Wearable Medical Devices  Market Size, Future Business Trends, Upcoming Demand, Innovations and Regional Outlook and Forecast 2022-2031

Kenneth Research has recently added a report titled Wearable Medical Devices Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.

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 Wearable Medical Devices Market products.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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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.

Wearable medical devices are the devices that are attached, worn or handheld devices which monitor and analyze metabolic changes that happen in the body as well as record data. Such devices have always been portable, user-friendly as well as non-invasive devices. Wearable medical devices are used to monitor blood sugar levels, blood pressure levels, heart rate, sleep patterns, sleep apnea disease, skin temperature, etc., creating results in very short time. The increase in the number of patients with chronic medical conditions as well as the increase in geriatric population are key factors propelling the growth of remote patient monitoring (RPM) services worldwide. For example, the number of deaths due to neurological disorders has risen over the last three decades, from 6.5 million in 1990 to 9 million in 2016, as per Feigin V.L. Published in the Journal of Neuroepidemiology 2019. The whole increasing prevalence is expected to significantly boost the demand for remote patient surveillance devices. In addition, due to sedentary lifestyles, the incidence and prevalence of lifestyle-related disorders, like diabetes and hypertension, is forecasted to increase during the forecast period, which can be opportunity factors. Reluctance to shift from conventional devices to wearable devices, lack of awareness of the general population, issues related to devices like accuracy, memory problems, etc., can, however, restrain market growth.

The regional analysis of global Wearable Medical Devices 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 segment due to the increasing prevalence of cardiovascular disorders, diabetes and cancer in the region. In addition, the increase in chronic diseases that require routine monitoring as well as the presence of sophisticated healthcare infrastructure is probable to further boost market growth during the forecast period. Asia Pacific is expected to see exponential growth during the forecast period. Major factors that boost market growth were also favorable government initiatives for the use of such medical devices, an increase in the geriatric population base and an increase in healthcare expenditure in the region.

Major market player included in this report are:
Apple Inc
Fitbit, Inc
OMRON Corporation
Garmin Ltd.
Kokinkliji Philips N.V.
Medtronic plc
GE Healthcare
Biotelemetry Inc.
Dexcom Inc.
Abbott Laboratories

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.

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The detailed segments and sub-segment of the market are explained below:
By Type
Activity Monitors
Smart Clothing

by Distribution Channel
Online Channel
by Device Type
Diagnostics & Monitoring Devices
Therapeutic Devices
by Application
Sports & Fitness
Remote Patient Monitoring
Home Healthcare

By Region:
North America

Asia Pacific
South Korea
Latin America
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 Urgent Care Center Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

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About Kenneth Research

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defence, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.

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