Wearable Medical Devices Market Expected to Expand at a Robust CAGR through 2027

Fri Jul 10, 2020 - 6:24am GMT+0000

The accelerating demand for remote patient monitoring devices, along with the increasing health-consciousness among the consumers, are the major factors that are driving the demand of the market over the forecast period.

Dublin, Ireland – July 10, 2020 /MarketersMedia/

The key drivers boosting the demand of the wearable medical devices market include the expansion of the home healthcare and the strong demand for remote patient monitoring devices around the world. Additionally, the fundamental shift in the consumer’s preference towards fitness and healthy lifestyle is encouraging the end-users to opt for wearable medical devices to monitor the health condition regularly. The complexity and amount of data produced have drastically increased over the past few years. Moreover, various studies are in process to develop a viable solution that will integrate Artificial Intelligence (AI) in wearable medical devices. All these factors will open new doors for the growth of the global wearable medical devices market in the next six years.

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Due to the sedentary lifestyle, there has been a drastic increase in the incidence and prevalence of lifestyle-associated disorders, thus surging the demand of the market over the forecast period. The various disease requires regular monitoring of parameters such as blood sugar level and blood pressure level. This factor has allowed the amalgamation of healthcare data with smart portable devices to have real-time access to data and to eliminate the chances of errors. Moreover, the increasing prevalence of chronic diseases and the rising mortality rates is encouraging healthcare providers to offer personalized care devices for 24*7 monitoring. In addition to this, the rising cases of obesity, along with the growing awareness regarding physical fitness is promoting the consumers to participate in physical activities. Various wearable devices such as smartwatches and smart bands help in monitoring fitness parameters such as calories burned, total distance walked, and footstep count. All these factors are further driving the growth of the global wearable medical devices market over the coming years.

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The emergence of the COVID-19 pandemic has positively impacted the demand of the market. With the widespread outbreak of coronavirus, the consumers are largely opting for self-monitoring wearable medical devices to regularly monitor their health condition rather than visiting hospitals and clinics for check-ups. Moreover, the spread of COVID-19 has resulted in more health-consciousness among consumers. This, in turn, is encouraging towards the adoption of wearable medical devices to monitor their health.

On the basis of product, the therapeutic device segment is poised to expand in the next six years, attributed to the rising influx of these products. In addition to this, the strong pipeline of therapeutic devices such as asthma management devices, wearable pain reliever devices, and other relevant devices is further anticipated to contribute to the growing demand of the segment. The strong demand for numerous diabetes-related therapeutic devices such as insulin monitoring devices, rehabilitation, and respiratory therapy devices are further surging the demand of the segment.

Based on the site, the strap/clip/bracelet segment is projected to emerge as the maximum revenue generating segment in the next six years. Products such as smartwatches provide monitoring of various parameters such as physical activity, respiratory rate, and pulse rate and are equipped with Bluetooth and cloud connectivity. The increasing demand for these devices, followed by the advancements in the wrist-worn products such as health patch, used for monitoring multiple parameters are the major factors driving the growth of the segment in the coming years. Moreover, the leading global giants, including Samsung and Apple, have introduced different mobile applications to connect wearable medical devices and record the data.

On the basis of the region, North America is anticipated to dominate the wearable medical devices market over the coming years. The increasing prevalence of cardiovascular disorders, diabetes, and cancer, along with the growing cases of chronic diseases, are the significant factor that are boosting the demand of the market in this region. On the other hand, the Asia-Pacific region is projected to witness considerable growth attributed to the favorable government initiatives, followed by the growing number of the geriatric population base, and expanding healthcare expenditure in the Asian countries.

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