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The Global Wearable Medical Devices Market is likely to expand considerably in the coming years due to the incorporation of technologies such as the internet of things (IoT) and artificial intelligence (AI). According to a report published by Fortune Business Insights, titled “Wearable Medical Devices: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 24,571.8 Mn in 2018. Fortune Business Insights states that the market will reach US$ 139,353.6 Mn by 2026, exhibiting a CAGR of 24.7%.
Recent technological advancements in wearable medical devices, aimed at improving operational efficacies have fuelled their demand worldwide. The increasing investment in the development of wearable devices, backed by inclusion of concepts such as the Internet of Things (IoT) has opened the doors for growth of the global market.
Additionally, the demand for minimally invasive devices has created the platform for a rapid rise in the wearable medical devices market value. Due to the high demand, companies are engaged in research and development of new concepts in order to establish a strong market presence.
The report highlights some of the business strategies of recent times and discusses how these activities have impacted the global wearable devices market. Additionally, the report forecast wearable medical devices market values for the period of 2019-2026.
Growing Patient Pool Will Offer Lucrative Growth Opportunities
The rising prevalence of chronic diseases across the world is propelling the growth of the global wearable medical devices market. According to a study by the United Nations, by 2050, 1 in every 6 people will be over the age of 65. Similarly, 1 in 4 people will be over the age of 65 in North America and Europe at the same time. The increasing percentage of the ageing population around the world will create the potential for a substantial rise in the global wearable medical devices market value in the coming years.
The growing ageing population, combined with the high patient pool will lead to a rising adoption of wearable medical devices such as monitoring and tracking devices. Fortune Business Insights states that the aforementioned factors will drastically impact the growth of the global wearable medical devices market in a positive manner.
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Favorable Health Reimbursement Policies to Favor Growth of the Market in North America
The paradigm shift in the adoption of remote interaction from conventional healthcare services has emerged in favor of market growth in recent years. In addition to this, the favorable health reimbursement policies have influenced the demand for wearable medical monitoring devices in recent years in a positive way.
The wearable medical devices market is likely to witness a comparatively high CAGR in the coming years, which will be contrasting to the recent stagnancy in growth. Additionally, the growing emphasis on reduction in hospital stays will favor the growth of the medical devices market in the Asia Pacific.
Fortune Business Insights profiles some of the prominent companies that are operating in the global medical wearable devices market. A few of the leading companies include Fitbit, Inc., Apple Inc., BD, Ypsomed AG, Sonova, Hologic Inc., AiQ Smart Clothing, NeuroMetrix, Inc., Siemens Healthcare GmbH, and SAMSUNG.
The global wearable medical devices market is segmented based on:
By Distribution Channel