Wearable Medical Devices Market with Current Trends Analysis, 2021-2031| Future Market Insights
2021 Analysis and Review: Wearable Medical Devices Market by Application – Patient Monitoring, Home Healthcare, and Health and Fitness for 2021 – 2031
Dubai, United Arab Emirates – July 5, 2021 /MarketersMedia/ —
ESOMAR-certified consulting firm Future Market Insights’ report has projected the global wearable medical devices market to grow at a healthy CAGR between 2021 and 2031. Rising prevalence of diabetes and cardiovascular disease have been fuelling the demand of wearable devices across the globe.
Innovations in biopharmaceutical industry and rising prevalence of chronic diseases such as diabetes are favoring the market growth. Surging consumer demand for health and fitness solutions and technological developments in the medical field are major factors bolstering the demand for wearable therapeutic medical devices.
Integration of artificial intelligence with the smartphones and wearable medical devices have increased the adoption, furthering the demand. Burgeoning cases of diabetes across the glove have improved the adoption of glucose monitoring devices, especially among the geriatric population.
Also, due to the penetration of online platforms and increasing awareness about health, the demand for home healthcare wearable medical devices have increased exponentially. Furthermore, increasing expenditure in the healthcare industry across countries such as India, US, China, and UK have propelled the market demand.
According to the latest insights of Future Market Insights, the global wearable devices market is poised to expand at over 7% CAGR throughout the forecast period of 2021 and 2031.
“Growing demand for portable and advanced medical devices to monitor the glucose level and heart rate, due to the increasing cardiovascular diseases and diabetes cases, has been encouraging manufacturers to incorporate technologies such as artificial intelligence and Internet of Thinking (IoT). This will pave way for the expansion of the wearable devices market over the forecast period,” says the FMI analyst
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Key Takeaways
Wearable therapeutic medical devices accounted for more than 50% of global market share in terms of product type
Home healthcare wearable devices segment is expected to be the largest contributor in the market revenue, accounting for over 60% of market share
Clinics are anticipated to be the primary distribution channel for wearable medical devices market, followed by hospital pharmacies
Increased healthcare expenditure across the U.S. are expected to foster the wearable devices sales
Germany is expected to lead the Europe’s wearable medical devices market through 2021
Favorable policies and high investment in the medical field across China are expected to bolster market growth
Competitive Landscape
Future Market Insights projects the market is moderately consolidated with the leading players focused on product innovation and new launches to maintain a strong foothold in the industry. Strategic mergers, collaborations and acquisition are some of the other few strategies to solidify their position in the industry.
In May 2021, Nemaura Medical Inc. announced the purchase of 5000 sugarBEAT transmitters and 200,000 sugarBEAT sensors from a leading company in UK, DB Ethitronix Ltd., that launched sugarBEAT non-invasive daily wear glucose monitoring device in UK.
Some of the prominent wearable medical devices manufacturers profiled by FMI are:
Siemens AG
Medtronic PLC
Bayer AG
Fitbit Inc.
Animas Corporation
Panasonic Corporation
Smiths Medical
Johnson & Johnson
Owlet Baby Care
Koninklijke Philips NV
Hoffmann-La Roche Ltd.
OMRON Corporation
Rest Devices Inc.
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More Insights on the Global Wearable medical devices Market
Future Market Insights, in its latest study, provides an unbiased analysis of the wearable medical devices market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the wearable medical devices market with a detailed segmentation on the basis of:
Product Type:
Wearable Monitoring and Diagnostic Devices
Fetal and Obstetric Devices
Wearable Fetal Monitors
Infant Motion Sensing Monitors
Continuous Glucose Monitoring Devices
Cardiac Monitoring Devices
Wearable Heart Rate Monitors
Wearable Pulse Oximeters
Wearable Blood Pressure Monitors
Wearable Therapeutic Medical Devices
Hearing Aid
Insulin Pump
Respiratory Therapy Devices
Sleep Apnea Devices
Non-invasive Ventilation
Health & Fitness Devices
Application:
Patient Monitoring
Home Healthcare
Health and Fitness
Distribution Channel
Hospital Pharmacies
Clinics
Online Channels
Hypermarkets
Region:
North America
Latin America
Eastern Europe
Western Europe
Japan
The Asia Pacific excluding Japan
Middle East and Africa
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Key Questions Covered in the Report
How will the market for wearable medical devices will expand through 2031?
Which top companies are leading the global wearable medical devices market?
What are the key drivers and trends that will stimulate the wearable medical devices sales?
What are the challenges that will affect the sales of wearable medical devices market?
Which region will remain the most lucrative throughout the forecast period?
What is the impact of Covid-19 on wearable medical devices market?
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Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/wearable-medical-devices-market
Source: MarketersMedia
Release ID: 89033439
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