The global wearable medical devices market size is expected to reach USD 66.8 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to progress at a CAGR of 26.1% during the forecast period. Rising demand for advanced products as well as continuous health monitoring is fueling the growth.
High prevalence of obesity coupled with rising awareness about physical fitness is encouraging people to go for workouts and adopt other fitness-related activities. Wearable devices such as smart bands and smartwatches help monitor fitness parameters including calories burned, footstep count, and walking distance. Moreover, manufacturers of these devices offer guidance from experts who are certified dietician or nutrition. Hence, this business model is also generating hefty demand for these products.
Companies such as Google, Fitbit, Apple, and Nike are working towards the launch of new innovative products, which is anticipated to boost growth of wearable medical devices market over the forecast period. Smart watches and wristbands are the current focal point of product development and innovation, leading to their abundant availability. For instance, HealthPatch, a product of Vital Connect, was launched in March 2014. This adhesive patch that can be placed on the chest to regulate biometrics such as heart rate, skin temperature, body posture, and activities like the number of steps walked.
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Further key findings from the report suggest:
Diagnostic devices segment led the market in 2018 owing to the increasing disposable income and awareness coupled with and higher healthcare spending
Straps, clip, bracelets, and watches is anticipated to be the largest and fastest growing segment of the wearable medical devices market
Home healthcare held a significant market share in 2018 owing to the rise in geriatric population triggering incidence rates of target diseases
North America is projected to command for a cumulative share in 2018 due to the increasing application of home care and remote patient monitoring for the purpose of regular, continuous, and long-term monitoring of patients
Asia Pacific is expected to witness the fastest CAGR over the forecast period, attributed to growing awareness, disposable income, and prevalence of chronic conditions
Some of the companies present in the market are Philips Electronics, Fitbit, Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, Intelesens, Everist Genomics, Intelesens and Sotera Wireless
Grand View Research has segmented the global wearable medical devices market based on product, site, application, and region:
Wearable Medical Device Product Outlook (Revenue, USD Million, 2015 - 2026)
Vital Sign Monitoring Devices
Heart Rate Monitors
Blood Pressure Monitors
Sleep Monitoring Devices
Electrocardiographs Fetal And Obstetric Devices
Pain Management Devices
Insulin/Glucose Monitoring Devices
Respiratory Therapy Devices
Positive Airway Pressure (PAP) Devices
Portable Oxygen Concentrators
Wearable Medical Device Site Outlook (Revenue, USD Million, 2015 - 2026)
Wearable Medical Device Application Outlook (Revenue, USD Million, 2015 - 2026)
Sports and Fitness
Remote Patient Monitoring
Wearable Medical Device Regional Outlook (Revenue, USD Million, 2015 – 2026)
Middle East and Africa (MEA)
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