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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.
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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.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD billion)
By Distribution Channel