestyle diseases such as hypertension and diabetes owing to sedentary and unhealthy lifestyle is anticipated to propel its demand since these diseases require continuous monitoring of blood pressure and blood sugar levels. Prevalence of non-communicable diseases resulting in high mortality rate is a growing concern and demands personalized monitoring which in turn is expected to boost the demand for wearable medical devices. Furthermore, growing inclination towards self-monitoring, increasing use of mobile platforms along with AI and 5G and numerous applications of these devices in remote healthcare will positively impact its market. On the other hand, factors such as high cost and limited knowledge related to the accessibility of some these devices in developing as well as underdeveloped regions may hamper the growth of wearable devices market during the forecast period.
Wearable medical devices refer to autonomous and noninvasive devices performing specific medical tasks. These devices are capable of collecting, transmitting and visualizing important health data. Fitted with sensors, these portable devices can continuously monitor health status including vital signs and track medications, sleep and recovery of postoperative patients for longer period of time. As the name suggests, the devices can be worn by the users all the time. Wearable fitness trackers, FitBit, smart health watches, continuous glucose monitors, wearable ECG and blood pressure monitors, insulin pump, hearing aids are some examples of wearable medical devices. The accurate real-time data offered by these IoT-based remote patient monitoring devices enables healthcare professionals to diagnose the root cause of a problem and formulate therapies accordingly. These devices are transforming healthcare and are increasingly becoming popular.
The market dynamics covered in the report "Global Wearable Medical Devices Market Report By Product (Sleep Monitoring Devices, Electrocardiographs Fetal And Obstetric Devices, Neuromonitoring Devices, Therapeutic Devices, Insulin/Glucose Monitoring Devices, Rehabilitation Devices, Respiratory Therapy Devices), By Site (Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors, Others), By Application (Sports And Fitness, Remote Patient Monitoring, Home Healthcare) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2027" gives a holistic scope of the market along with the market forecasts.
On the basis of product the market is segmented into Diagnostic Devices, Sleep Monitoring Devices, Electrocardiographs Fetal And Obstetric Devices, Neuromonitoring Devices, Therapeutic Devices, Pain Management Devices, Insulin/Glucose Monitoring Devices, Rehabilitation Devices, Respiratory Therapy Devices. By site the wearable medical devices market is categorised as Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors, Others. By application the wearable medical devices market is categorised as Sports And Fitness, Remote Patient Monitoring, Home Healthcare. Geographically the research study provides data on North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions. Each region is segregated into North America (North America, United State and Rest of North America), Europe (United Kingdom, France, Germany, and Rest of Europe), Asia Pacific (China, Japan, India, Rest of Asia Pacific), Latin America (Brazil, Rest of Latin America) and Middle East & Africa. This section provides the estimates of market by segment. This section provides the estimates of market by segment thus, providing valuable data to take strategic decisions.
The Report Segments Global Wearable Medical Devices Market -
- Diagnostic Devices
- Vital Sign Monitoring Devices
- Heart Rate Monitors
- Activity Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Sleep Monitoring Devices
- Sleep trackers
- Wrist Actigraphs
- Electrocardiographs Fetal And Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Neurostimulation Devices
- Insulin/Glucose Monitoring Devices
- Rehabilitation Devices
- Sensing Devices
- Ultrasound Platform
- Respiratory Therapy Devices
- Positive Airway Pressure (PAP) Devices
- Portable Oxygen Concentrators
- Shoe Sensors
- Sports And Fitness
- Remote Patient Monitoring
- Home Healthcare
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Players Profiled In the Report:
Philips Electronics, Basis Science, Fitbit, Garmin, Everist Genomics, Covidien, Basis Science, Vital Connect, Sotera Wireless, Omron Corp., Withings, Polar Electro, Intelesens, and Sotera Wireless.
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