Pune, Aug. 18, 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.”
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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.
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.
The global economy is in absolute turmoil because of the COVID-19 pandemic outbreak. Some industries remain largely unaffected by the outbreak, some are thriving, but most are in doldrums. Although the healthcare industry is flourishing, certain markets within the industry are experiencing staggered growth. Wading through these troubled times is a difficult task and Fortune Business Insights™ aims at equipping your business with the most comprehensive market insights, collated and analyzed by our expert and experienced research team.
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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.
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.
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.
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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
Segmentation:
By Application
• Remote Patient Monitoring and Home Healthcare
• Sports and Fitness
By Distribution Channel
• Retail Pharmacies
• Online Pharmacies
• Hypermarkets
By Geography
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Rest of the World
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