Medtronic plc., Koninklijke Philips N.V., OMRON Corporation, Biotelemetry Inc., Apple, Inc., Dexcom Inc., are the leading players in Wearable Medical Devices Market
PLEASANTON, CA, Sept. 21, 2021 (GLOBE NEWSWIRE) -- AllTheResearch published updated research study on Wearable Medical Devices Market-Report Analysis by Device Type (Diagnostic & Monitoring Devices and Therapeutic Devices), Application, Products, Grade Type (Consumer-grade and Clinical-grade), Distribution Channel, Site and by region, - Global Forecasts 2017 to 2027.
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. Global Wearable Medical Devices Market is expected to be worth US$68.67 billion by 2027 and growing at a CAGR of 20.7% from 2020 to 2027 and the North America market is expected to account for over 38.1% of the total revenues.
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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Covid-19 Analysis of Wearable Medical Devices Market
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.
This report aims to identify and analyse Device Types, Products and Applications of Wearable Medical Devices. The report has segmented the global Wearable Medical Devices market as follows:
By Device Type:
Diagnostic & Monitoring Devices
Vital Signs Monitoring Devices
Glucose Monitoring Devices
Sleep Monitoring Devices
Fetal Monitoring & Obstetric Devices
Pain Management Devices
Respiratory Therapy Devices
By Grade Type:
Sports And Fitness
Remote Patient Monitoring
By Distribution Channel:
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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
Regional Analysis of Wearable Medical Devices Market
North America dominated the market and accounted for the largest revenue share of 38.1% in 2020 owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region. In addition, the rise in chronic diseases that need routine monitoring, and the presence of sophisticated healthcare infrastructure are further likely to drive market growth over the forecast period.
The Asia Pacific region is expected to witness exponential growth over the forecast period. Major factors boosting market growth are favourable government initiatives for use of such wearable medical instruments, increasing geriatric population base, and increasing healthcare expenditure in this region.
In terms of device type, diagnostics and monitoring devices segment is estimated to be the largest segment during the forecast period
By Application, the Home Healthcare application is expected to be the largest segment
By Distribution Channel the Pharmacies are expected to be the largest segment
North America is expected to be the largest segment in the forecast period
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