Wearable Medical Devices Market Detailed In New Research Report 2021 | Current Health, Sorrel Medical, Willow, Aeroflow Breastpumps

Wearable Medical Devices Market

Overview:

Wearable medical devices can be used with or without doctor administration. These devices are built using digital technology which makes them more innovative and more expensive than other products in the medical devices market. They come with attached sensors that detect and observe changes in the different body parts and organs. Some of the wearable medical devices that are targeted by manufacturer consist wristbands, smartphones and smart watch. Such devices are easy to use and help reduce hospital expenses in some cases, therefore the demand of such wearable medical devices is increasing. Pharmaceutical organizations conduct medical trials using these wearable devices. Wearable medical devices come in wide ranges with various functions such as real-time feedback, wireless transmission of data and alerting mechanism.

The global wearable medical devices market is estimated to account for US$ 29,834.5 Mn in terms of value and is expected to reach US$ 50,898.5 Mn by the end of 2027.

Drivers:

Frequent approvals and introduction of new wearable medical devices in the market is expected to augment growth of the global wearable medical devices market during the forecast time. For instance, in April 2019, the U.S. Food and Drug Administration (FDA) granted approval to VivaQuant’s RX-1 wearable device that functions as Holter monitor.

Opportunities:

Increasing research and development in the wearable devices is likely to create a lucrative environment of growth opportunities for market players in the global wearable medical device market. For instance, in October 2019, a South Korean team of scientists at Electronics and Telecommunications Research Institute developed an effective real-time and QRS detection technique to study EEG signals gathered from wearable medical devices by using two different type of firs-order derivative filters and a max filter.

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Restraints:

Access to viable treatment choices for some particular diseases is expected to hinder demand of these wearable devices, which in turn is expected to limit growth of the global market of wearable medical devices.

Key Takeaways:

In 2019, the global wearable medical devices market had a value of US$ 28,096.4 Mllion and is expected to reach at US$ 50,898.5 Million by 2027 with a CAGR of 7.9% during the forecast period. (2020- 2027).

Factors such as technological development as well as inclination towards the use mobile applications and connected health are expected to fuel the growth of global wearable medical devices market over the estimate period.

Among the sectors, in 2019, Home healthcare witnessed major growth in the global wearable medical devices market, with 63.3% share in terms of value, followed by patient monitoring and health and fitness.

Moreover, frequent approvals and launch of new products is expected to drive growth of the segment through the forecast period.

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Market Trends:

Key players in the market are adopting various strategies such as getting approvals and introduction of novel products as well as collaborations in order to strengthen their product portfolio. For instance, in March 2019, Connected healthcare solutions provider VivaLNK announced the launch of its internet of things (IoT)-enabled medical wearable Sensor Platform, complete with a range of sensors, edge computing technologies and an internet of health things (IoHT) data cloud. This platform captures human vitals and biometrics, and delivers data from the patient to edge computing devices, as well as to the cloud, for application integration and analysis.

Moreover, in June 2020, SMi Group made announcement of AstraZeneca leading a pre-conference workshop at the conference of Wearable Injectors and Connected Devices held on October 6, 2020 in London.

Market taxonomy:

The global wearable medical devices market is segmented into Product type, Application, End user, and geography.

• By Product Type
o Wearable Therapeutic Medical Device
 Hearing Aids
 Insulin Pump
 Respiratory Therapy Devices
 Sleep Apnea Devices
 Non-invasive Ventilation Device
 Wearable Monitoring and Diagnostic Device
 Fetal and Obstetric Devices
 Continuous Glucose Monitoring Devices
 Cardiac Monitoring Devices
 Wearable Heart Rate Monitors
 Wearable Pulse Oximeters
 Wearable Blood Pressure Monitors
 Health and Fitness Devices

• By Application
o Patient Monitoring
o Health & Fitness
o Home Healthcare

• By End User
o Clinics
o Hospital Pharmacies
o Online Channels
o Hypermarkets
o Individuals

• By Region
o North America
o Latin America
o Europe
o Asia Pacific
o Middle East
o Africa

Key players:

Key players active in the global wearable medical devices market are, Sorrel Medical, Aeroflow Breastpumps, Hoffmann-La Roche Ltd., Smiths Medical, OMRON Corporation, Fitbit Inc., Panasonic Corporation, Current Health, Willow, Medtronic plc, Koninklijke Philips N.V., Johnson and Johnson, Siemens AG, and Sonova.

Key Developments:

Key player are focusing on expansion of products as well as approval and launch of novel products to strengthen their market share in the global wearable medical devices market. For instance, in July 2020, Wearable drug delivery devices manufacturer Sorrel Medical opened a new manufacturing services increasing clinical and commercial supply capabilities of wearable drug delivery devices.

Moreover, in May 2020, Aeroflow Breastpumps, a subsidiary of Aeroflow Healthcare, announced the launch of the Willow Wearable Breast Pump.

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