APAC wearable medical devices market is predicted to expand at a CAGR of more than 26.4% through 2027 owing to the presence of large patient pool coupled with increasing awareness about advanced wearable devices.
Global Market Insights, Inc
Selbyville, Delaware, June 15, 2021 (GLOBE NEWSWIRE) —
According to latest report “Wearable Medical Devices Market by Device (Activity/Fitness Monitors, Diabetes Devices, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors, Hearing Aids), Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking), End-use (Home Healthcare, Remote Patient Monitoring, Fitness and Sports), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of wearable medical devices will cross $140 billion by 2027. Increasing awareness about personal health and rising incidence of various chronic disease will drive the market growth.
Wearable devices are defined as autonomous and non-invasive devices that can analyze, capture, and aggregate personalized data to improve wellbeing and personal health. Advent of artificial intelligence and big data analytics have increased the demand of these devices to monitor personal health. The integration of wearable technology with cloud computing solutions has transformed the entire healthcare value chain. Thus, the demand for early diagnosis, personalized healthcare, and remote patient monitoring are fueling the industry growth.
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Increasing usage of electronic gadgets and rising awareness about digital products are the factors fostering the wearable medical devices market expansion. Major players in the industry are focusing on collaboration of products and services. Technology advancement and acceptance are increasing the adoption rate of wearable devices, as increased population opting connected devices increases. Thus, these wearable devices are helping patients and caregivers in cost reduction, healthcare access, remote monitoring, and enabling early detection of vital physiological factors.
Respiratory monitors segment will see exponential growth during the forecast timeframe. The COVID-19 pandemic has significantly increased the demand for the respiratory monitors globally. Acute shortage of ventilators and hospital beds across the globe has significantly increased the demand for wearable respiratory monitoring devices. These monitors calibrate breathing rate in real time and are cost-effective with high accuracy, thereby creating the industry expansion.
Diabetes care segment in the wearable medical devices market accounted for USD 11 billion in 2020 led by the rising prevalence of diabetes. According to the International Diabetes Federation, there were more than 460 million adults living with diabetes in 2019. Moreover, increasing number of product launches in diabetes space are also augmenting the market progression. For instance, in March 2021, EOFLow launched wearable insulin pump EOPatch. The device continuously delivers insulin to diabetic patients for blood sugar management. With growing awareness and need for continuous glucose monitoring, the segment will foresee robust growth.
Sports and fitness segment are projected to witness 22.4% growth rate through 2027. Wearable sports technologies are collaborating with personal medical devices to monitor individual performance. Additionally, professional sports leagues are continuously adopting wearables to work efficiently using healthcare and sports analytics.
Asia Pacific wearable medical devices market is estimated to attain a CAGR of 26.4% by 2027 on account of the presence of large patient pool coupled with increasing awareness about advanced wearable devices. Furthermore, rising disposable income and increasing number of product launches in the region will propel the demand in the region.
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Few notable companies operating in global market are Apple, Samsung, Dexcom Inc, Koninklijke Phillips N.V., and Fitbit among others. Industry players are focusing on various strategies including technology collaboration, merger & acquisition, and licensing & partnership.
Table of Contents (ToC) of the report:
Chapter 3 Wearable Medical Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By device
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Technology landscape
3.8 Industry eco-system
3.8.1 Current trends in the industry
3.8.2 Start-up scenario
3.9 SWOT analysis
3.10 Porter’s analysis
3.11 Competitive landscape, 2020
3.12 PESTEL analysis
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