According to a new market research report, ‘Wearable Medical Devices Market by Device Type (Diagnostic & Monitoring Devices and Therapeutic Devices), Application, Products, Grade Type (Consumer-grade and Clinical-grade), Distribution Channel, Site, and Region - Global Forecasts 2017 to 2027’, published by AllTheResearch. The total global wearable medical devices product market is expected to be worth US$68.67 billion by 2027, and the North American market is expected to account for over 38.1% of the total revenues. The global Wearable Medical Devices product market is expected to record a CAGR of 20.7% from 2020 to 2027.
Wearable Medical Devices Market: Introduction
A wearable medical device is defined as a self-contained, non-invasive device that performs a specific medical function such as monitoring or assisting over a long period of time. The term wearable implies that the device is supported by the human body or clothing. Wearable medical devices are designed to provide long-term support to patients with temporary or permanent disabilities. The patient can continuously monitor several vital signs such as ECG, respiration, skin temperature, pulse, blood pressure, body kinetics, etc. Medical assistance can be provided immediately at any sign of abnormality and lives can be saved.
Wearable Medical Devices Market: Factors Driving Growth
Sedentary lifestyle results in the increasing incidence and prevalence of lifestyle disorders, such as diabetes, hypertension and these are expected to increase over the forecast period. Some of these diseases require constant monitoring of several physiological parameters, such as blood sugar and blood pressure. Hence, ultimately this will further increase the demand for wearable medical devices.
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The outbreak of the COVID-19 pandemic has expanded the role of wearable medical devices in the healthcare business. Many companies operating globally in the field of wearable health products are joining the scene where warning signs of viral infection can be detected using medical devices. For example, the Ava bracelet, mainly used as a fertility monitoring device, is currently being used to help fight the coronavirus. This bracelet tracks changes in heart rate, respiratory rate, and skin temperature, making it useful in monitoring virus symptoms. This presents a unique opportunity during this pandemic. Therefore, the demand for wearables seems to increase.
Increased attention to fitness is a key driver for the market. Various portable health products and software have been developed for weight management and health monitoring.
The report is titled ‘Wearable Medical Devices Market by Device Type (Diagnostic & Monitoring Devices and Therapeutic Devices), Application (Sports And Fitness, Remote Patient Monitoring, and Home Healthcare), Products, Grade Type (Consumer-grade and Clinical-grade), Distribution Channel, Site, and Region - Global Forecasts 2017 to 2027' and was published in November 2020.
Key Companies Analysed by this report include: Medtronic plc., Koninklijke Philips N.V., OMRON Corporation, Biotelemetry Inc., Apple, Inc., Dexcom Inc., Abbott Laboratories, Masimo Corporation, GE Healthcare, Bio-Beat Technologies, iRhythm Technologies, Inc., VitalConnect, Minttihealth, Preventice Solutions, Inc., CONTEC Medical Systems Co. Ltd amongst others
Browse in-depth TOC and Segmentation on Wearable Medical Devices market. https://www.alltheresearch.com/report/693/wearable-medical-devices-...
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