Pune, Jan. 28, 2020 (GLOBE NEWSWIRE) -- The global wearable medical devices market is anticipated to gain momentum from the rising incidence of chronic diseases worldwide. Besides, the increasing integration of healthcare and technology, as well as robust diagnostics and treatment outcomes would affect the market positively. In addition to these factors, introduction to new technologies, such as Internet of Things (IoT) and artificial intelligence (AI) would help the physicians in achieving real-time data of patients. The data would then be used to receive an insight of the health conditions of patients.
The above information is published in an upcoming report by Fortune Business Insights™, titled, “Wearable Medical Devices Market Size, Share and Industry Analysis By Product (Diagnostic & Patient Monitoring, Therapeutic), By Application (Remote Patient Monitoring and Home Healthcare, Sports and Fitness), By Distribution Channel (Retail Pharmacies, Online Pharmacies, Hypermarkets), and Regional Forecast 2019-2026.” As per the report, the wearable medical devices market size is projected to reach USD 139,353.6 million by 2026, thereby exhibiting a CAGR of 24.7% during the forecast period. However, it stood at USD 24,571.8 million in 2018.
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Highlights of the Report
- Extensive analysis of the wearable medical devices market trends and dynamics.
- In-depth information about the opportunities, challenges, growth drivers, and hindrances.
- Crucial sustainability strategies adopted by the industry giants and their impact on growth and competition.
- List of all the possible segments present in the market and the niche areas.
Rising Geriatric Population to Boost Growth of Market
As per the World Population Prospects 2019, put forward by the United Nations, 1 in 6 people in the world will be over the age of 65 years by 2050. The rate was 1 in 11 in 2019. Today, aging people occupy more than one fifth of the population in around 17 countries. It proves that the increasing rate of geriatric population across the world is likely to augment the wearable medical devices market growth in the coming years. Additionally, in the developing countries, the patient pool is rising at a fast pace. It is, in turn, upsurging the demand for patient diagnostic and monitoring wearable devices. Lastly, increasing investment by key companies in the development of unique technologies, developing healthcare infrastructure, and rising per capita healthcare expenditure are anticipated to propel the growth of the market.
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North America to Grow Considerably Backed by High Demand for Remote Interaction
Geographically, the market is segregated into Latin America, Asia Pacific, the Middle East and Africa, Europe, and North America. Out of these, North America held a wearable medical devices market revenue of USD 10,146.3 million in 2018. This growth is attributable to the rising inclination of patients towards remote interaction from the conventional physician interaction. Apart from that, favorable regulatory policies for the enhancement of patient monitoring and fitness monitoring devices would accelerate growth in this region during the forthcoming years.
Europe, on the other hand, is projected to experience a steady growth owing to the rising prevalence of chronic diseases and increasing geriatric population. Asia Pacific is set to exhibit a higher CAGR in the coming years as compared to the other regions. It would occur because of the ever-increasing adoption of devices, namely, pain management devices, smartwatches, and activities monitors. Also, in the emerging economies, such as India and China, there is a rising emphasis on decreasing the rate of hospital stay of patients. It would also boost growth.
Key Players Focus on Launching Novel Products to Widen Product Portfolio
Prominent companies present in the market are persistently striving to gain the maximum wearable medical devices market share by launching new products. They are also trying to bag approvals from the FDA and other similar government agencies to increase their product portfolio. Below are two of the latest industry developments:
- January 2020: Withings, a digital health company based in France, recently unveiled ScanWatch, its latest hybrid smartwatch. It is designed to detect both sleep apnea and atrial fibrillation. The watch has the capability of measuring V02 max and works as a fitness and activity tracker.
- May 2019: Nemaura Medical, a medical technology company headquartered in the U.S., announced that it has gained approval for its SugarBEAT continuous glucose monitor (CGM) in Europe. It is best suited for the pre-diabetics and diabetics.
Fortune Business Insights™ lists out some of the most reputed organizations operating in the wearable medical devices market. They are as follows:
- AiQ Smart Clothing
- Fitbit, Inc.
- Samsung
- Apple Inc.
- Siemens Healthcare GmbH
- BD
- Neuro Metrix, Inc.
- Ypsomed AG
- Hologic Inc.
- Sonova
- Other key players
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Detailed Table of Content:
- Introduction
- 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
- Global Wearable Medical Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Diagnostic & Patient Monitoring Wearable Medical Devices
- Activity Monitors/ Trackers
- Smartwatches
- Smart-clothing
- 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
- Others
- Diagnostic & Patient Monitoring Wearable Medical Devices
- Market Analysis, Insights and Forecast – By Application
- Remote Patient Monitoring
- Sports and Fitness
- Home Healthcare
- Market Analysis, Insights and Forecast – By Distribution Channel
- Retail Pharmacies
- Online Pharmacies
- Hypermarkets
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
TOC Continued….!
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