Wearable Medical Devices Market is anticipated to grow at a ~22% CAGR from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Wearable Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the wearable medical devices market is estimated to be over US$ 12.5 billion in 2019. It is anticipated to grow at a ~22% CAGR from 2019 to 2030.
The growth of the wearable medical devices market can be attributed to several factors such as technological advancements, innovations in the field of healthcare, and rising adoption of smartphones among others. Moreover, growing consciousness regarding benefits associated with healthy lifestyle has been critical in contributing to the wide scale adoption of wearable medical devices, worldwide.
Technological advancements in the sector of wearable medical devices have been significant in encouraging manufacturers to explore and develop advanced devices with superior functionalities. Moreover, Many devices have been introduced in the market by key players to help individuals track their health and manage diverse conditions. For instance, in January 2019, Omron Healthcare, Inc., a global leader in personal heart health and wellness technology launched HeartGuide, a wearable blood pressure monitoring system. The company has also received the 510K FDA clearance for the same.
Rising prevalence of chronic diseases such as diabetes and cardiovascular diseases coupled with rising geriatric population is fueling the demand for wearable medical devices market. According to Centers for Disease Control and Prevention (CDC), in U.S., approximately 18.2 million adults aged above 20 years suffer from Coronary Artery Disease (CAD).
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Wearable Medical Devices Market By Type (Smart Watches, Activity Monitors, Smart Clothing and, Patches), Distribution Channel (Online Channel, Pharmacies and, Hypermarket), Device Type (Diagnostic & Monitoring Devices and Therapeutic Devices), and Application (Sports & Fitness, Remote, Patient Monitoring and, Home Healthcare) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/wearable-medical-devices-market/249
Emerging players in the market are focusing on strategies such as offering advanced product portfolio, and forming strategic collaborations & partnerships in order to gain competitive edge over other players. For instance, in June, 2019, ZOLL Medical Corporation, a subsidiary of Asahi Kasei Group Company launched Heart Failure and Arrhythmia Management System (HFAMS). The product is a patch-based, wireless system equipped with radiofrequency technology to monitor pulmonary fluid levels, an early indicator for heart failure decompensation. It continuously records patient data and can be worn for 24 hours a day.
The typical price of a wearable device ranges between US$ 100 to US$ 1,000, and purchasing of such devices among middle and low-income countries prove to be a major restrain in growth of the global wearable devices market.
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Rising prevalence of certain diseases such as cardiovascular diseases and diabetes, increasing disposable income coupled with changing lifestyle is anticipated to significantly contribute to the growth of the market in this region. North America accounted for the largest share in the global wearable medical devices market in 2019, owing to rising prevalence of several diseases, and favorable government regulations to promote the use of wearable medical devices among others.
The prominent players in the global wearable medical devices market are Fitbit, Inc., Koninklijke Philips N.V., Omron Healthcare, Inc., Drägerwerk AG & Co. KGaA, Polar Electro, VitalConnect., World Global Network, Garmin Ltd., Xiaomi and ten3T Healthcare among others.
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