Wearable Healthcare Devices Market May Set Epic Growth Story | Fitbit, Philips, LifeWatch

The Latest survey report on Global Wearable Healthcare Devices Market sheds lights on changing dynamics of each of the sub segments of Industry. As the shift to value continues, Wearable Healthcare Devices organizations have the dual challenge of increasing interoperability to improve clinical performance and the patient experience. Some of the companies listed in the study from complete survey list are Fitbit (United States), Philips (Netherlands), LifeWatch (Switzerland), Garmin (Switzerland), Omron (Japan), Drägerwerk (Germany), Nokia Technologies (United States), Jawbone (United States), World Global Network (United States), Xiaomi (China).

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Brief Overview on Wearable Healthcare Devices:
The healthcare industry has been one of the industries to rapidly adopt the connected healthcare devices so as to help the providers to offer a much better standard of care meanwhile also improving the efficiency as well as lowering the operational costs. The wearable healthcare devices allow the providers and the related facilities to stay connected with the patients and therefore helps, the consumers to gain better visibility into their health. These devices help the individuals to monitor the various fitness, health, and wellness factors for the purpose of tracking their progress towards reaching the set health goals. Those with health conditions and are needed to be closely monitored can use these wearable devices for tracking the health indicators on a daily basis. The fitness-tracking gadgets are nowadays selling out, the home exercise classes are becoming more popular and industrial robot designers are turning towards making sanitation bots. The COVID-19 pandemic has started a seismic wave regarding health awareness and anxiety, which is, in turn, energizing a new category of virus-fighting technology. The distress of infection has enhanced the adoption of more and more apps and wearables as a mode to feel better and protected. Having accurate and immediate feedback about the blood pressure, body temperature, and other vital health signals help in restoring the people’s senses into control. The users, guarantors, and health-care providers have started to take these health-tracking devices and apps very seriously as a tool for the preventive and proactive preservation of the patient’s health. This, in turn, would lead to a furthermore serious collaboration amongst the device makers and the healthcare institutions. Huami Corp, the creator of Xiaomi’s very popular fitness-tracking bands, has also looked back on to the sleep data that it had from the 115,000 users in Wuhan, which was found to be the epicenter for the COVID-19 outbreak and it’s neighboring Anhui province since July 2017 to February 2020. The company analyzed a visible deviation in the reported sleeping heart rate, which was peaked on January 21st, 2020, which was weeks earlier than in the previous years. The fitness app and gadgets provider Chengdu Music Information Technology Co., which is trading under the name Codoon, has also observed that the number of its users that are exercising at home has almost tripled. Hence, responding to the users and the government demand, the company has now also added a thermometer function into its fitness watches.

The European USD 125 billion medical device market is also facing significant pressure due to the deadline for the MDR requirements emerges closer, which are to come into effect on May 26, 2020. The new European Medical Device Regulation (MDR) was earlier announced on May 25, 2017, and the manufacturers were approved of a three-year transition period for meeting up to the new requirements. The MDR requirements are said to take effect on May 26, 2020, but the implementation of this new regulatory framework has been very complicated due to the occurrence of COVID-19. The novel coronavirus is said to have a long-lasting influence on the economy and other functionalities. Furthermore, after the COVID-19 pandemic diminishes, it is very much possible that the offline health-care would be shifted towards online training and home health-care, which is to be fueled by the changes in the people’s value for family and healthcare. The medical device industry is facing major challenges in inheriting any new requirements since the manufacturers are now spending a considerable amount of time and resources for ensuring that the current distribution flows are not disturbed. These efforts, however, are now getting chaotic as the industry with the rest of the world is in a battle of survival against the furious novel coronavirus disease. COVID-19 continues to interrupt business all around the world, causing many of the medical device manufacturers to move their priorities towards aid-relief efforts. As demand increases for the life-saving medical equipment, the manufacturers are witnessing a reduction in the diagnostic and treatment inventory of medical devices.

Key Market Trends:
Rising Preference for Wireless Connectivity among Healthcare Providers

Opportunities:
Rising Awareness and Preference for Home Healthcare
Introduction of Technologically Advanced Products

Market Growth Drivers:
Growing Demand for Round-The-Clock Monitoring
Growing Awareness of Physical Fitness
Increasing Per Capita Income and Geriatric Population

Challenges:
Limited Battery Life of Products
Difficulty in the Design of Devices

Segmentation of the Global Wearable Healthcare Devices Market:
by Type (Diagnostic, Therapeutic), Application (Sports & Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel (Pharmacies, Online Channel, Hypermarkets), Device Type (Watch, Wristband, Clothing, Ear Wear, Other)

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Geographically, the following regions together with the listed national/local markets are fully investigated:
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, UAE, South Africa)

Furthermore, the years considered for the study are as follows:
Historical data - 2018-2022
The base year for estimation - 2022
Estimated Year - 2023
Forecast period** - 2023 to 2028 [** unless otherwise stated]

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Summarized Extracts from TOC of Global Wearable Healthcare Devices Market Study
Chapter 1: Exclusive Summary of the Wearable Healthcare Devices market
Chapter 2: Objective of Study and Research Scope the Wearable Healthcare Devices market
Chapter 3: Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis
Chapter 4: Market Segmentation by Type, End User and Region/Country 2018-2028
Chapter 5: Decision Framework
Chapter 6: Market Dynamics- Drivers, Trends and Challenges
Chapter 7: Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 8: Appendix, Methodology and Data Source

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