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Market Analysis:
The global Wearable Medical Devices Market was valued at USD 14.6 billion in 2019 and is size expected to reach USD 85.6 billion by 2027 to grow at a CAGR of 24.8% From 2020-2027
Wearable medical devices are defined as the autonomous devices worn by the individual to provide medical or fitness monitoring and support over a period of time. They are either worn as a body accessory or being embedded in cloth or shoes. They incorporate non-invasive sensors, wireless transmission, real time data processing capabilities, and also provide medical feedback
Recent developments in wearable medical devices include alert mechanisms, decision support systems, and real time analysis. These wearables offer point of care, and remote management for rehabilitating individuals, disabled and chronically ill.
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Competitive Insight
The global market is highly concentrated with few players holding majority of share. The prominent players operating are Medtronic plc, OMRON Corp., Biotelemetry Inc., Apple, Inc., Koninklijke Philips, Dexcom Inc., Abbott Laboratories, Verily Life Sciences, GE Healthcare, Bio-Beat Technologies, Masimo Corporation, iRhythm Technologies, Inc., Preventice Solutions, Inc., CONTEC Medical Systems Co. Ltd, VitalConnect, Minttihealth, Biotricity Inc., Cyrcadia Asia Limited., Garmin Ltd, Xiaomi Technologies, ten3T healthcare, Fitbit, Inc., and Huawei Corporation.
Players in the market are focusing on developing low cost wearable accessible to all strata of the population within the geographic footprint. In line with this, India based Muse Wearables is manufacturing a wrist based wearable tracker at a cost of INR 3,500. With this, it will continuously monitor skin temperature, blood O2 saturation levels, and heart rate to track body vital signs to diagnose COVID-19 symptoms in early stages. The device is Bluetooth enabled and could be connected via ‘Muse Health App’.
Market Insight:
The prominent factors favoring the wearable medical devices market growth include an increase in the prevalence of lifestyle-related diseases, consumer awareness towards fitness, and advancement in technology and medical innovation with ever increasing interest of consumer electronic companies. According to the study published by the International Diabetes Federation (IDF), in 2015, there were approximately 415 million diabetic people and it is expected to increase to 640 million by 2040. The high prevalence of diabetes is an important driver boosting market growth.
With a spike in infectious diseases over the past decade, the Stanford Healthcare Innovation Lab (SHIL) set up a team to study the impact of wearables to track infectious diseases. Moreover, in April 2020, Scripps Research Translational Institute (SRTI) launched DETECT, under which data from activity trackers and smart watches would be integrated into public health surveillance program for proactive disease tracking and population health programs.
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Table of Contents
Introduction
Executive Summary
Research Methodology
Wearable Medical Devices Market Insights
Wearable Medical Devices Market Assessment by Device Type
- Diagnostic Devices
- Vital Sign Monitoring Devices
- Heart Rate Monitors
- Activity Monitors
- Electrocardiographs
- Pulse Oximeters
- Spirometers
- Blood Pressure Monitors
- Others
- Sleep Monitoring Devices
- Sleep trackers
- Wrist Actigraphs
- Polysomnographs
- Others
- Electrocardiographs Fetal and Obstetric Devices
- Neuro-monitoring Devices
- Electroencephalographs
- Electro-myographs
- Others
- Vital Sign Monitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Neuro-stimulation Devices
- Others
- Insulin/Glucose Monitoring Devices
- Insulin Pumps
- Others
- Rehabilitation Devices
- Accelometers, Sensing Devices
- Ultrasound Platform
- Others
- Respiratory Therapy Devices
- Ventilators
- Positive Airway Pressure (PAP) Devices
- Portable Oxygen Concentrators
- Others
- Pain Management Devices
Wearable Medical Devices Market, by Site
- Handheld
- Headband
- Strap/Clip/Bracelet
- Shoe Sensors
- Others
Wearable Medical Devices Market Assessment by Application
- Sports and Fitness
- Remote Patient Monitoring
- Home Healthcare
Wearable Medical Devices Market Assessment by Geography
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy)
- Asia Pacific (Japan, China, India, Thailand)
- Latin America (Mexico, Brazil, Chile)
- MEA (UAE, Saudi Arabia, South Africa)
Competitive Landscape
Company Profiles
List of Tables
Table 1 Global Wearable Medical Devices Market, By Device Type, 2016 – 2027 (USD Million)
Table 2 Global Wearable Medical Devices Market, by Diagnostic Devices, by Region, 2016 – 2027 (USD Million)
Table 3 Global Wearable Medical Devices Market, by Therapeutic Devices, by Region, 2016 – 2027 (USD Million)
Continued…
List of Figures
Figure 1. Market Highlights (2019, Revenue)
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top Down & Bottom Up Approach
Figure 4. Market by Geography
Continued…
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The report can be customized on the basis of regional analysis, segment analysis, industry outlook and competitive analysis. Some of the major focus points which are covered in the report include:
- Industry Trends, opportunity and challenges in the market
- Role of key players across the value chain
- End-User analysis to define the market strategy
- Competitive mapping
- Regional and country level breakdown
These insights are included in the report which would help you to have a realistic overview of the overall market including the competition, investment opportunities, restraints and challenges, regulatory factors which might affect the market growth. Moreover, the report would help to identify the regional market growth opportunities for different segments covered in the report.
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