Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on the wearable medical devices market provides an in-depth
analysis of segments and sub-segments in the global as well as regional
wearable medical devices market. The study also highlights the impact of
drivers, restraints, and macro indicators on the global and regional wearable
medical devices market over the short term as well as long term. The report is
a comprehensive presentation of trends, forecast and dollar values of the global
wearable medical devices market. According to the report, the global wearable
medical devices market is projected to grow at a CAGR of 29.83% over the
forecast period of 2021-2027.
The wearable medical devices market
was valued at USD 48.8 billion in 2021 and is expected to reach USD 233.9
billion in 2027, with a CAGR of 29.83% during the forecast period. Wearable
devices primarily consist of one or more sensors and have computational
capability. They are inserted into devices that attach to the body, such as an
individual’s head, feet, arm8s, wrists, and waist. They can resemble a watch,
eyeglasses, clothing, contact lenses, shoes, etc. Wearable devices either
capture data or present data and the types of data collected could be as simple
as the number of steps taken in a day or as complex as ECG.
The wearable medical devices
market has grown significantly over the past few years as innovations and
advancements in electronics, material sciences, and sensor technologies have
allowed various startups to introduce relatively inexpensive and fashionable
devices into the market. In addition, consumer interest in personal health,
growing awareness about wearable devices among the population, rise in
geriatric population, increasing benefits from wearable devices, and rise in
disposable income, are the factors that have helped to propel this market
forward. Clinicians are finding that wearable technology in healthcare has the
most benefit when applied to healthy lifestyle decisions to prevent diseases.
Furthermore, increasing focus on innovations by tech start-ups and favorable
government policies are also driving the market in the coming years. Along with
these above-mentioned driving factors, there are some restraints that are
expected to hinder market growth in the coming years. Unaddressed regulatory
issues, technical difficulties, and the high cost of these products are some of
the restraining factors, which could hinder the market. Moreover, growing
awareness and preference for home healthcare is expected to provide growth
opportunities to the market players. The potential of wearable health devices
has become increasingly apparent during the coronavirus disease 2019 (COVID-19)
pandemic. The COVID-19 pandemic has highlighted the potential of wearable
electronic devices in healthcare. With continued innovation and development,
the next generation of wearable sensors and their ability to continuously
monitor both physical parameters and biochemical markers could play a key role
in fighting the next pandemic.
Geographically, North America is
the leading contributor to the wearable medical devices market and is expected
to retain its position during the forecast period due to high awareness, better
product availability, a well-connected distribution network, and a large base
population with greater affordability to purchase and use wearable devices.
Further, Asia Pacific is anticipated to be the fastest-growing region owing to
increasing internet mobility and the high penetration of smartphones in
countries such as China and India. These factors positively support the growth
of this market in the Asia Pacific region.
The report on the global wearable
medical devices market covers segments such as type, application, and
distribution channel. On the basis of type, the sub-markets include activity
monitors, patches, smart watches, and smart clothing. On the basis of
application, the sub-markets include sports & fitness, remote patient
monitoring, and home healthcare. On the basis of distribution channel, the
sub-markets include pharmacies, online channel, and hypermarkets.
The report provides profiles of
the companies in the market such as Jawbone, Vitalconnect, Lifewatch, Nokia
Technologies, Activeinsights, Monica Healthcare, Philips, Omron, Polar Electro,
and Xiaomi.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the market
using analytical tools such as Porter's five forces analysis and DRO analysis
of the wearable medical devices market. Moreover, the study highlights current
market trends and provides forecast from 2021-2027. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.
Please Choose One of them.