The Business Research Company’s Wearable Medical Devices Global Market Report 2021 – COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, September 25, 2021 /EINPresswire.com/ — During the historic period, the rise in mortality rate due to non-communicable diseases with an increasing prevalence of chronic diseases and lifestyle-associated diseases like hypertension and diabetes contributed to the growth of wearable medical devices. The healthcare industry is coming up with newer technologies to overcome this with necessary measures like continuous and remote patient monitoring facilities through wearables which can be worn over the body all-day long for continuous monitoring of the required parameters like vital signs, glucose levels and more. According to the world health organization (WHO), 2020, non-communicable diseases (NCDs) will estimate 80% of the global disease burden. Seven out of every ten deaths in developing countries are caused by NCDs, and around half of these deaths are in people younger than 70 years. Moreover, the global NCD burden will rise by 17% in the next decade, and in Africa, it will grow by 27%. In 2019, a report published by Diabetics Research and Clinical Practice stated that the global diabetics population is estimated to be 463 million in 2019 which is 9.3% of global population and is expected to reach 578 million by 2030 and 700 million by 2045. The rise in number of chronic diseases coupled with growing awareness among people is pushing them towards continuous monitoring, which boosts market growth.
The global wearable medical devices market size is expected grow from $8.35 billion in 2020 to $10.28 billion in 2021 at a compound annual growth rate (CAGR) of 23.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $24.38 billion in 2025 at a CAGR of 24%.
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Major players covered in the global wearable medical devices industry are Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., LifeWatch AG (BioTelemetry Inc.), Xiaomi Inc., VitalConnect, Jawbone Inc., General Electric Co., Medtronic PLC, Sotera Wireless, Basis Science, Inc., Intelesens Ltd., Withings, World Global Network, Activeinsights Ltd., Misfit (A Part of Fossil Group) (Misfit), Drägerwerk AG & Co. KGaA, LG Electronics, Sony Corporation, Nike Inc., Samsung, Boston Scientific, Honeywell International Inc., Pebble Technology Corp., Demant AS, Sonova Group, Alphabet Inc.
TBRC’s global wearable medical devices market report is segmented by device type into diagnostic devices, therapeutic devices, by product type into watch, wristband, clothing, ear wear, other devices, by distribution channel into pharmacies, online channel, hypermarkets, and by application into sports and fitness, remote patient monitoring, home healthcare, ear wear.
Wearable Medical Devices Global Market Report 2021 – By Device Type (Diagnostic Devices, Therapeutic Devices). By Product Type (Watch, Wristband, Clothing, Ear Wear, Other Devices). By Distribution Channel (Pharmacies, Online Channel, Hypermarkets). By Application (Sports And Fitness, Remote Patient Monitoring, Home Healthcare, Ear Wear), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides wearable medical devices market overview, forecast wearable medical devices market size and growth for the whole market, wearable medical devices market segments, and geographies, wearable medical devices market trends, wearable medical devices market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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