The Global Wearable Medical Devices Market is likely to expand considerably in the coming years due to the incorporation of technologies such as the internet of things (IoT) and artificial intelligence (AI).
According to a report published by Fortune Business Insights, titled “Wearable Medical Devices: Global Market Analysis, Insights, and Forecast, 2019-2026,” the market was valued at US$ 24,571.8 Mn in 2018. Fortune Business Insights states that the market will reach US$ 139,353.6 Mn by 2026, exhibiting a CAGR of 24.7%.
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Key players leading the global Wearable Medical Devices Market include
- Ypsomed AG
- Sonova Group
- Hologic, Inc
- AiQ Smart Clothing
- NeuroMetrix, Inc.
- Siemens Healthcare GmbH
- SAMSUNG Electronics
The rapid adoption of connected devices has created a subsequent demand for wearable medical devices across the world. The increasing incidence of chronic diseases has led to several innovations in healthcare delivery systems. The increasing demand for minimally invasive precision devices I fuelling the demand for wearable medical devices, globally. The advent of IoT-integrated devices has enabled companies to generate substantial wearable medical devices market revenue. IoT helps users keep track of monitored data and eliminates the need for hospital visits. The adoption of wearable devices is inclined towards the geriatric population. Subsequently, the growing geriatric population will create a massive platform for the growth of wearable medical devices market companies.
Increasing Regulatory Approvals to Emerge as the Catalysts for Market Growth
The soaring demand for wearable devices has resulted in approvals for several products by regulatory authorities, worldwide. As a result of several successful clinical trials, companies are constantly engaging in developing and manufacturing newer products due to the relaxation in product approvals in recent years. Fortune Business Insights has predicted that increasing number of usage approvals will give significant impetus to the global wearable medical devices market. In May 2019, Nemaura bagged CE mark for a new wearable glucose monitoring device. The ‘SugarBEAT’ was a minimally non-invasive device and the efficacy of this device contributed to huge demand. Fortune Business Insights has predicted that an increasing number of regulatory approvals will prove a chief growth driver for the global wearable medical devices market in the coming years.
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- Diagnostic & Patient Monitoring Wearable Medical Devices
- Activity Monitors/ Trackers
- 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
- Remote Patient Monitoring and Home Healthcare
- Sports and Fitness
By Distribution Channel
- Retail Pharmacies
- Online Pharmacies
KEY QUESTIONS ANSWERED:
What is the market size and growth rate of the global and regional markets by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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Mergers and Acquisitions to Constitute Substantial Growth
The increasing number of mergers and acquisitions in recent years has offered massive growth opportunities to the companies involved, besides boosting the overall market. Mergers and acquisitions have enabled companies to generate a substantial amount of wearable medical device market revenue. The report highlights some of the most prominent collaborations between key market players. In July 2018, CeQur announced the acquisition of Johnson and Johnson’s insulin delivery patch. CeQur announced that it has acquired a worldwide license for Johnson and Johnson’s ‘Calibra’ and expressed its intention to expand globally. Fortune Business Insights states that this merger and acquisition will have a positive impact on the global wearable medical devices market in the forthcoming years.
The report profiles some of the leading companies operating in the global wearable medical devices market and analyses the business strategies adopted by some of these companies.
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