The global wearable medical devices market to reach USD 16228 Million by 2024 from USD 6414 Mn in 2019. The market is growing at a remarkable CAGR of 20.40% from 2019 to 2024.
Wearable medical devices are to track physical activities, heartbeat monitoring and others. These devices are accurate in tracking physical fitness measurements while doing exercises. Some of the wearable medical devices also show the calories burnt. The design of the invention comes with sensors, software and connectivity products.
In the medical field, wearable medical devices are playing a vital role. These devices help to track several parameters like the patient’s heartbeat and others. Also, it helps to improve the quality of care by the physicians, which provides health assessment.
The wearable medical devices are more accurate and also assist the individual in having self-assessment and promotes for earlier diagnosis.
The upward push in GDP in keeping per-capita earnings stages is a chief contributor in the direction of the upward thrust in customer spending throughout the numerous fitness generation products. The upward push in the GDP of emerging nations, coupled with elevated attention on healthcare expenditure has ended in a considerable enhance in the call for wearable medical devices. As in step with records published, various international establishments, along with World Bank and IMF (International Monetary Fund), the growing and emerging international locations are witnessing a sizable upward trend in their GDP boom charge over the last three-four years.
The restoration of the worldwide financial situation, coupled with renewed growth possibilities in terms of employment creation, industrial development and infrastructure development are some of the most critical macroeconomic signs indicating favourable boom prospects for the diverse fitness-tech markets, together with wi-fi scientific gadgets.
The innovation contributed by the uncooked material producers, machine assemblers, software program providers, battery manufactures, and digital component suppliers has made the competition in the wearable medical devices marketplace enormous.
Countries like the United States, EU-5 international locations, China, India, Japan, South Korea, and Taiwan holds the majority of the uncooked material companies for these devices.
Growth opportunities for the global wearable medical devices market lie in the developing attention on increasing healthcare expenditure via authorities and personal sector contribution inside the emerging and growing international locations.
Key Market Dynamics
Recent developments in the wearable medical devices market:
In Feb 2018: Fitbit has obtained a small Boston-based software startup known as, Twine Health.
In Apr 2018: Garmin Ltd has added the Forerunner 225, the first Garmin GPS jogging watch with wrist-primarily based heart fee from Mio, builders of industry-main optical coronary heart rate technology.
REPORT COVERAGE
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2018 – 2024 |
|
Base Year |
2018 |
|
Forecast Period |
2019 - 2024 |
|
Segments Covered |
By Diagnostic Wearable Devices, Therapeutic Wearable Devices, Application, Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
This research report on the Global Wearable Medical Devices Market has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2024.
By Diagnostic Wearable Devices
By Therapeutic Wearable Devices
By Application
Regional Analysis
The wearable medical devices market was dominated by North America, with the overall market share of over 40% globally. Rising investments in healthcare centres by government and also on developing various devices with the latest technologies is magnifying the demand of the market. Also, increasing focus on leading healthy lifestyles by changing food habits and also adopting fitness activities in daily life is escalating the demand of the market in this region. Europe is following North America is dominating the shares of the market. Launch of various healthcare applications that are feasible for smartphone users is broadening the demand of the market. In addition, increasing demand for early diagnosis procedures is outshining the growth of the market. The Asia Pacific is estimated to grow at a higher rate in foreseen years with the rise in the geriatric population and also increase the production rate of the devices. The Middle East and Africa are projected to have huge growth opportunities in the coming years.
Most promising companies operating in the Global Wearable Medical Devices Market profiled in the report are
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Diagnostic Wearable Devices
5.1.1 Wearable Electro Cardiographs
5.1.2 Wearable Sleep Monitoring devices
5.1.3 Heart Rate Monitors
5.1.4 Blood Pressure Monitors
5.1.5 Activity Monitors
5.1.6 Electro Encephalographs
5.2 By Therapeutic Wearable Devices
5.2.1 Pain Management Devices
5.2.2 Glucose/Insulin Monitoring Devices
5.2.3 Respiratory Therapy Devices
5.3 By Application
5.3.1 Sports and Fitness
5.3.2 Home Healthcare
5.3.3 Patient Monitoring
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 United Kingdom
6.2.3 Germany
6.2.4 France
6.2.5 Italy
6.2.6 Spain
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.5 Middle-East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Fitbit
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Garmin
8.3 Jawbone
8.4 Polar Electro
8.5 Vital connect
8.6 Withings SAS
8.7 Zephyr Corporation
8.8 Basis Science
8.9 Omron Corporation
8.10 Drager
8.11 Lifewatch AG
8.12 Sotera Wireless
8.13 Abbott Laboratories
8.14 Nuubo
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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