Wearable Medical Devices Market Size Share Trends Forecast 2027
Wearable Medical Devices Market Report Analyses competitive environment such as key players, future trends, growths, challenges and acquisitions in the market.
Wearable medical devices consist of sensors attached to the body, which help detect and monitor changes in different parts and organs of the body. Surging awareness, health facilities, and innovations in technology and devices, are some of the integral factors propelling the global wearable medical devices market growth. Smart watches, wristbands, and smartphones are some of the most popular wearable medical devices used worldwide. The high demand for these wearable gadgets is triggered by their user-friendly approach, and moreover, these devices are said to significantly reduce hospital-based expenditure as well.
Wearable Medical Devices Market Taxonomy
On the basis of device type, the global wearable medical devices market is segmented into:
Based on the type of use, the global wearable medical devices market is segmented into:
In terms of application, the global wearable medical devices market is segmented into:
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Technological innovations and increased health awareness to propel global market growth
Rapid advancements in technology, introduction of new products, growing health concerns, sedentary lifestyles, and rising awareness about health and fitness accelerate the development of the global wearable medical devices market. According to the United Nations Department of Economic and Social Affairs, the global geriatric population is expected to increase by around 56%, which is from 901 million to 1.4 billion over the period of 2015-2030. The major companies concentrate on the development of user-friendly wearable medical devices, with a plethora of features, such as Bluetooth, wireless connectivity, and a long battery life.
Developed regions across the globe are major growth engines for the global wearable medical devices market
North America leads the global wearable medical devices market. Furthermore, the Asia Pacific market is likely to witness rampant growth over the forecast period, owing to technological advancements, and expanding geriatric population, especially in the emerging countries of the region, such as India, China, and Japan.
Some of the major players operating in the global wearable medical devices market include Life Watch AG, Google Inc., Apple, Medtronic Plc., Omron Corporation, Philips Healthcare, and Polar Electro. These players are currently focused on product innovation and improvement.
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