According to the latest report by IMARC Group, titled “Wearable Medical Devices Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2021-2026,”The global wearable medical devices market reached a value of US$ 16.5 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 25.2% during 2021-2026.
Wearable medical devices are autonomous instruments that provide medical monitoring or support over a prolonged period. These devices are either embedded into clothing or worn as an accessory. They incorporate noninvasive physiological sensors, wireless data transmission capabilities, medical feedback and data processing modules. In recent years, wearable medical devices have gained immense popularity as they provide supporting hardware to cope with the evolving medical trend of offering point-of-care treatment. They also ensure unregulated medical supervision and assistance in the remote management of medical conditions for rehabilitating the chronically ill and disabled patients.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Wearable Medical Devices Market Trends:
According to the World Health Organization (WHO), chronic diseases, such as ischemic heart disease (IHD), stroke and diabetes, are becoming the world’s leading causes of death and disability. This has increased the use of wearable technology among individuals to collect data and monitor their health. Besides this, the recent outbreak of the coronavirus disease (COVID-19) has led to innovations in wearable medical devices for telehealthcare, thereby enhancing the usability, efficiency and popularity of home-based telemedicine. These devices allow the monitoring of physiologic information, such as biopotential, photoplethysmogram (PPG), heart rate (HR), blood pressure (BP), blood oxygen saturation (SaO2), and respiration. Furthermore, the growing awareness among consumers about fitness has led to the development of wearable devices, such as smart bands and smartwatches, by leveraging advanced technologies such as artificial intelligence (AI), cloud, machine learning, and big data analytics. These devices help them monitor fitness parameters, including footstep count, calories burned, and distance walked. Moreover, factors such as a rise in the geriatric population, significant improvements in the healthcare infrastructure, and various advancements in wearable technology are bolstering the market growth.
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Global Wearable Medical Devices Market 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Abbott Laboratories, Apple Inc., Dexcom Inc., Fitbit Inc. (Google LLC), Garmin Ltd., Honeywell International Inc., Koninklijke Philips N.V., Medtronic Plc, Omron Corporation and Vital Connect Inc.
The report has segmented the market on the basis on region, device type, product, application and distribution channel.
Breakup by Device Type:
Breakup by Product:
Breakup by Application:
Breakup by Distribution Channel:
Breakup by Region:
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Key highlights of the report:
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