Wearable Medical Devices Market Revenue to Cross USD 23,310.9 million by 2025 Says, The Insight Partners

According to The Insight Partners market research study titled 'Wearable Medical Devices Market - Global Analysis and Forecasts By Device Type and Application, the global wearable medical devices market is expected to reach US$ 23,310.9 Mn in 2025 from US$ 6,231.7 Mn in 2017. The market is estimated to grow with a CAGR of 18.1% from 2018-2025. The report highlights the trends prevalent in the global wearable medical devices market and the factors driving the market along with those that act as deterrents to its growth.

Wearable medical devices are electronic and have sensors that help in monitoring as well as keeping track of a patient's health. Some of the uses of these devices include activity tracking, infant monitoring, and vital signs monitoring, among others. Wearable devices help a patient to have access to their health records while performing daily routine activities or tasks. Other than the tracking of a patient's condition, some devices also come along with therapeutic properties, such as insulin pumps, rehabilitation as well as pain management devices.

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Some of the prominent players operating in wearable medical devices market are Xiaomi Technology Co., Ltd, Samsung Electronics Co., Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., HUAWEI Technologies Co., Polar Electro, Omron Corporation, Activinsights Ltd., and VitalConnect.
The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, in October 2018, Huawei Consumer Business Group (BG) launched two new wearables, HUAWEI WATCH GT and HUAWEI Band 3 Pro. The new wearables offer novel and sophisticated ways for consumers to track their activities and receive fitness coaching, based on scientific research. These product innovations and launches are expected to propel the growth of the wearable medical devices market during the forecast period.

The report offers insights and in-depth analysis of the wearable medical devices market emphasizing on various parameters such as market trends, technological advancements, Wearable Medical Devices market dynamics, and competitive landscape analysis of leading market players across the world. It also includes the impact of the COVID-19 pandemic on the market across all the regions. The COVID-19 pandemic has disrupted the socioeconomic conditions of various countries across the world. The COVID-19 epidemic has increased the importance of wearable medical devices in the healthcare industry. Various firms working on wearable medical products from across the world are joining the market, where wearable medical equipment can detect early warning symptoms of viral infection. For example, the Ava Bracelet, which was originally designed as a fertility tracker, is now being utilized to aid in the fight against COVID-19. This bracelet monitors heart rate variability, breathing rate, and skin temperature, and can be used to follow virus symptoms. During this pandemic, this presents a once-in-a-lifetime opportunity. As a result, the demand for wearables is expected to increase. The market, based on region, is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

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Global wearable medical devices market, based on the device type was segmented into diagnostic & monitoring devices and therapeutic devices. In 2017, the diagnostic & monitoring devices segment held the largest share of the market, by device type. The segment is also expected to witness growth at a significant rate during the forecast period, owing to the rising awareness regarding fitness.

The market for wearable medical devices is expected to grow due to the rising geriatric population, increase in the prevalanece of various chronic illnesses and the growth in awareness regarding fitness. In addition, rising concerns regarding home healthcare is anticipated to have a positive impact on the growth of the wearable medical devices market in the coming years.

Rising Awareness Regarding Fitness

With a growth in the number of chronic illnesses such as diabetes and hypertension, there has been a rise in awareness regarding one's fitness. Also, in recent days, there has been a significant rise in the number of individuals suffering from obesity.

These factors have led to an increase in the importance of maintaining fitness. The demand for various health apps and devices for monitoring health status has increased significantly in recent years. Also, a considerable rise in the number of gyms and fitness centers across countries such as the US, India, Canada has been recorded. The region of Asia Pacific is anticipated to offer significant growth opportunities in the fitness industry during the forecast period due to an increase in disposable income as well as the rate of urbanization in the leading economies such as Japan, China, and India. The use of fitness apps and digital devices for monitoring vital signs has been high among the millennials as compared to individuals from other age groups. Owing to the growth in awareness regarding fitness and the benefits offered by wearable devices, the market for wearable devices is anticipated to witness significant growth during the forecast period.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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