Global Wearable Medical Device Market was valued at USD 17.4 billion in 2019 which is expected to reach USD 48.8 billion by 2027 as per the study of Qualiket Research, registering a CAGR 20.6% during this forecast period. Emerging countries such as India, china, and Brazil are expected to wide range of opportunities for key players in the industry. Increase in penetration of mobile platforms, and adoption of AI and 5G and increase in awareness will boost the market growth.
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Wearable medical devices are the type of handheld monitoring tools which are used in monitoring and identification of diseases. The demand for wearable medical devices are continuously increasing in the market, where disposable income, innovations, and technological advancements are the major driving factors for global wearable medical device market which are expected to boost the global wearable medical device market growth, in this forecast period.
Global Wearable Medical Device Market Drivers
Rise in chronic disease patients is expected to drive the global wearable medical device market growth, in this forecast period. Furthermore, continuous development in the healthcare sector is another driving factor which is expected to propel the growth of global wearable medical device market growth. In other hand, ease-of-use and interpretation of medical devices and rise in per capita income in developing countries are expected to fuel the growth of global wearable medical device market.
Global Wearable Medical Device Market is segmented on the basis of Type such as Activity Monitors, Smart Clothing, Smartwatches, and Patches, on the basis of Distribution Channel like Pharmacies, Online Channels, and Hypermarkets. Also, Global Wearable Medical Device Market is segmented on the basis of application such as Sports & Fitness, Remote Patient Monitoring, and Home Healthcare.
North America has the largest market segment in 2019 due to increase in prevalence of cardiovascular disorders, cancer, and diabetes in this region. Also, increasing chronic diseases that need routine monitoring of sophisticated healthcare infrastructure are further likely propel the global wearable medical devices market growth.
APAC is expected to witness exponential growth during this forecast period. Increase in government initiatives for use of wearable medical devices, rise in geriatric population base as well as rise in healthcare expenditure in Asia Pacific region.
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Impact of COVID 19
Rise in prevalence of COVID 19 are predicted to drive the market growth. Number of organizations is focusing on various initiatives to offer solutions to the cardiovascular disease population across the world. It is expected to fuel the market growth during this forecast timeline.
Various key players are discussed in this report such as Fitbit, Omron, Phillips, Lifewatch, Jawbone, Polar Electro, Garmin, Dragerwerk, Nokia Technologies, and World Global Network.
- Global wearable medical devices market report covers in depth-analysis, market size, market share, and CAGR for the forecast 2019-2027.
- This research report also provide key insights about market driving factors, restraining factors, opportunities, new product launch, regional analysis, and strategies adopted by key players.
- Qualiket Research Report profiles number of key players based on following parameters such as Company overview, financial performance, geographical presence, product portfolio, key developments, and future plans.
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