In a recent published report, Kenneth Research has updated the market report for Wearable Medical Devices Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Wearable Medical Devices Market products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Wearable Medical Devices Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on Wearable Medical Devices Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 and 2027. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
Kenneth Research recently added a report on Wearable Medical Devices Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on Wearable Medical Devices Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 and 2027. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
Be it smart cities, connected cars, smart farming, connected health or smart wearables among other connected applications, IoT promises cutting-edge solutions that are not just easy to use but are also reliable in urgent situations. Smart wearables or wearable gadgets that consist of sensors to track activities in real-time are a perfect fusion of nanotechnology and wearable electronics that offer a wide range of applications in various sectors. One such sector is significantly driven by these technological advancements in healthcare.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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For health tracking, both at personal as well as medical levels, wearable medical devices in healthcare help the patients and caregivers to continuously monitor the health status. The devices offer a convenient way to analyze the physiological parameters of an individual and help the clinicians to monitor and diagnose by providing important information pertaining to various diseases.
According to our study, the global wearable medical devices market garnered a soaring revenue of USD 8,292.60 million in the year 2018. With ongoing IoT transformations and growing preference for real-time monitoring, the market is estimated to grow at a compound annual growth rate (CAGR) of 25.78% over the forecast period of 2020-2027 and is projected to touch USD 60,406.14 Million in revenue by 2027.
Our report on the global wearable medical devices market is segmented into device, connectivity, product, application and distribution channel. Among these segments, the application segment is further segmented into home healthcare, remote patient monitoring, and sports & fitness, out of which, the home healthcare segment is anticipated to be a leading revenue-generating segment that is estimated to bring in USD 24,061.36 Million in the year 2027. This growth is closely trailed by the sports & fitness segment that is estimated to grow with the highest CAGR, i.e., 26.77% during the forecast period.
There are various fitness devices that help runners to run faster, longer, and safer. For instance, ARION helps people via cutting edge training techniques by providing them real-time feedback, helping them to achieve personal goals while avoiding their risk of getting injuries.
In the device segment comprising wristband, earwear, clothing, patch (single-use and reusable) and others, the wristband segment is the highest growing segment that is estimated to attain revenue of USD 36,479.23 Million in 2027 owing to the diverse range of features (anomaly detection, medical prediction and diagnosis) provided by wristbands that make them a popular choice among consumers. The wristbands are generally used for monitoring physiologic parameters such as, heart rate, blood pressure, and respiratory rate among other parameters. The other segments with detailed sub-segments include connectivity [wired and wireless], product [therapeutic device (insulin, pain management, and respiratory therapy) and diagnostic & monitoring device (vital sign monitoring, sleep monitoring, neuromonitoring, and fetal monitoring & obstetric device)], and distribution channel [online and offline].
The ever-evolving facets of IoT in the healthcare sector are one of the major growth indicators that hold great potential in improving the lifestyle of the patients. The healthcare industry is estimated to witness the notable transformation as the majority of the healthcare providers are projected to undergo IoT deployment (in any form) in upcoming years. Additionally, increasing prevalence of chronic disorders, growing utilization of mobile phones and rise in consumer awareness towards their health improvement and leading a healthy lifestyle, is anticipated to raise the interest of consumers towards medical wearables, which is further estimated to increase the adoption of these devices in years to come.
The growing technological advancements in the healthcare sector is driving numerous key players to significantly invest in research and development activities to gain a competitive edge over their opponents. Some of the players mentioned in our report on the global wearable medical devices market are Fitbit Inc., Omron Healthcare Inc., Apple Inc., Garmin ltd., Koninklijke Philips N.V., Samsung, Motorola Mobility LLC., BioTelemetry Inc., Medtronic, and Withings. Recently, MC10 launched a wearable biosensor, named BioStamp which can be applied anywhere on the body for targeted data collection.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Similarly, Philips also created a wearable biosensor, which was launched in 2016. It is a self-adhesive patch that collects the patient’s data such as heart rate, temperature, respiratory function while allowing the patients to do their routine tasks.
The involvement of notable players in the development of innovative and technologically advanced products that are more desirable, and easy to use for the consumers is projected to increase in upcoming years, which is further anticipated to boost the growth of the global wearable medical devices market throughout the forecast period.
Key Answers Captured in Report?
- Which geography would have better demand for products/services?
- What are the strategies adopted by big players in the regional market?
- Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
- What is the current & expected market size in the next five years?
- What is the market feasibility for long term investment?
- What opportunity the country would offer for existing and new players in the market?
- What is the risk involved for suppliers in the geography?
- What factors would drive the demand for the product/service in the near future?
- What is the impact analysis of various factors in market growth?
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