Wearable Medical Devices Market Dynamics, Sales Revenue, Demand Analysis 2022-2029 | DataM Intelligence
Wearable Medical Devices Market Overview:
Wearable Medical Devices Market is projected to grow at a CAGR of 8.4% during the forecast period 2022-2029. Wearable medical devices are independent gadgets equipped for diagnosing or checking ailments, joined with computerized wellbeing data, regularly worn over the body. These gadgets have highlights, for example, painless physiological sensors, information handling modules, clinical input, and remote information transmission capacities.
The worldwide wearable medical devices market development is driven by the various highlights, advancements in innovation, and wide utilization of wearable gadgets in far-off medical care settings and home settings will expand its reception soon. The commonness of a few persistent illnesses, for example, diabetes and cardiovascular circumstances have driven interest in wearable medical devices. With the rising frequency of such illnesses, the reception of consistent checking gadgets has likewise expanded. Also, innovative advancements working with portability and availability for clients have invigorated item deals throughout the course of recent years. This has offered imaginative answers for the medical services industry for patients and infection the board.
The wearable medical devices market is becoming quicker because of the rising mechanical developments and headways, as they can work on the way of life of everyone and the patient populace. Wearable innovations proffer a helpful method of observing physiological side effects, including a large number of clinical arrangements. These gadgets are simple for buyer use as well as proposition continuous information for doctors to investigate. From the Apple Watch’s EKG capacities to new nonstop glucose observing frameworks, wearable clinical innovations have a wide scope of expected applications in the medical care industry.
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COVID-19 Impact on the Industry:
Wearable devices play an important role in predicting certain disorders by integrating essential vital signs with clinical symptomology. The use of wearable devices in a bid to combat COVID-19 has therefore been ramped up. Research has recently expanded on whether the extensive data those wearable devices collect can predict the onset of the virus or not.
Market Segmentation:
By Device Type:
- Diagnostic Devices
- Therapeutic Devices
By End-user:
- Hospitals
- Clinics
- Home Healthcare
- Sports and Fitness
- and Others
By Product Type:
- Watch
- Headband
- Wristband
- Ear Wear and Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Regional Insights:
North America dominated the overall wearable medical devices market, with the United States emerging as the major contributor to the market. The United States holds the largest share in the wearable medical devices market owing to the high prevalence of cardiovascular and lifestyle-related diseases and rising adoption of wearable medical technology, along with high per capita medical expenditure. Combined with the rising incidence of diseases in the region, the market for wearable medical devices is expected to grow moderately over the forecast period.
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Competitive Landscape and Major Companies Leading the Global Market:
The global wearable medical devices market is highly competitive with the presence of global companies. Some of the key players which are contributing to the growth of the market include Apple Inc.; Fitbit Inc.; Philips Electronics; Vital Connect; Garmin Ltd.; Fossil Group; Google Inc; Covidien; Omron Corp and Proteus. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market globally.
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