Wearable Medical Devices Market Size Worth USD 195.57 Billion by 2027 at an Astounding 26.4% CAGR by 2027 Owing to Presence of Established Players in North America

Pune, India, Jan. 06, 2021 (GLOBE NEWSWIRE) — The global wearable medical devices market size is expected to showcase considerable growth by reaching USD 195.57 billion by 2027 while exhibiting an astounding CAGR of 26.4% between 2020 and 2027. This is ascribable to factors such as the increasing prevalence of chronic diseases and the growing awareness regarding fitness and wellness amongst the people that is driving the adoption of innovative wearable type of medical devices globally. Fortune Business Insights, in its latest report. The market stood at USD 29.76 billion in 2019 and is likely to gain momentum in the forthcoming years.A wearable medical device is a noninvasive, autonomous device that performs the function of tracking and monitoring the overall health function of the wearer. The wearable technology consists of healthcare devices that the person can wear on his body such as Fitbits and smartwatches. They efficiently collect the personal health data of the consumer to track his fitness regime.
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Increasing Prevalence of Chronic Diseases to Accelerate GrowthThe sedentary lifestyle of people is likely to pave the way for the increasing prevalence of chronic diseases such as diabetes, heart disease, and others. According to the International Diabetes Federation, around 463 million adults aged between 20 to 79 suffer from diabetes. Additionally, by 2045, this number is expected to rise to about 700 million. The surging demand for innovative wearable type of medical devices owing to the growing awareness regarding the importance of fitness is expected to bode well for the global wearable medical devices market growth in the forthcoming years.COVID-19 Impact: Surge in Sales of Wearables Owing to Increasing Awareness Regarding FitnessThe COVID-19 pandemic has led the people to look after their health regime more than before. The growing consumption of healthy diet and the increasing focus on maintaining proper sleep patterns is driving the sales of advanced wearable type of medical devices among people across the globe. This is likely to favor the market growth amid the widespread effects of the novel coronavirus. Additionally, the convenience of online shopping platforms has further led to the positive sales of the wearable devices globally.
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Diagnostic & Patient Monitoring Segment to Hold Dominant PositionThe diagnostic & patient monitoring segment, based on product, is expected to showcase substantial growth owing to the high disposable income of the young population that is propelling the sales of innovative wearable medical devices to monitor their overall health and fitness data.North America to Remain at Forefront; Key Players Launching Innovative Wearable Devices to Aid GrowthAmong all the regions, North America is expected to gain momentum and hold the highest position in the global market in the forthcoming years. This is attributable to the presence of established manufacturers that are introducing innovative devices to cater to the growing number of fitness enthusiasts in the region.On the other hand, Europe is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as the increasing prevalence of chronic diseases among the elderly population that is likely to boost the adoption of innovative wearable medical devices in the region between 2020 and 2027.
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Strong Product Offering by Prominent Companies to Strengthen Their Market PositionsThe global wearable medical devices market is consolidated by the presence of key players that are focusing on maintaining a stronghold  by offering this innovative devices to the growing demand among fitness enthusiasts across the globe. Moreover, the adoption of organic and inorganic strategies to maintain their presence by other key players will favor the market growth.Industry Development:March 2020 – Widex unveiled WIDEX MOMENT, the world’s first natural hearing aid. The device is manufactured using Widex’s patented ZeroDelay Technology platform that benefits people with hearing disability.List of the Companies Profiled in the Global Market:BD (New Jersey, United States)Ypsomed (Burgdorf, Switzerland)Fitbit, Inc. (San Francisco, United States)Apple Inc. (Cupertino, United States)Sonova (Stäfa, Switzerland)NeuroMetrix, Inc. (Waltham, United States)SAMSUNG (Suwon-si, South Korea)Omron Healthcare, Inc. (Kyoto, Japan)AiQ Smart Clothing (Taipei, Taiwan)Koninklijke Philips N.V. (Amsterdam, Netherlands)Other Prominent Player
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Table of Contents:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsRecent Industry Developments- Partnerships, Mergers, and AcquisitionsKey Industry TrendsNew Product Launch by Key PlayersTechnological Advancements in Wearable Medical Devices MarketImpact of COVID-19 on the MarketGlobal Wearable Medical Devices Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By ProductDiagnostic & Patient Monitoring Wearable Medical DevicesActivity Monitors/TrackersSmartwatchesSmart-clothingOthers (Biosensors, Blood Pressure Monitors, Glucose Monitoring Systems)Therapeutic Wearable Medical DevicesWearable DefibrillatorsDrug Delivery Devices (Injectors, Patches)Pain Management Devices (TENS, EMS)Hearing AidsOthersMarket Analysis, Insights and Forecast – By ApplicationRemote Patient Monitoring & Home HealthcareSports and FitnessMarket Analysis, Insights and Forecast – By End UserRetail PharmaciesOnline PharmaciesHypermarkets & OthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificRest of the World