In a recently published report, Medical Wearables Market report for till 2030. The 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 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 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 Analysis and U.S. Census Bureau mention 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Medical Wearables Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Medical Wearables Market is valued approximately USD 6.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 21.4% over the forecast period 2020-2027. Medical Wearables are the handheld monitoring tools primarily used in monitoring and identification of disease. With the rise in prevalence of chronic diseases, patients are opting for home healthcare tools as an efficient and cost effective of treatment, instead of hospital services. In the present scenario, medical wearables are gaining immense traction, due to enhanced technologies that are being pioneered consistently by the manufacturers. Due to these advancements of medical wearable technology and growing demand from patients to monitor their own health has influence the growth of wearable medical device industry to develop more wearable devices, such as smartwatches, fitbits, and wearable monitors. Further, increasing occurrence of chronic diseases, such as cardiovascular, cancer, etc., increasing usage of smartphone in health monitoring, and increasing awareness for health & fitness among people are the few factors responsible for high CAGR of the market during the forecast period.
According to the American Heart Association, the occurred of death due to cardiovascular diseases was about 17.6 million in 2016, and a number is expected to grow to over 23.6 million by 2030. Also, as per the Center for Disease Control and Prevention (CDC), about 610,000 die due to heart diseases in the United States every year. This, in turn, is projected to accelerate the adoption of medical wearables around the world. The outbreak of COVID-19 crisis has led to rise in demand for medical wearables, as these devices are helps in screening and monitoring of novel coronavirus infections. Therefore, this factor can create lucrative opportunities for medical wearable market in the forthcoming years. However, inaccuracy in analysis of wearable generated data and unfavorable reimbursement issues impedes the growth of the market over the forecast period of 2020-2027.
The regional analysis of global Medical Wearables market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising incidences of cardiovascular disorders, diabetes, and cancer, coupled with the early adoption of wearable medical technology in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising government initiatives for medical wearables, increasing aging population, and growing healthcare expenditure by people would create lucrative growth prospects for the Medical Wearables market across Asia-Pacific region.
Major market player included in this report are:
Koninklijke Philips N.V.
Omron Healthcare Co., Ltd.
iRhythm Technologies, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Device Type:
Vital Sign Monitoring Devices
Glucose Monitoring Devices & Insulin Pumps
Fetal Monitoring & Obstetric Devices
Sleep Monitoring Devices
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Activity Monitors & Wristbands
Ambulatory Care Centers
Long-Term Care Centers, Assisted-Living Facilities, and Nursing Homes
Home Care Settings
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Medical Wearables Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
About Kenneth Research
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