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Global Wearable Medical Devices Market Size, Share, Trends, Growth, COVID-19 Analysis Report - Segmented By Diagnostic Wearable Devices, Therapeutic Wearable Devices, Application & Region - Industry Forecast (2021 to 2026)
The size of the global wearable medical devices market is estimated to be worth USD 19538 Million by 2026, growing at a CAGR of 20.4% from 2021 to 2026.
Wearable medical devices are sensors connected to the body that detect and monitor changes in body signatures in various areas and organs.
Impact of COVID-19 on the global wearable medical devices market:
The COVID-19 pandemic has increased the importance of wearable medical devices in the healthcare sector. As a result, various companies working on wearable medical products worldwide are entering the market, where wearable medical equipment can detect early warning signs of viral infection.
The Ava Bracelet, originally designed as a fertility tracker, is now being utilized to aid in the fight against the coronavirus. This bracelet monitors heart rate variability, breathing rate, and skin temperature, making it suitable for monitoring viral symptoms. This pandemic presents a once-in-a-lifetime opportunity. As a result of this, the demand for wearables is expected to rise.
KEY DRIVING FACTORS:
The market is expected to be driven by the growing incidence of chronic pain, the prevalence of diabetes, and technological advancements in the healthcare sector. Also, the rising awareness and preference for home healthcare and availability of healthcare infrastructure in the region influence market growth. In addition, the growth of home healthcare and remote patient monitoring devices is anticipated to propel market growth.
On the other hand, the growing penetration of mobile platforms, the rising number of innovations, and the increasing adoption of AI and 5G in the developed countries are expected to contribute the most significant share to the global wearable medical devices market growth.
Also, the increase in the per capita income of the individuals and the accessibility of use and interpretation of medical equipment in the developed countries such as the US, UK, and Germany are significantly uplifting the market growth. In addition, a sedentary lifestyle and a changing diet are increasing the risk of chronic disease. Therefore, the rising number of chronic conditions increases the demand for wearable devices, which is expected to boost the market.
In addition to exercise, most wearable medical devices are designed to track activities such as walking, running, muscle activity, calories burned, heart rate, and so on. Some even use GPS tracking and monitoring to improve distance measurement accuracy. Moreover, wearable technology's ability to increase patient care quality while decreasing costs will fuel market growth.
However, the high cost of wearable medical devices, unfavorable reimbursement policies, data security concerns, and stringent government restrictions are all creating hurdles to market growth.
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KEY MARKET INSIGHTS:
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By Diagnostic Wearable Devices:
By Therapeutic Wearable Devices:
KEY MARKET LEADERS PROFILED IN THIS REPORT:
BROWSE REGIONAL REPROTS: