Wearable Medical Devices Market Size, Share, Leading Players and Analysis up to 2026
SEP 14,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Wearable Medical Devices Market.
The Wearable Medical Devices Market is expected to grow from USD 17.4 billion in 2020 to USD 60.5 billion by 2026 at a CAGR of over 23.7% during the forecast period.
Wearable medical devices are defined as the electronic devices that can be worn by the consumers which includes activity monitors, smart watches, smart clothing and patches. These devices are used to collect data of the people’s exercise and monitor personal health. It has been widely used by the consumers for fitness purpose.
Market Dynamics
The growth of the wearable medical devices market is primarily driven by increasing demand for remote patient monitoring devices and home healthcare.
- Increasing fitness consciousness among the consumers particularly the young generation is expected to propel the market growth significantly.
- The rising prevalence of chronic lifestyle diseases due to stress and unhealthy eating habits is expected to boost the product demand further.
- Moreover, growing emphasis on new innovative product development is likely to create lucrative opportunities for the players operating in the global wearable medical devices market during the review period.
Segment Analysis
Application Trends
Based on application, the market has been segmented into sports and fitness, remote patient monitoring, and home healthcare.
- The home healthcare segment accounted for the largest market share in 2020.
- Expanding geriatric population and prevalence of chronic diseases has resulted in increased demand for devices to monitor health continuously at home and reduce the number of frequent hospital visits and thus, curb healthcare expenditure.
Regional Trends
Geographically, the market in North America accounted for the largest market share in 2020 owing to expanding geriatric population and increasing number of people having non-communicable disease due to changing lifestyle.
- Additionally, the high adoption rate of technologically advanced healthcare products coupled with high purchasing power is another important factor propelling the market growth.
- The market in the Asia-Pacific region is projected to register the fastest growth during the review period on account of the increasing usage of fitness devices coupled with rising per capita disposable income.
Key Players:
- Koninklijke Philips N.V. (Netherlands),
- Zephyr Technology Corporation (The U.S),
- Omron Corporation (Japan),
- Sotera Wireless, Inc. (The U.S),
- Everist Health (The U.S),
- LifeWatch AG (Switzerland),
- Withings (France),
- Polar Electro Oy (Finland),
- Intelesens Ltd (UK),
- Fitbit, Inc. (The U.S),
- Vital Connect, Inc. (The U.S), and
- Garmin Ltd. (The U.S).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Wearable Medical Devices Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
Customization of the Report:
This report can be customized to meet the client’s requirements. In order to provide more accurate market forecast, all the reports are updated before delivery.
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