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Wearable Medical Devices Market to Exhibit Astonishing 26.4% CAGR by 2027; Apple Introduces Revolutionary Apple Watch Series 6 with Significant Wellness Capabilities

December 21, 2020 | Healthcare

The global wearable medical devices market size is expected to experience significant growth by reaching USD 195.57 billion by 2027. This growth is attributable to the growing preference for smart health solutions that is driving the demand for advanced wearable devices across the globe. This information is published by Fortune Business Insights in its latest report, titled, “Wearable Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Product (Diagnostic & Patient Monitoring Wearable Medical devices, and Therapeutic Wearable Medical Devices); By Application (Remote Patient Monitoring & Home Healthcare, and Sports & Fitness); By Distribution Channel (Retail Pharmacies, Online Distribution and Hypermarkets & Others), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 29.76 billion in 2019 and is projected to exhibit a CAGR of 26.4% between 2020 and 2027.


Apple Series 6 Watch to Deliver Striking Fitness and Wellness Capabilities


In September 2020, Apple, one of the leading mobile manufacturers, announced the launch of Apple Watch Series 6. The company reports that the new series of the watch is equipped with a revolutionary blood oxygen that offers the user accurate details of his overall wellness. In addition to this, it offers several beneficial features such as sleep tracking, new workout guide, Family setup, and others that encourage the consumers to stay connected and manage their health in better ways.


Jeff Williams, Apple’s Chief Operating Officer, said, “With an array of powerful new features such as the Blood Oxygen sensor, Apple Watch is definitely to be the indispensable part of the consumer by providing accurate insights for his overall well-being.” The company expected to leverage the opportunities provided by the increasing demand for these devices across the globe.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/wearable-medical-devices-market-101070


Increasing Demand for Advanced Health Mobility Solutions to Favor Growth


The growing awareness regarding one’s overall well-being and the emergence of advanced technologies has propelled the demand for advanced health mobility solutions such as wearable type of medical devices. The high disposable income of the people and their high spending capacity has led to the demand for wearable smartphones to track and monitor their overall health. According to studies, it is anticipated that about 30 million wearable devices capable of tracking and monitoring are expected to be shipped to several health organizations and patients globally by the end of 2020.


Major Players Focus on Product Innovation to Intensify Industry Competition


The global market is fragmented by the presence of prominent players that are focusing on strengthening their positions by introducing innovative wearable type of medical devices to cater to the growing consumer demand. Furthermore, the adoption of strategies such as merger and acquisition, partnership, and facility expansion by other key players is likely to contribute to the growth of the market in the forthcoming years.


Industry Development:



  • April 2020 -  Fitbit Inc., introduced the Fitbit charge4, an activity tracker wearable medical device. According to the company, the tracker consists of advanced features such as exercise tracking, sleep tracking, and all-day heart rate monitoring, among others.


List of the Companies Profiled in the Global Market:



  • BD (New Jersey, United States)

  • Ypsomed (Burgdorf, Switzerland)

  • Fitbit, Inc. (San Francisco, United States)

  • Apple Inc. (Cupertino, United States)

  • Sonova (Stäfa, Switzerland)

  • NeuroMetrix, Inc. (Waltham, United States)

  • SAMSUNG (Suwon-si, South Korea)

  • Omron Healthcare, Inc. (Kyoto, Japan)

  • AiQ Smart Clothing (Taipei, Taiwan)

  • Koninklijke Philips N.V. (Amsterdam, Netherlands)

  • Other Prominent Player


Further Report Findings:



  • North America stood at USD 11.65 billion in 2019. The region is expected to remain dominant and hold the highest position in the global market in the forthcoming years. This dominance is attributable to the presence of favorable health reimbursement policies and the high spending capacity of the people in the region.

  • Europe, on the other hand, is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as the presence of a large pool of geriatric population suffering from chronic disorders that is propelling the adoption of advanced wearable type of medical devices in the region between 2020 and 2027.

  • The diagnostic & patient monitoring segment, based on product, is likely to gain momentum owing to the high disposable income among the young population that prefer innovative wearable devices to track and monitor their overall health well-being.


Table of Segmentation:












































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



By Product



  • Diagnostic & Patient Monitoring Wearable Medical Devices

    • Activity Monitors/ Trackers

    • Smart watches

    • Smart-clothing

    • Others



  • Therapeutic Wearable Medical Devices

    • Wearable Defibrillators

    • Drug Delivery Devices (Injectors, Patches)

    • Pain Management Devices (TENS, EMS)

    • Hearing Aids

    • Others





By Application



  • Remote Patient Monitoring & Home Healthcare

  • Sports and Fitness



By Distribution Channel



  • Retail Pharmacies

  • Online Distribution

  • Hypermarkets



 



By Geography



  • North America (the U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)

  • Rest of the World


Wearable Medical Devices Market
  • PDF
  • 2019
  • 2016-2018
  • 133

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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