Global Wearable Medical Devices Market Size To Hit USD 19538 Million by 2026

Global Wearable Medical Devices Market Size (2021 to 2026)

As per our report published by Market Data Forecast, growing at a CAGR of 20.4% between 2021 to 2026, the global wearable medical devices market size is predicted to be worth USD 19538 Million by 2026.

Impact of COVID-19 on the global wearable medical devices market:
The outbreak of COVID-19 and widespread has a positive impact on the wearable medical devices market. The COVID-19 impact has led to robust demand in the market. Due to the pandemic, there are lockdown restrictions in almost every country, which disrupted the market shares. The patients are not likely to go to hospitals for check-ups like before to stay safe. With the increasing awareness of healthcare, wearable devices' demand has surged enormously during the COVID-19 outbreak. With the boost received by COVID-19, the global wearable medical devices market is estimated to be growing at a much better rate during the forecast period.

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DRIVING FACTORS:
The global wearable medical devices market is primarily driven by factors such as the adoption of advanced technology and the launch of innovative devices. The rise in the patient count with obesity and increasing usage of smartphones with the latest version are driving the growth rate of the market. Government organizations are taking initial steps in creating awareness digitally is also likely to fuel the growth rate of the market.
Researchers from the University of Michigan have recently invented a wearable device to continuously gather and identify the blood's circulating tumor cancer cells. These cancer cells are achieved through the blood samples in providing biomarkers for the treatment, and the wrist-worn device is used to examine the patient’s blood for cancer tumor cells in the human body. The introduction of these devices is additionally propelling the demand of the market.

RESTRAINING FACTORS:
However, the cost factor associated with wearable medical devices is very expensive, and this attribute is degrading the growth rate of the global wearable medical devices market. Data hacking and stealing and lack of awareness regarding the usage and advantages of these devices are likely to hinder the wearable medical devices market growth rate.

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REGIONAL ANALYSIS:
Geographically, the North American market is estimated to rule the global wearable medical devices market with the largest share during the forecast period. The region is accounted to hold 40% of the complete market share in 2020. 6 in 10 Americans are diagnosed with chronic diseases such as cancer, stroke, diabetes, and many more. Out of 133 million Americans, 45% of the population are diagnosed with one or more chronic diseases. The increasing occurrence rate of chronic diseases, growing awareness in people about fitness, and surge in elderly people are boosting the market growth. The United States is leading the wearable medical devices market with more than 32% of the share. Canada's market for wearable medical devices is projected to have a strong CAGR in the upcoming years. Growing usage of multi-tasking services and increasing adoption of cloud-based technologies is predicted to accelerate the industry growth in Canada.

Europe was the second-largest region in the wearable medical devices market in 2020. The market size is believed to grow up to reach USD 5009.04 million by 2025 during the assessment period. Prominent factors like flourishing mobile products, advancing healthcare expenses, and initiatives by the European government are to boost business growth. Germany is the top leading market for wearable devices market. Growing demand for different application areas and increasing market demand for smartphones and tablets are successfully driving the market growth over the analysis period.

The wearable medical devices market in Asia-Pacific is expected to grow at a CAGR of 25.52% during the analysis period. The market is driven by continuous innovations and developments in the healthcare domain and the introduction of technologically advanced devices. The growing demand for wearable medical devices by sports athletics and fitness enthusiasts is majorly influencing the market demand. China is leading the market with the largest share in the region.

KEY MARKET PARTICIPANTS:
Fitbit (United States), Philips (Netherlands), LifeWatch (Switzerland), Garmin (Switzerland), Omron (Japan), Drägerwerk (Germany), Nokia Technologies (United States), Jawbone (United States), Polar (Finland), Wor(l)d Global Network (United States), Activeinsights (United Kingdom), VitalConnect (United States), Xiaomi (China), Misfit (United States) and Monica Healthcare (United Kingdom) are some of the companies currently dominating the global wearable medical devices market profiled in this report.

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SEGMENTS COVERED IN THIS REPORT:
By Type:
• Wearable Electro-Cardiographs
• Wearable Sleep Monitoring devices
• Heart Rate Monitors
• Blood Pressure Monitors
• Activity Monitors
• Electro Encephalogram
By Therapeutic Wearable Devices:
• Pain Management Devices
• Glucose/Insulin Monitoring Devices
• Respiratory Therapy Devices
By Application:
• Sports and Fitness
• Home Healthcare
• Patient Monitoring
By Region:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

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