The global wearable medical devices market is set to grow astonishingly backed by the increasing patient pool in the developing economies. Besides, the rising per capita healthcare expenditure and the surging integration of innovative technologies, such as the Internet of Things (IoT) would bolster growth.
This information is published by Fortune Business Insights™, in a new report, 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.” The report further mentions that the wearable medical devices market size stood at USD 24,571.8 million in 2018 and is projected to reach USD 139,353.6 million by 2026, exhibiting a CAGR of 24.7% in the forecast period (2019-2026).
Are Wearable Medical Devices Capable of Detecting COVID-19 Symptoms?
The COVID-19 pandemic has completely transformed the way we live. Though invisible, the coronavirus is capable of infecting many people in a short span of time. To prevent transmission, public health authorities worldwide have implemented social distancing and lockdown measures. Therefore, several organizations are turning to wearable technologies to monitor, measure, and curb transmission.
Identiv, Inc., a provider of physical security and secure identification based in California, for instance, joined hands with NXP Semiconductors in May 2020. Both companies developed numerous body temperature measurement patches that use hybrid electronics. Equipped with skin-friendly adhesives, they are meant to be worn under a person’s upper arm. It enables the user to receive a quick measurement of their temperature.
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Similarly, a report published by Lancet in January 2020, showcases evidence that detecting deviations in an individual’s resting heart rate can be utilized to indicate infections. Based on this report, researchers at WVU Rockefeller Neuroscience Institute declared that they have created an artificial intelligence (AI)-equipped digital platform that is capable of identifying symptoms of COVID-19, such as cough & fever, up to three days prior to their appearance.
GOQii Plans to Launch New Range of Wearable Medical Devices
In August 2020, GOQii, a preventive healthcare platform based in the U.S., is planning to unveil its latest range of wearable medical devices in the next 6-12 months. The first product will be launched under its Smart Vital smartwatch. It can track oxygen levels, blood pressure, and other functions. As per one of the company executives, “We have upgraded our medical manufacturing processes over the last six months. Our devices have undergone third-party clinical trials in India. All the new devices are best suited for remote diagnostics and remote consultations.”
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Rising Inclination of Patients towards Remote Interaction will Favor Growth in North America
In 2018, North America procured USD 10,146.3 million in terms of revenue. The region is exhibiting a rising shift of patients towards remote interaction from the conventional physician interaction. Europe, on the other hand, is anticipated to grow significantly backed by the increasing geriatric population in the region. At the same time, the rising prevalence of chronic diseases, as well as the presence of favourable regulatory policies in the region would open doors to new opportunities. Fitbit, for instance, bagged regulatory approval for the electrocardiogram (ECG) app on the Fitbit Sense smartwatch. It will be available in Europe from next month.
Is the Future Promising?
At present, wearables are already tracking blood pressure, blood sugar levels, and heart rate. Nurses and clinicians can easily download the data to better understand the patient’s health. A shortage of medical staff and heavy patient loads for doctors, especially in the rural areas can limit the amount of hospital or in-clinic visits for patients. However, wearable devices would allow the digitally enabled practitioner to see their next patient efficiently. Clinical visits will be more effective, accurate, and open in future. The practitioner and patient relationship, on the other hand, will become more transparent, personalized, and trustworthy.
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Fortune Business Insights™ lists out the names of all the prominent companies present in the market. They are:
- Fitbit, Inc.
- Apple Inc.
- Ypsomed AG
- Hologic Inc.
- AiQ Smart Clothing
- NeuroMetrix, Inc.
- Siemens Healthcare GmbH
- Other market players
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