Pune, May 20, 2020 (GLOBE NEWSWIRE) -- The global wearable medical devices market is likely to foresee promising growth owing to increasing technological advancement and increasing lifestyle changes across the globe. Fortune Business Insights, in its latest report, 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.”, provides information that the market will exhibit a staggering CAGR of 24.7% between 2019 and 2026. The report further mentions that the market was worth USD 24,571.8 Million in 2018 that is expected to reach USD 139, 353.6 Million by 2026.
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Technological advancement has gripped the healthcare industry largely owing to rapid innovations around wearable technology that is changing the approach of people regarding health and fitness. Efficient treatment, better diagnostic outcomes, and increasing prevalence of chronic diseases is driving the adoption of wearable devices across the globe. Awareness among the population to monitor personal health is accelerating the use of wearable devices such as Fitbit, and smartwatches, among others. Additionally, wearable devices offer personal integrated health report and curate accurate informed decisions on real time basis regarding fitness that makes them popular globally.
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What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Drivers and Restraints:
Technological Advancement in Product to Aid Growth
According to the report, the companies present in the market are trying their best to cater to the growing demand for wearable devices across the globe. In addition to this, technological development and affordable cost have propelled the companies to launch innovative products to strengthen their market position during the projected horizon. For instance, Fitbit, a global wearable tech provider, in May 2020 announced its launch first virtual study for validating the adoption of their wearable devices for the atrial fibrillation detection.
Atrial Fibrillation (AFib) is a type of heart condition that involves rapid and irregular heartbeat, which increase the risk of stroke, and other heart related ailments. Steven Lubitz, main investigator for Fitbit Heart Study, said, “Hope that the advancement in research on innovative technologies such as Fitbit devices will propel the innovation of new tools that will improve health outcomes that may reduce the impact of AFib largely.”
Furthermore, in May 2019, Nemaura, a private pharma major, received a CE approval for its wearable device, SugarBEAT. According to the company, the approval has enabled the company to consolidate its position in the market to diagnose glucose level among the people suffering from diabetes through its innovative wearable glucose-monitoring device. Adoption of strategies such as merger and acquisition, novel product launches, and collaboration by the companies to gain maximum market share will bode well for the growth of the market, according to the report.
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Regional Analysis:
Favorable Government Policies in North America to Promote Growth
Among the regions, North America that hit USD 10,146.3 Million in 2018 is anticipated to remain dominant during the forecast period. Factors such as favorable government policies regarding the adoption of wearable device will propel North America to gain major global wearable medical devices market revenue during the forecast period. Europe, on the other hand, is expected to rise significantly during the forecast period. This is ascribable to factors such as large pool of geriatric population and increasing prevalence of chronic disease in the region.
The market in Asia-Pacific is expected to rise exponentially owing to high rate of adoption for wearable devices such as smartwatches among the population. Furthermore, growing impetus to reduce hospital-patient stay in countries such as China and India will bode well for the market growth between 2019 and 2026.
List of the Companies Operating in the Wearable Medical Devices Market are:
- Fitbit, Inc.
- Apple Inc.
- BD
- Ypsomed AG
- Sonova
- Hologic Inc.
- AiQ Smart Clothing
- NeuroMetrix, Inc.
- Siemens Healthcare GmbH
- SAMSUNG
- Among others
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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)
- Diagnostic & Patient Monitoring Wearable Medical Devices
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