Wearable Medical Devices Market Forecast Report 2025 - Impact of COVID-19 Pandemic on Business and Future Opportunity
Category: #healthcare  By Ronak Bora  Date: 2021-03-26
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Wearable Medical Devices Market Forecast Report 2025 - Impact of COVID-19 Pandemic on Business and Future Opportunity

Global wearable medical devices market growth will be augmented by growing awareness about physical fitness and rising demand for fitness tracking and monitoring devices. Increased consumer incomes and increasing cases of chronic diseases will lead to the rapid adoption of smart wearables.

As per WHO, the ratio of diabetes among adults aged over 18 years rose to 8.5% in 2014 from 4.7% in 1980. The growing prevalence of diabetes is predominantly attributed to an unhealthy diet and sedentary lifestyle. However, it can be treated, and its consequences could be avoided with proper diet, medication, physical activity, and regular screening. In addition to diabetes, the rising incidence other chronic diseases that require regular screening will augment the technology adoption.

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Wearable monitoring devices have been segmented into cardiac health, obesity control, diabetes care, fitness monitoring, sleep tracking and other subdivisions. Fitness monitoring devices are easy to use, thus increasing their adoption among people cautious about fitness. Reports forecast that fitness monitoring application will register a CAGR more than 40% over 2019-2025 and also expand wearable medical devices market size.

Wearable medical technology application in-home healthcare settings is estimated to experience a 40% CAGR through 2025. Ongoing advancements in wearable technology and increasing preference for personalized in-home healthcare services will foster the technology development. These devices provide greater convenience to patients and reduce the number of regular visits to healthcare centers.

India wearable medical devices market share is forecasted to expand at 46.7% CAGR in the forthcoming years. The regional market trends can be attributed to the high adoption rate of new technology, the advent of latest healthcare gadgets, and innovative advertisement and promotional campaigns by firms in the region. Also, growing awareness about physical fitness and rising incidences of chronic diseases will lead to widespread adoption of fitness trackers and other smart wearables.

Few of the major wearable medical devices market players operational in the industry include Omron Corporation, Koninklijke Phillips N.V., Fitbit, and Sotera Wireless. These firms are engaged in implementation of several strategies, such as strategic collaboration, partnerships, merger and acquisition, to reinforce their foothold in wearable medical devices market. Key business players are concentrating on untapped incipient markets to increase competitive edge and seize significant wearable medical devices industry share.

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Partial Chapter of the Table of Content

Chapter 5. Wearable Medical Devices Market, By Application

5.1. Key segment trends

5.2. Cardiac health

5.2.1. Market size, by region, 2014 – 2025 (USD Million)

5.3. Obesity control

5.3.1. Market size, by region, 2014 – 2025 (USD Million)

5.4. Diabetes care

5.4.1. Market size, by region, 2014 – 2025 (USD Million)

5.5. Fitness monitoring

5.5.1. Market size, by region, 2014 – 2025 (USD Million)

5.6. Sleep tracking

5.6.1. Market size, by region, 2014 – 2025 (USD Million)

5.7. Others

5.7.1. Market size, by region, 2014 – 2025 (USD Million)

Chapter 6. Wearable Medical Devices Market, By End-use

6.1. Key segment trends

6.2. Home healthcare

6.2.1. Market size, by region, 2014 – 2025 (USD Million)

6.3. Remote patient monitoring

6.3.1. Market size, by region, 2014 – 2025 (USD Million)

6.4. Fitness and sports

6.4.1. Market size, by region, 2014 – 2025 (USD Million)

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About Author

Ronak Bora    

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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