Medical Wearable Market: Global Size, Trends, Competitive, Historical &Forecast Analysis, 2020-2026 – Increase popularity and introduction of new innovative products are driving the growth of Medical Wearable market over forecast period.
Global Medical Wearable Market is valued at USD 12.788 billion in 2019 and expected to reach USD 37.67 Billion by 2025 with the CAGR of 19.73% over the forecast period.
Scope of Global Medical Wearable Market Reports –
In healthcare industry, wearable technology includes electronic devices that consumers can wear such as fitbits and smartwatches. They are mainly designed to collect data of user’s personal health and exercise. There are many wearable medical devices used for different applications such as measurement of fitness of body, heart bit measurement, ECG measurement, to monitor blood pressure etc. Use of biosensors and disease specific functionality smartwatches are the future of medical wearables.
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Global Medical Wearable Market report is segmented on the basis of device, type, application, and by regional & country level. Based on device, global Medical Wearable market is classified as diagnostic, therapeutic and respiratory. Based on type the market is divided in to smartwatch and patch. Based upon application, global Medical Wearable is classified into Sport & Fitness, RPM, home healthcare.
The regions covered in this Medical Wearable market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of clinical decision support system is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Global Medical Wearable Market Reports-
Some major key players for Global Medical Wearable Market are Covidien Plc; Fitbit Inc., Philips Electronics, Polar Electro, LifeWatch AG, Garmin, Withings, Jawbone, Everist Genomics, Sotera Wireless, Pebble Technology Corp., Omron Corp., Basis Science, Inc., Intelesens Ltd., Vital Connect., Drägerwerk AG & Co. KGaA, Activeinsights Ltd. and others.
On August 28, 2019 Fitbit announced the launch of Fitbit Versa 2, the next generation of its best-selling smartwatch, Fitbit Versa. Versa 2 provides a new precision-crafted swim proof design, comprising innovative sleep features like Sleep Score and smart wake, and is featured with even more advanced health, fitness and smart features to elevate every moment. For next-level convenience, Versa 2 debuts an on-device microphone, which allows Fitbit’s first-ever Amazon Alexa smartwatch experience, as well as a Spotify app that permits users to control their music and podcasts, and Fitbit Pay TM on all models. It is coupled with faster performance, thousands of apps and clock faces and a brighter, crisper display with an optional always-on mode.
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Global Medical Wearable Market Dynamics –
Growing self-awareness about health, increasing demand for innovative portable products to collect health oriented data without hindering day to day life and growing interest of consumers to monitor their own health is driving the medical wearable market. The trend of smart watches and wearable fitness trackers has motivated around 80% of consumers to wear wearable medical devices. Compared to 2016, more consumers are now keen on sharing wearables data with their health insurance plan from 63 % in 2016 to 72 % in 2018, and with online communities or other app users, there is a surge in sharing from 38 % in 2016 to 47 % in 2018, which helps them to prevent any health problem from the start. This shows the agreeability and usability of Medical Wearable which boosts the confidence of wearable medical device manufacturers. The possibility of taking control of their own health have influenced the consumers to adopt these type of devices which also have influenced medical industry including insurers, providers and technology companies in providing respective services virtually as well as immediately which costs less, resulting in increasing demand of Medical Wearable market. Some innovative smartwatches such as Apple’s Apple Heart Study app monitors user’s heart rhythms and alert those experiencing atrial fibrillation have transformed in to clinically practical healthcare tools contributing to the medical wearable market. But wearable ECG monitors are technologically advanced than smart watches due to the ability to measure ECGS and also been appreciated by Consumer Electronics Show by awarding best wearable to Move ECG product of Withings. Additionally, device connectivity will spread as more innovative wearable sensors are developed, which will help the insurers and employers to promote healthy life style and make profit in forecast period. But limited battery life in almost all wearables except major players is major restraining factor for Medical Wearable market.
Global Medical Wearable Market Regional Analysis –
North America is dominating the Medical Wearable market with highest market share due to prevalence of cardiovascular disorders, diabetes & cancer, increasing awareness on benefits of wearing portable devices and innovation made by major players. From 2015 to 2019, U.S consumer’s use of wearables have increased from 9% to 33% due to health consciousness and due to wearable technology becoming more efficient and conventional to provide services through apps, which will further expand the market of Medical Wearable in this region. Europe will also have significant growth in Medical Wearable market due to popularity of wearable devices, dependence on more integrated connectivity through internet and due to health related benefits provided through the use of these devices. Asia Pacific is expected to witness high growth in forecast period due to favorable government initiatives, growing geriatric population in Japan and China and increasing expenditure on healthcare in this region. But high cost of wearable devices as well as lack of refund facility is expected to restrain large section of population in this region on investing their hard earned money on these devices.
Key Benefits for Global Medical Wearable Market Reports–
Global Medical Wearable Market report covers in depth historical and forecast analysis.
Global Medical Wearable Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Medical Wearable Market report helps to identify opportunities in market place.
Global Medical Wearable Market report covers extensive analysis of emerging trends and competitive landscape.
Global Medical Wearable Market Segmentation –
Global Medical Wearable Market: By Device
Global Medical Wearable Market: By Type
Global Medical Wearable Market: By Application
Sport & Fitness
Global Medical Wearable Market: By Regional & Country Analysis
The Middle East and Africa
Rest of Middle East and Africa
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