According to a new market research report published by Global Insight Services “Wearable Medical Devices Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Wearable medical devices are devices that are worn on the body and used to monitor or deliver therapy. They are often used to track vital signs or to deliver medications. Some common examples of wearable medical devices include heart rate monitors, blood pressure cuffs, and insulin pumps.
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Key Players
The global wearable medical devices market includes players such as Philips Electronics, Fitbit, Basis Science, Garmin, Covidien, Omron Corp, Withings, Vital Connect, Polar Electro, Verist Genomics, and others.
Key Trends
There are several key trends in wearable medical device technology.
One is the development of more sophisticated sensors. These sensors are able to collect a variety of data, including biometric data, which can be used to monitor a patient’s health.
Another trend is the development of more sophisticated algorithms. These algorithms can be used to process the data collected by the sensors and to provide information that can be used to improve a patient’s health.
Key Drivers
The key drivers of the market are the increasing prevalence of chronic diseases, the growing aging population, and the increasing adoption of fitness and wellness devices.
The rising prevalence of chronic diseases is one of the key drivers of the wearable medical devices market. According to the World Health Organization, the prevalence of chronic diseases is on the rise globally. In 2016, around 40% of the world’s population was affected by at least one chronic disease.
The growing aging population is another key driver of the wearable medical devices market. The aging population is more susceptible to chronic diseases.
The increasing adoption of fitness and wellness devices is another key driver of the wearable medical devices market. This is expected to increase the demand for wearable medical devices as these devices help in tracking fitness and wellness parameters.
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Market Segments
The wearable medical devices market is segmented by product, distribution channel, application, and end-use. By product, the market is classified into trackers, smart watches, smart clothing, and others. On the basis of distribution channels, it is bifurcated into pharmacies, online channels, and hypermarkets. Based on application, it is divided into general health, home healthcare, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Reasons to buy Wearable Medical Devices Market Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Key Questions answered in the report:
- How is the market structured and what the key drivers and trends of this industry?
- How is the market segmented and what is the size of each segment?
- Which segments and geographies provide best growth opportunities?
- What’s the competitive landscape and positioning of players in this market?
- What is the impact of latest events such as Covid-19 and Russia-Ukraine conflict on the market?
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