In the coming decade through 2031, the wearable medical devices market is expected to display major gains reflecting a CAGR of approximately 7%. Long term prospects are expected to remain positive with advances in artificial intelligence, internet of things, and data analytics.
In this report, discusses the Global & USA industrial policies, economic environment, and the impact of covid-19 on the Wearable Medical Devicesindustry and its cost structure. Besides, this report covers the basic market dynamics, market size and companies competition data. In addition, the report also conducts basic market research on major product type, market end-use and regional trade.
Key Companies Profiled : Medtronic plc, Siemens AG, Fitbit Inc., Bayer AG, Panasonic Corporation, Animas Corporation – Johnson and Johnson, Smiths Medical – A Smiths Group Company, Koninklijke Philips N.V., Owlet Baby Care, OMRON Corporation, Hoffmann-La Roche Ltd and Rest Devices Inc. (indicative list)
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Innovations in biomedical technologies through wearable offerings are increasingly becoming mainstream. Improvements in terms of convenience and ease of use, allow chronic disease patients to control and monitor their conditions, preventing pain, and potential incidences of cardiac arrest.
New wearable medical devices are also being integrated with iOS and Android platforms for use with smartphones, which can be used by healthcare professionals to efficiently and effectively monitor and diagnose patient outcomes. The advances in virtual medicine and telehealth, especially following the covid-19 crisis for remote healthcare and disease management is creating a conducive environment for market growth.
Key Segments
Product
- Wearable Monitoring and Diagnostic Devices
- Fetal and Obstetric Devices
- Wearable Fetal Monitors
- Infant Motion Sensing Monitors
- Continuous Glucose Monitoring Devices
- Cardiac Monitoring Devices
- Wearable Heart Rate Monitors
- Wearable Pulse Oximeters
- Wearable Blood Pressure Monitors
- Wearable Therapeutic Medical Device
- Hearing Aid
- Insulin Pump
- Respiratory Therapy Devices
- Sleep Apnea Devices
- Non-invasive Ventilation
- Health and Fitness Devices
Application
- Patient Monitoring
- Home Healthcare
- Health and Fitness
Distribution Channel
- Hospital Pharmacies
- Clinics
- Online Channels
- Hypermarkets
Region
- North America (U.S. & Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru, & Rest of LATAM)
- Western Europe (Germany, U.K., France, Italy, Spain, BENELUX, Nordic, & Rest of W. Europe)
- Eastern Europe (Russia, Poland, CIS Countries and Rest of E. Europe)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Israel, & Rest of MEA)
- Japan
- Asia Pacific excluding Japan (China, India, ASEAN, South Korea, Australia, & Rest of APEJ)
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North America to remain a highly lucrative market for wearable medical devices through the forecast period. A key factor driving expansion of the industry here is the high levels of healthcare spending, particularly in the United States. According to a report by the CMS, healthcare spending accounts for more than 17.5% of the country’s GDP.
Also, according to a Select USA report, the United States market of medical devices will account for US$ 208 billion by 2023. These sales figures are projected to continue growing throughout the forecast period, creating key lucrative opportunities for market players. In addition, favorable healthcare and reimbursement policies and the presence of leading technology companies in the United States are generating a conducive environment for market growth.
Key questions answered in the report
- How will the wearable medical devices market expand through 2031?
According to report, the global wearable medical devices market is expected to gain impetus from investments into the therapeutics and health & fitness sectors, expanding steadily at a CAGR of close to 7% through 2031.
- Which is the dominant wearable medical devices market?
North America is currently the leading regional market for wearable medical devices, accounting for major market share through the end of the forecast period. Growth in this region is largely attributed to major technology and healthcare players in the United States.
- How is COVID-19 impacting the wearable medical devices growth projections?
The COVID-19 pandemic has had a significant impact on the prospects of wearable medical devices uses in the short term. Increasing consumer consciousness among consumers during the covid-19 crisis and the demand for home care-based health and fitness solutions are driving the demand for wearable medical devices. Moreover, the advances in IoT and analytics during the crisis will generate lucrative opportunities.
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Report Coverage: Market Overview, Key Market Trends, COVID-19’s Impact, Demand Analysis, Market Background, Segmental Analysis, Regional Profiling, Market Structure Analysis and Competition Analysis
Related Reports:
Global Therapeutic Wearable Medical Devices Sales Market Report 2021
Global Diagnostic Wearable Medical Devices Sales Market Report 2021
Global Wearable Medical Devices Market Analysis 2016-2020 And Forecast 2021-2026
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