Wilmington, Delaware, United States, Transparency Market Research Inc.: A wearable medical device refers to an equipment that is noninvasive, autonomous, and performs certain medical functions such as providing support or monitoring over a long period of time.
Wilmington, Delaware, United States, Transparency Market Research Inc.: A wearable medical device refers to an equipment that is noninvasive, autonomous, and performs certain medical functions such as providing support or monitoring over a long period of time. Trend toward use of wearable medical devices are rising, amongst both the healthcare professionals and consumers, which is predicted to widen the scope of application for the global wearable medical devices market in the years to come.
Wearables are adopted and utilized in an extensive range of end use applications. However, wearables find immense opportunity in the healthcare and are able to address the burden of chronic disease, aging population, and spiraling cost of healthcare services.
Consumers who opt for wearables remain aware of their health conditions and can know about their heart rate, level of glucose, and blood pressure through a smartphone app. Such utilities of these devices are likely to drive the growth of the global wearable medical devices market in the near future.
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These Devices to Observe Growth in the Rising Urge to Lead a Fit and Healthy Life
Wearable medical devices come with multiple benefits, some of which are
- Benefits of employers and healthcare providers
- Encourages proactive healthcare
- Performs many functions
- Keeps patients engaged
- Monitors vulnerable patients
The rapid growth of various industries such as remote patient monitoring devices and home healthcare are predicted to influence the global wearable medical devices market positively over the period of assessment. In addition to that, a growing focus of consumers on health and fitness has led to efforts toward leading a healthy lifestyle are anticipated to fuel growth of the market in the years to come.
There has been a rise in the healthcare-related data and associated complexities in data processing and extraction in the last few years. Research has been done to come up with a feasible solution that would incorporate artificial intelligence in wearable medical devices. Such technological innovations are predicted to drive the demand for wearable medical devices.
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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.
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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.
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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.
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