Change is always constant across the medical and healthcare sector. The technological advancements in the healthcare sector have improved considerably over the years and are creating ripples. One of the greatest inventions in the healthcare sector is wearable medical devices. Self-health monitoring has become a crucial aspect in these tumultuous times of COVID-19. Hence, based on these aspects, the wearable medical devices market will observe a profitable growth trajectory across the assessment period of 2018-2026.
Wearable medical devices are electronic devices that are worn by the consumers like a smartwatch. These wearables enable remote monitoring of vital health symptoms and health statistics. These devices keep the providers and healthcare professionals connected through providing data. Similar benefits associated with wearable medical devices will have a large impact on the growth of the wearable medical devices market.
With better predictions on disease management, risk management, and adherence to a healthier lifestyle, wearable medical devices not only ease the strain on the public health system but also provide expansive convenience and comfort to a large number of individuals. All these factors bode well for the growth of the wearable medical devices market.
Transparency Market Research’s (TMR’s) research report on wearable medical devices market has every component that will assist the stakeholder in understanding the current scenario. The overall marketsurvey of wearable medical devicesby TMR suggests a good growth period.
According to the TMR experts, the market for wearable medical devices is prognosticated to expand at a healthy CAGR of 17.7 percent during the assessment period of 2018-2026. In the context of valuation, the wearable medical devices market will reach a valuation of US$ 29.6 bn by 2026, the end year of the forecast period and were valued at US$ 6.8 bn in 2017.
Public Health Response to COVID-19 Pandemic Boosts Adoption of Wearable Medical Devices
The advent of the COVID-19 pandemic has changed the growth projections of the wearable medical devices market. The mutating nature of the virus and the increasing transmission rates have led to a great strain on the healthcare facilities. The visits to a clinician or physician have also become risky due to the vulnerability to the virus.
In these tough times, wearable medical devices are proving to be a boon for the wearable medical devices market. The increasing awareness about the importance of wearable medical devices to prevent COVID-19 will prove to be a growth accelerator. These devices collect health data from the user and it can be shared seamlessly with health practitioners to help them analyze and provide proper medication. These factors will bring immense growth prospects for the wearable medical devices market.
Increase in Sports and Fitness Activities to Drive the Sales of Wearable Medical Devices
Sports and fitness activities have gained expansive prominence among a large chunk of the global populace during the COVID-19 pandemic. COVID-19 outbreak has prompted many individuals to increase their immunity levels. This can be achieved through regular fitness. For maintaining fitness, measuring the heart rate and other important aspects is necessary. Based on these factors, the players are focusing on developing wearable medical devices for sports and fitness.
A classic example of such wearable medical device is the MOOV HR Sweat Band. It is a sweatband integrated with wearable technology. It helps in measuring the pulse rate of an individual while s/he exercises. Such developments will sketch a goodgrowth structure for the wearable medical devices market and will increase the revenues extensively.
Top key players in the wearable medical devices market are Huawei Technologies Co., Ltd.,Fitbit, Inc.,Xiaomi Technology Co., Ltd,Polar Electro, and Activinsights Ltd.
The global wearable medical devices market is segmented on the basis of:
- Diagnostic and Monitoring Devices
- Vital Signs Monitoring Devices
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Fetal Monitoring and Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Insulin Pumps
- Respiratory Therapy Devices
- Product Type
- Smart Watches
- Activity Monitors
- Smart Clothing
- Sports and Fitness
- Home Healthcare
- Remote Patient Monitoring
- Distribution Channel
- Online Channels
- Diagnostic and Monitoring Devices
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