Global Medical Wearables Market is valued at USD 9452.1 Million in 2020 and is anticipated to reach USD 39576.8 Million by 2027 with a CAGR of 22.7% over the forecast period.
Increase popularity and introduction of new innovative products are driving the growth of the Medical Wearables market over the forecast period.
Scope of Global Medical Wearables Market Reports –
In healthcare industry, wearable technology includes electronic devices that consumers can wear such as fitbits and smartwatches. They are mainly designed to collect data of user’s personal health and exercise. There are many wearable medical devices used for different applications such as measurement of fitness of body, heart bit measurement, ECG measurement, to monitor blood pressure etc. Use of biosensors and disease specific functionality smartwatches are the future of medical wearables.
Global Medical Wearables Market report is segmented on the basis of device, type, application, and by regional & country level. Based on device, global Medical Wearables market is classified as diagnostic, therapeutic and respiratory. Based on type the market is divided in to smartwatch and patch. Based upon application, global Medical Wearables is classified into Sport & Fitness, RPM, home healthcare.
The regions covered in this Medical Wearables market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of clinical decision support system is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
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Medical Wearables Companies:
Some major key players for Global Medical Wearables Market are,
Pebble Technology Corp
Basis Science, Inc.
Drägerwerk AG & Co. KGaA
Global Medical Wearables Market Segmentation –
Sport & Fitness,
Global Medical Wearables Market Dynamics –
Growing self-awareness about health, increasing demand for innovative portable products to collect health oriented data without hindering day to day life and growing interest of consumers to monitor their own health is driving the medical wearable market. The trend of smart watches and wearable fitness trackers has motivated around 80% of consumers to wear wearable medical devices. Compared to 2016, more consumers are now keen on sharing wearables data with their health insurance plan from 63 % in 2016 to 72 % in 2018, and with online communities or other app users, there is a surge in sharing from 38 % in 2016 to 47 % in 2018, which helps them to prevent any health problem from the start. This shows the agreeability and usability of medical wearables which boosts the confidence of wearable medical device manufacturers.
The possibility of taking control of their own health have influenced the consumers to adopt these type of devices which also have influenced medical industry including insurers, providers and technology companies in providing respective services virtually as well as immediately which costs less, resulting in increasing demand of medical wearables market. Some innovative smartwatches such as Apple’s Apple Heart Study app monitors user’s heart rhythms and alert those experiencing atrial fibrillation have transformed in to clinically practical healthcare tools contributing to the medical wearable market. But wearable ECG monitors are technologically advanced than smart watches due to the ability to measure ECGS and also been appreciated by Consumer Electronics Show by awarding best wearable to Move ECG product of Withings. Additionally, device connectivity will spread as more innovative wearable sensors are developed, which will help the insurers and employers to promote healthy life style and make profit in forecast period. But limited battery life in almost all wearables except major players is major restraining factor for medical wearables market.
Global Medical Wearables Market Regional Analysis –
North America is dominating the medical wearables market with the highest market share due to the prevalence of cardiovascular disorders, diabetes & cancer, increasing awareness on the benefits of wearing portable devices and innovation made by major players. From 2015 to 2019, U.S consumers’ use of wearables has increased from 9% to 33% due to health consciousness and due to wearable technology becoming more efficient and conventional to provide services through apps, which will further expand the market of medical wearables in this region. Europe will also have significant growth in medical wearables market due to the popularity of wearable devices, dependence on more integrated connectivity through internet, and due to health-related benefits provided through the use of these devices. The Asia Pacific is expected to witness high growth in forecast period due to favorable government initiatives, growing geriatric population in Japan and China and increasing expenditure on healthcare in this region. But high cost of wearable devices, as well as the lack of refund facility, is expected to restrain large section of population in this region on investing their hard-earned money on these devices.
Key Benefits for Global Medical Wearables Market Reports–
Global Medical Wearables Market report covers in depth historical and forecast analysis.
Global Medical Wearables Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Medical Wearables Market report helps to identify opportunities in market place.
Global Medical Wearables Market report covers extensive analysis of emerging trends and competitive landscape.
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