The initial report findings indicate the valuation of over US$20 Bn for global wearable medical devices market in 2021, which clearly awaits an excellent growth prospect at a solid double-digit rate through 2027.
Prevalence of Chronic Diseases Stimulates Expansion of Wearable Medical Devices Market
Adopting sedentary lifestyle coupled with lack of routine checkups has resulted in rapid proliferation of lifestyle based chronic ailments such as high blood pressure, diabetes, cardiovascular diseases, cancers, and respiratory diseases. These disorders are a major cause of huge economic burden for individuals as well as healthcare systems. This has resulted in high demand for timely routine checkups and diagnosis of individuals to reduce incidences of lifestyle diseases. In this backdrop, healthcare providers are carrying out efforts to gain visibility on individual health and vitals, which is expected to drive the growth of the wearable medical devices market.
Furthermore, regional, and national healthcare agencies have been actively promoting diagnosis via several campaigns such as awareness programs. This factor is likely to generate awareness among general population with regards to wearable medical devices for monitoring and diagnosing vitals. This prompted manufactures of wearable medical devices to come up with innovative products that can efficiently monitor, maintain, and track human vitals. For instance, in 2020, Fitbit Inc. introduced the Fitbit Charge4 which is an activity tracking device that includes advanced features such as exercise tracking, sleep tracking, pulse tracking, and heart monitoring. The new launches will keep the sales afloat in global wearable medical devices market.
Awareness Apropos to Fitness and Self Health Monitoring to Bode Well for the Wearable Medical Devices Market
The wearable medical devices market is likely to witness stable growth in the coming years on the back of increasing geriatric population worldwide. For instance, according to the report by United Nations, by 2050 the number of individuals aged 65 years and above is expected to cross1.5 billion, which is most likely to increase the burden of chronic diseases. In addition, with the outbreak of the COVID-19 pandemic, self monitoring of vitals gained high priority giving an impetus to wearable medical devices use. The pandemic also triggered awareness among the public apropos to fitness and diet regime to boost body immunity. This, in turn led to the adoption of modern wearable medical devices such as smart watches that can monitor the oxygen capacity of lungs, heartbeat, and pulse changes, and blood pressure. Apart from a superior clinical mobility experience, it has become a trend to use technologically advanced wearables backed by the notion of using superior tech while doing routine tasks. This factor is pivotal in driving the demand of healthcare wearables and is likely to fuel growth of the wearable medical devices market.
Diagnostic Devices Poised to Account for Significant Share in the Wearable Medical Devices Market
Diagnostic wearable medical devices have been gaining high traction since the past few years and are likely to maintain status quo. Among different diagnostic devices, demand for neuromonitoring wearables is expected to spearhead owing to increasing prevalence of neurological disorders. For instance, according to the analysis of GBD (Global Burden of Disease), prevalence of migraine in the United States was relatively high in 2020 and about 95% of individuals suffer from this neurological disorder in the country. In addition, growing awareness regarding capability of neurological wearable devices to measure cognitive abilities of individuals has further accelerated their use. That said, use of various diagnostic devices is expected to increase and are most likely to account for a significant revenue share in wearable medical devices market.
North America to Remain Bullish in Wearable Medical Devices Market
Developed nations in North America are likely to remain on the forefront apropos to use of wearable medical devices. This is mainly owing to increasing lifestyle disorders followed by improper diet regimes and high mortality rates due to occurrences of chronic ailments. Moreover, macro factors such as high GDP per capita, favourable medical infrastructure and government initiatives to promote healthcare in the region has attracted several majors operating in the wearable medical devices market. In this background, North America is projected to gain high value and volume share in the market.
Wearable Medical Devices Market: Competitive Landscape
Major players in the wearable medical devices market have been focusing on developing new products to strengthen their position by enhancing their product portfolio. For instance, in 2021, Omron Healthcare Inc. introduced Omron Complete. This is the company’s first single lead ECG (electrocardiogram) and BP (blood pressure) monitoring device designed for home use. Similarly, same year in May, Biobeat introduced a continuous ABPM (Ambulatory Blood Pressure Monitoring) device. In January 2021, a collaboration was signed between Apple and Biogen for a new research project that would help wearable manufacturers design effective products using efficient remote monitoring programs. This project focused on assessing efficiency of mHealth wearable medical devices in identifying early signs of cognitive impairment.
A few of the major players in the market include Beckton Dickinson, Fitbit Inc., Apple Inc., Ypsomed, Sonova, Philips, Omron Healthcare Inc., Samsung, AiQ Smart Clothing, and NeuroMetrix Inc.
The Global Wearable Medical Devices Market Is Segmented As Below:
By Product Type
By Distribution Channel
Key Elements Included In The Study: Global Wearable Medical Devices Market
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