Wearable Medical Devices Market- Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 - 2027

According to the latest report by IMARC Group "Wearable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The global wearable medical devices market size reached a value of US$ 18.96 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 60.55 Billion by 2027, exhibiting at a CAGR of 22.2% during 2022-2027.

Wearable medical devices are gadgets that are non-invasively attached to the body to monitor the patient's health. They include a variety of diagnostic gadgets that monitor vital signs, glucose levels, sleep, foetal signs, obstetric signs, nerve functioning, and so on, as well as therapeutic devices for pain management, rehabilitation, respiratory therapy, and so on. Wearable medical devices include biosensors, controllers, power sources, software systems, and other components for data collecting, interpretation, transfer, and storage. They can be worn as an adornment, incorporated into clothes, or implanted. Wearable medical devices are frequently used to accurately evaluate a patient's vital statistics and to forecast epileptic seizures and cardiac problems, which can help improve comfort and provide patients with prompt clinical interventions.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends:
The escalating growth in the healthcare infrastructures and the increasing prevalence of chronic medical ailments are among the key factors augmenting the wearable medical devices market. Furthermore, owing to the sudden outbreak of coronavirus disease (COVID-19) across the globe, there has been a significant rise in the demand for wearable medical devices in healthcare centers, which is also bolstering the market growth. Moreover, the elevating product usage for monitoring, providing feedback, rehabilitation, disease management, and suggesting adequate treatment is further catalyzing the global market. Besides this, the expanding requirement for these devices in aiding individuals to regularly check their health concerns and address them in a timely manner is also driving the product demand. Apart from this, several technological advancements, including the development of the internet of things (IoT)-integrated smartwatches, patches, and smart clothing, are further fueling the market growth. Additionally, the expanding geriatric population and the increasing expenditure capacities of consumers on health management technologies are expected to positively influence the wearable medical devices market in the coming years.

Market Breakup by Device Type:
Diagnostic Devices
Vital Sign Monitoring
Sleep Monitoring
Electrocardiographs and Obstetric Devices
Neuromonitoring Devices
Therapeutic Devices
Pain Management Devices
Insulin Delivery Devices
Rehabilitation Devices
Respiratory Therapy Devices

Market Breakup by Product:
Activity Monitors
Smartwatches
Patches
Smart Clothing
Hearing Aids
Others

Market Breakup by Application:
Sports and Fitness
Remote Patient Monitoring
Home Healthcare

Market Breakup by Distribution Channel:
Offline
Online

Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

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Competitive Landscape with Key Player:
Abbott Laboratories (ABT)
Apple Inc. (AAPL).,
Dexcom Inc., Fitbit Inc. (Google LLC),
Garmin Ltd.,
Honeywell International Inc.,
Koninklijke Philips N.V.,
Medtronic Plc,
Omron Corporation
Vital Connect Inc.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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