-Rising adoption of IoT and innovative product launches expand the scope of investment in the wearable medical devices marker, North America held a promising share in 2017
-Market to reach USD 29.6 Billion by 2026, electronic product manufacturers entering into partnerships with medical sector will help increase the popularity of wearable devices
ALBANY, N.Y, Dec. 30, 2020 /PRNewswire/ -- The major advancements in research and development and adoption of major innovations in the medical sector stand as a key trend in the global wearable medical devices market. The collaboration between medical sector and electronics industry is considered a major factor contributing to the growth of the market in the coming years.
The wide adoption of the Internet of Things (IoT) in other industrial aspects is expected to help the market gain significant momentum in the coming years. The wide adoption of smart watches, and other smart health devices is likely to bode well for the market.
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The value of the global wearable medical devices market is likely to rise from USD 6.8 Billion earned in 2017 and is likely to witness a significant CAGR of 17.7% to reach an estimated USD 29.6 Billion by the end of 2026.
The rapid rise in patient awareness and increasing expenditure of various national governments and private organizations will help aid major health issues of the patient pool especially in the developing nations. This is serving as a major growth potential for the market for wearable medical devices.
Explore 178 pages of top-notch research, incisive insights, and detailed demograohic-wise projections on Wearable Medical Devices Market (Device - Diagnostic and Monitoring Devices (Vital Signs Monitoring Devices, Glucose Monitoring Devices, Sleep Monitoring Devices, Fetal Monitoring and Obstetric Devices, Neuromonitoring Devices), Therapeutic Devices (Pain Management Devices, Rehabilitation Devices, Insulin Pumps, Respiratory Therapy Devices); Product Type - Smart Watches, Activity Monitors, Patches, Smart Clothing; Application - Sports and Fitness, Home Healthcare, Remote Patient Monitoring; Distribution Channel - Online Channels, Pharmacies, Hypermarkets) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026 at https://www.transparencymarketresearch.com/report-toc/1733
Key Findings of the Wearable Medical Devices Market Report
- Based on various device types, the monitoring and diagnostic device segment earned the largest share in 2017
- The activity monitors section will generate lucrative growth opportunities for the market in the forecast duration
- Regionwise, North America is a prominent market, attributable to the presence of a well-aware patient pool and well established medical infrastructure.
- Presence of major brands in the electronic sector intensify the market competition
- The key emphasis of players of market players is on product innovation and launches.
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Wearable Medical Devices Market: Key Driving Factors and Promising Avenues
- The market is expected to gain immensely from the rising inclination of worldwide population towards health and fitness during the aforementioned forecast period.
- Rising patient pool and increasing disposable incomes of people will also help the market witness an unprecedented growth in the years to come.
- Increasing adoption of connected wearable with additional features will help major brands establish their footprint on the market competition. The intense competition between players and launch of innovative products will further augment the growth of the market during the forecast period.
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Wearable Medical Devices Market: Regional Landscape
North America is holding promising share in the global wearable medical devices market on account of the presence of a well-established healthcare and medical infrastructure. In addition to this, a major contribution of the governments in the region toward the support of healthcare facilities in terms of reimbursement policies and medical insurances are further expected to help this region continue to hold the lion's share. Besides this, Asia Pacific is likely to offer lucrative growth opportunities to the market in the coming years on account of the increasing investment on healthcare facilities in the developing nations such as India, China, Japan, and others.
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