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Global Medical Wearable Devices Market Insight January 27, 2022 Comments

The medical wearable devices is forecast to crazy increase over the next four years. According to the World Knowledge Information (WKI) “Global Medical Wearable Devices Professional Survey Report 2021, Forecast to 2026”. After the recover from COVID-19, the compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 32.15% base on WKI regression analysis model.
Analysts’ Viewpoint
With the COVID-19 outbreak and the pandemic escalating globally, there has been a considerable shortage of essential medical devices as well as supplies. The novel coronavirus is taking up most of the healthcare’s attention and the rising SARS-CoV-2 cases, as well as the consequent lockdown, are proving to be a huge challenge.
The traditional “patient-doctor” model is currently undergoing significant changes under the influence of medical wearables. Sensors and devices automate many processes, speed up the diagnosis and treatment, and allow people to monitor their own health. Wearable devices connected to the Internet of Things are disrupting medical practice at a healthy rate, creating a new era of digital medicine.
As technology advances more and more of these types of devices will be available to the sick and aging public. Commercially available health wearables can also help users be aware of their health and encouraging an active lifestyle that could prevent certain ailments and diseases. Wearable health technology will just continue to develop and become more prevalent in the years to come.
The big data generated by wearable devices is both a challenge and opportunity for researchers who can apply more artificial intelligence (AI) techniques on these data in the future. Most wearable technologies are still in their prototype stages. Issues such as user acceptance, security, ethics and big data concerns in wearable technology still need to be addressed to enhance the usability and functions of these devices for practical use.
Market insight:
During the historic period, the rise in mortality rate due to non-communicable diseases with an increasing prevalence of chronic diseases and life-style associated diseases like hypertension and diabetes contributed to the growth of wearable medical devices. Healthcare industry is coming up with newer technologies to overcome this with necessary measures like continuous and remote patient monitoring facilities through wearables which can be worn over the body all-day long for continuous monitoring of the required parameters like vital signs, glucose levels and more. In 2016, of the overall 56.9 million global deaths, 70% (40.5 million) were due to non-communicable diseases of which 80% were due to cardiac diseases, chronic lung diseases, diabetes and cancer. In 2019, a report published by Diabetics Research and Clinical Practice stated that the global diabetics population is estimated to be 463 million in 2019 which is 9.3% of global population and is expected to reach 578 million by 2030 and 700 million by 2045. The rise in number of chronic diseases coupled with growing awareness among the people is pushing them towards continuous monitoring which boosted the market growth.
Competition Landscape:Key players in medical wearable devices include: Apple,Philips,Omron,Xiaomi Technology,Fitbit, GE Healthcare.
May 5, 2020, VitalConnect®, Inc., a leader in wearable biosensor technology, announced it was granted Emergency Use Authorization (EUA) status by the U.S. Food and Drug Administration (FDA) as part of the response to the COVID-19 pandemic. The FDA EUA will further enhance the capabilities of the VitalPatch and continuous patient monitoring technology, the Vista Solution. Under the FDA EUA, the VitalPatch is now authorized to detect changes in the QT interval of hospitalized patients undergoing drug treatment for COVID-19. Drugs such as Hydroxychloroquine and Chloroquine, being used to treat COVID-19, can cause prolongation of QT intervals for patients and may lead to life-threatening arrhythmias. VitalConnect QT interval detection capabilities help enable clinicians to remotely and continuously monitor patients in real-time who may have, or develop, an elongation of QT interval as a result of their COVID-19 treatment.
A timely illustration of this innovation and adaptation to current needs is the response of wearable medical device companies to the COVID-19 pandemic.
Segmentation of Medical Wearable Devices Market:According to the type, the market for medical wearable devices is divided into consumers and clinicals.
Due to the outbreak of COVID-19, the number of purchases of clinicals by medical institutions and governments has increased crazy.
Additional factors adding consumers growth include the rising awareness of health and fitness lifestyles, cost-containment in the healthcare delivery, penetration of 3G & 4G networks to offer uninterrupted healthcare services, increasing use of Smartphones, rise in healthcare apps that are smart-phone based, demand for home healthcare, and growing adoption of 5G and AI.
Medical Wearable Devices Market: Regional AnalysisIn terms of medical wearable devices, the global medical wearable devices market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa.
America is the highest revenue generating market for wearable medical devices, given the escalating cases of obesity and diabetes. The US and Canada are the top performing markets in the region, in line with the consistent growth in the Fitbit market share. World renowned manufacturers in the region are known for developing advanced wearable medical sensors, which enhances their appeal among the tech-savvy consumers. The high prevalence of cancer and cardiovascular disorders that require routine monitoring and the presence of highly developed healthcare industry also foster substantial market growth. According to the Center for Disease Control and Prevention, 6 in 10 adults suffer from chronic disease in the U.S. In addition, technological advancements leading to launch of superior products, growing pervasiveness of obesity and diabetes will escalate the demand for wearable medical devices across the U.S.
Asia Pacific is making progress at the fastest pace and has emerged as one of the most promising markets for wearable medical devices. The colossal population, huge growth opportunities in view of unmet medical needs and the rising occurrence of lifestyle diseases such as cardiac disorders are some of the top growth inducers in the Asia Pacific market. The fast improving manufacturing facilities across India and China are bolstering the medical devices business, which adds to the market strength. Supportive government initiatives promoting wearable medical devices such as smart watches and fitbits, expanding geriatric pool, and the surge in healthcare spending also propels the market demand in the region. However, the high cost of wearable devices and the lack of awareness about the availability of some wearable devices in developing and underdeveloped countries are some of the major challenges for the growth prospects of the market.
Cagr: 22.15
Largest share area:North America
Largest share country:America