Fortune Business Insights offers a detailed overview of the global market in a report, titled “Wearable Medical Devices Market Size, Share and Industry Analysis by Product (Diagnostic & Patient Monitoring, Therapeutic), By Application (Remote Patient Monitoring and Home Healthcare, Sports and Fitness), By Distribution Channel (Retail Pharmacies, Online Pharmacies, Hypermarkets) and, Regional Forecast 2019-2026.” As per the report, the market was valued at USD 24571.8 Million in 2018 and is anticipated to reach USD 139353.6 Million by 2026. The report offers a comprehensive overview of the market drivers, trends, opportunities, and other aspects of the market.
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Top Companies Covered in Wearable Medical Devices Market are
- Ypsomed AG
- Hologic Inc.
- Siemens Healthcare GmbH
- AiQ Smart Clothing
- NeuroMetrix, Inc.
- Apple Inc.
The global wearable medical devices market is anticipated to exhibit an exponential CAGR of 24.7% through the forecast years. The healthcare industry is revolutionizing owing to the rising adoption of connected devices. As digital technology is gaining immense popularity, wearable medical devices are evolving rapidly in the healthcare sector.
Moreover, the objective of these devices is to not only promote the overall body fitness but to offer active treatment regarding health conditions. From Fitbit to smartwatches, the market is increasingly driven by technological developments with focus on personalized care. Taking about personalized care, technologies such as internet of things (IoT), cloud computing, and others help in retrieving patient data in real-time, thereby allowing physicians to detect the patient’s health condition in advance.
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In addition to this, it provides valuable information on mergers and acquisitions, product launches, partnerships, and other strategic activities adopted by global players. Several estimations and projections for the leading geographies are also included in the report. All the above information can help our readers to gain valuable insights into the market, thereby helping them to make the right decision before investing in the market.
As per product, the diagnostic and monitoring wearable devices segment is expected to hold a major portion of the wearable medical devices market share. The wearable devices market size is expected to surge owing to the rising demand from online pharmacies, retail pharmacies, and other distribution channels. As per current market trends, wearable medical devices are increasingly used by home patients owing to their convenience and ease of use.
Against this backdrop, the demand for these devices is expected to increase, which in turn, will contribute towards the wearable devices market growth.
Rising Importance on Reducing Patient Hospital Stays to Encourage Growth in Asia Pacific Wearable Medical Devices Market
Considering regions, North America is expected to register high growth in the global wearable devices market during the forecast period. In 2018, the market was valued at USD 10146.3 Million. The evolving patient shift towards remote monitoring from traditional is increasing the adoption of wearable devices in this region. The implementation of favourable regulatory policies for the development of smart and advanced wearable devices is another factor driving the market in this region. This, coupled with the rising adoption of advanced healthcare infrastructure, is expected to enable growth in the market.
The market in Europe is expected to create immense growth opportunities owing to the rising aging population. This, along with the rising prevalence of chronic diseases, is accelerating the adoption of wearable devices technologies in this region. Apart from North America and Europe, the market in Asia Pacific is expected to register substantial rate rising improvements in technologies.
The rising adoption of smartwatches, activity monitors, pain management devices, and other smart devices witnesses an impressive growth on cards for the market in Asia Pacific. Moreover, increasing focus on reducing patient stays, especially in emerging countries such as India and China is likely to boost the market in this region in the forthcoming years.
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Nemaura’s SugarBeat Gains CE Mark Approval, Patients to Monitor their Blood Sugar Levels in Real-time
Among several players operating in the market, companies such as Apple, Fitbit, Philips Healthcare, and Sonova are likely to emerge dominant in the market. These companies are strongly focussing on innovations in product development, heavily investing in research and development activities. Spurred by initiatives, the market is anticipated to offer immense growth opportunities for companies in the forecast years.
The competitive landscape of the global market in intense owing to the presence of existing established market players and the entry of new start-ups in medical technology. Companies are planning to develop new wearable devices that can offer remote patient monitoring and improve patient outcomes.
For instance, Nemaura Medical developed a non-invasive and continuous blood monitoring device called SugarBeat. In May 2019, the product received CE mark approval from the European Union for commencing sales. This product is one of the most affordable CGM in the healthcare industry.
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