Global Wearable Medical Devices Market Report 2021 – Opportunities And Strategies, Market Forecast And Trends
The Global Wearable Medical Devices Market Report by The Business Research Company covers wearable medical devices market drivers and restraints, wearable medical devices market size, major players, and the impact of COVID-19 on the wearable medical devices market.
The wearable medical devices market consists of sales of wearable medical equipment and related services that includes diagnostic devices and therapeutic devices like vital signs, sleep and neuro monitoring devices, electrocardiographs, pain management, and respiratory therapeutic devices among others. The companies involved in wearable medical devices market design, manufacture and market medical wearables like watches, wristbands, clothing, ear wear and other devices for applications like remote patient monitoring, ear wear, home healthcare, sports and fitness, which are designed for patient management and life-style disease management like prevention of diseases and maintenance of health with advantages such as weight control and physical activity monitoring.
During the historic period, the rise in mortality rate due to non-communicable diseases with an increasing prevalence of chronic diseases and life-style associated diseases like hypertension and diabetes contributed to the growth of wearable medical devices. Healthcare industry is coming up with newer technologies to overcome this with necessary measures like continuous and remote patient monitoring facilities through wearables which can be worn over the body all-day long for continuous monitoring of the required parameters like vital signs, glucose levels and more.
The global wearable medical devices market is expected grow from $8.35 billion in 2020 to $10.28 billion in 2021 at a compound annual growth rate (CAGR) of 23.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $24.38 billion in 2025 at a CAGR of 24%.
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Some wearable medical devices market trends include integration of artificial intelligence. The data collected by the wearable medical devices lacks value without the integration of artificial intelligence (AI) that better utilizes the data collected. AI doctor which is a standalone network with deep learning algorithm performs well than trained medical practitioners in conditions like skin lesions, electrocardiograms, medical imaging and pathology.
Global wearable medical devices market segments include:
1) By Device Type: Diagnostic Devices, Therapeutic Devices.
2) By Product Type: Watch, Wristband, Clothing, Ear Wear, Other Devices.
3) By Distribution Channel: Pharmacies, Online Channel, Hypermarkets.
4) By Application: Sports And Fitness, Remote Patient Monitoring, Home Healthcare, Ear Wear.
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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The Wearable Medical Devices Global Market Report 2021: COVID 19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provides wearable medical devices market overviews, analyzes and forecasts market size, share, wearable medical devices market players, wearable medical devices market segments and geographies, market’s leading competitors’ revenues, profiles and market shares.
The wearable medical devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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Read Wearable Medical Devices Global Market Report 2021: COVID 19 Growth And Change to 2030 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country, Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries.
Market Players Covered: Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., LifeWatch AG (BioTelemetry Inc.), Xiaomi Inc., VitalConnect, Jawbone Inc., General Electric Co., Medtronic PLC, , Sotera Wireless, Basis Science, Inc., Intelesens Ltd., Withings, World Global Network, Activeinsights Ltd., Misfit (A Part of Fossil Group) (Misfit), Drägerwerk AG & Co. KGaA, , LG Electronics, Sony Corporation, Nike Inc., Samsung, Boston Scientific, Honeywell International Inc., Pebble Technology Corp., Demant AS, Sonova Group, Alphabet Inc.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
Other Information And Analyses: SWOT analysis, customer information, market product/service analysis – product examples, trends and opportunities, drivers and restraints, key mergers and acquisitions, suggested trend based strategies, impact of COVID-19 on the market, future outlook and potential analysis, key metrics covered: number of enterprises, number of employees, global market in 2021 – countries offering most new opportunities, conclusions and recommendations by expert analysts.
Sourcing And Referencing: Data and analysis throughout the report are sourced using end notes.
Strategies For Participants In The Wearable Medical Devices Industry: The report explains a number of strategies for companies in the market, based on industry trends and company analysis.
Opportunities For Companies In The Wearable Medical Devices Sector: The report reveals where the global industry will put on most $ sales up to 2023.
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