DUBLIN--(BUSINESS WIRE)--The "Global Wearable Medical Devices Market Outlook and Projections, 2019-2027" report has been added to ResearchAndMarkets.com's offering.
With ongoing IoT transformations and growing preference for real time monitoring, the market is estimated to grow at a compound annual growth rate (CAGR) of 25.78% over the forecast period of 2020-2027 and is projected to touch USD 60,406.14 Million in revenue by 2027.
Be it smart cities, connected cars, smart farming, connected health or smart wearables among other connected applications, IoT promises cutting-edge solutions that are not just easy to use but are also reliable in urgent situations. Smart wearables or wearable gadgets that consist of sensors to track activities in real-time are a perfect fusion of nanotechnology and wearable electronics that offer wide range of applications in various sectors. One such sector that is significantly driven by these technological advancements is healthcare.
For health tracking, both at personal as well as medical level, the wearable medical devices in healthcare help the patients and caregivers to continuously monitor the health status. The devices offer a convenient way to analyze physiological parameters of an individual and help the clinicians to monitor and diagnose by providing important information pertaining to various diseases. According to our study, the global wearable medical devices market garnered a soaring revenue of USD 8,292.60 million in the year 2018.
Our report on the global wearable medical devices market is segmented into device, connectivity, product, application and distribution channel. Among these segments, the application segment is further segmented into home healthcare, remote patient monitoring, and sports & fitness, out of which, the home healthcare segment is anticipated to be a leading revenue generating segment that is estimated to bring in USD 24,061.36 Million in the year 2027. This growth is closely trailed by the sports & fitness segment that is estimated to grow with highest CAGR, i.e., 26.77% during the forecast period. There are various fitness devices that help runners to run faster, longer, and safer. For instance, ARION helps people via cutting edge training techniques by providing them real-time feedback, helping them to achieve personal goals while avoiding their risk of getting injuries.
In the device segment comprising wristband, earwear, clothing, patch (single-use and reusable) and others, the wristband segment is the highest growing segment that is estimated to attain revenue of USD 36,479.23 Million in 2027 owing to the diverse range of features (anomaly detection, medical prediction and diagnosis) provided by wristbands that make them a popular choice among consumers. The wristbands are generally used for monitoring physiologic parameters such as, heart rate, blood pressure, and respiratory rate among other parameters. The other segments with detailed sub-segments include connectivity [wired and wireless], product [therapeutic device (insulin, pain management and respiratory therapy) and diagnostic & monitoring device (vital sign monitoring, sleep monitoring, neuromonitoring and fetal monitoring & obstetric device)], and distribution channel [online and offline].
The ever-evolving facets of IoT in the healthcare sector is one of the major growth indicators that hold great potential in improving the lifestyle of the patients. The healthcare industry is estimated to witness notable transformation as majority of the healthcare providers are projected to undergo IoT deployment (in any form) in upcoming years. Additionally, increasing prevalence of chronic disorders, growing utilization of mobile phones and rise in consumer awareness towards their health improvement and leading a healthy lifestyle, is anticipated to raise the interest of consumers towards medical wearables, which is further estimated to increase the adoption of these devices in years to come.
Key Topics Covered:
1.1. Market Definition
1.2. Product Overview
1.3. Market Segmentation
2. Assumptions and Abbreviations
3. Research Methodology
4. Executive Summary - Global Wearable Medical Devices Market
5. Manufacturing Standards & Compliances
6. Industry Analysis
6.1. Porter's Five Forces Model
7. Consumer Behavior Analysis
8. Market Dynamics
9. Wearable Medical Devices Market - Risk Analysis
9.1. Demand Risk Analysis
9.2. Supply Risk Analysis
10. Global Wearable Medical Devices Market Outlook
10.1. Market Size and Forecast, 2018-2027F
10.1.1. By Value (USD Million)
10.2. Market Share and Forecast, 2018-2027F
10.2.1. By Product
10.2.2. By Device
10.2.3. By Application
10.2.4. By Distribution Channel
10.2.5. By Region
11. North America Wearable Medical Devices Market Outlook
11.1. Macro-Economic Indicators impacting the North America Wearable Medical Devices Market
11.2. Market Size and Forecast, 2018-2027F
11.2.1. By Value (USD Million)
11.3. Market Share and Forecast, 2018-2027F
11.3.1. By Product
11.3.2. By Device
11.3.3. By Application
11.3.4. By Distribution Channel
11.3.5. By Country
12. Europe Wearable Medical Devices Market Outlook
12.1. Macro-Economic Indicators impacting the Europe Wearable Medical Devices Market
12.2. Market Size and Forecast, 2018-2027F
12.2.1. By Value (USD Million)
12.3. Market Share and Forecast, 2018-2027F
12.3.1. By Product
12.3.2. By Device
12.3.3. By Application
12.3.4. By Distribution Channel
12.3.5. By Country
13. Asia Pacific Wearable Medical Devices Market Outlook
13.1. Macro-Economic Indicators impacting the Asia Pacific Wearable Medical Devices Market
13.2. Market Size and Forecast, 2018-2027F
13.2.1. By Value (USD Million)
13.3. Market Share and Forecast, 2018-2027F
13.3.1. By Product
13.3.2. By Device
13.3.3. By Application
13.3.4. By Distribution Channel
13.3.5. By Country
14. Latin America Wearable Medical Devices Market Outlook
14.1. Macro-Economic Indicators impacting the Latin America Wearable Medical Devices Market
14.2. Market Size and Forecast, 2018-2027F
14.2.1. By Value (USD Million)
14.3. Market Share and Forecast, 2018-2027F
14.3.1. By Product
14.3.2. By Device
14.3.3. By Application
14.3.4. By Distribution Channel
14.3.5. By Country
15. Middle East and Africa Wearable Medical Devices Market Outlook
15.1. Macro-Economic Indicators impacting the Middle East and Africa Wearable Medical Devices Market
15.2. Market Size and Forecast, 2018-2027F
15.2.1. By Value (USD Million)
15.3. Market Share and Forecast, 2018-2027F
15.3.1. By Product
15.3.2. By Device
15.3.3. By Application
15.3.4. By Distribution Channel
15.3.5. By Country
16. Company Profiles
16.1. Fitbit, Inc.
16.2. Omron Healthcare, Inc
16.3. Apple, Inc.
16.4. Garmin Ltd.
16.5. Koninklijke Philips N.V.
16.7. Motorola Mobility LLC.
16.8. BioTelemetry, Inc.
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