Kenneth Research recently added a report on ‘Wearable Medical Technology Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Wearable Medical Technology Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Wearable Medical Technology Market products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Kenneth Research recently added a report on ‘Wearable Medical Technology Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Wearable Medical Technology Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 2025. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
Wearable Medical Technology Market: Introduction
The commercialization of wearable devices has drastically increased in the recent years, as the size of computers has reduced and the advancements of smart sensors has created new opportunities for the creation of small and enhanced trackers for a wide range of functions from smart bracelets to smart glasses. Medical wearable devices constitutes the core of wearable technology development. This has created new opportunities across the globe and growing competition has increased the stress on the manufacturers towards implementing more efficient ways of providing health status.
The wearable medical technology market is majorly driven by the rising necessity of advanced health management devices, rising number of chronic diseases worldwide, large number of ongoing projects, and the ease of use of medical devices is anticipated to increase the demand for wearable medical devices.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Wearable medical devices offer wide range of functions such as a monitoring glucose, reminder for patients, monitor chronic diseases such as heart diseases, and blood sugar and various other parameters. The devices also offer various other functions such as local processing, reports and feedback, communication capabilities and easy & timely sensing.
Some of these devices include smart watches, smart clothing, smart equipment and activity monitors. Wearable devices in the medical sector are cardioverter defibrillators, that are designed for both monitoring and treating abnormal heart rhythms. These devices can provide interval doses of electric current for people with dysrhythmias as per the requirement.
Lack of awareness among users in the developing countries such as China, Mexico, Brazil, and India about the technology this may hamper the pace of adoption in these countries. Additionally, medical wearable devices being expensive, may result in slower adoption rate hampering the market growth. Key issues challenging the market includes of device connectivity, communication, privacy concerns in sharing sensitive patient data and battery life.
The Wearable Medical Technology Market has been categorized into devices, applications and geography. On the basis of devices, the market is segmented into diagnostic & monitoring devices, therapeutic devices. Diagnostic & monitoring devices are further categorized into heart-rate monitoring, pulse monitoring, blood pressure monitoring, and glucose monitoring among others.
Therapeutic devices segment is categorized into pain management, and rehabilitation therapy among others. Wearable medical technology market based on application is segmented into sports & fitness, home healthcare, and patient monitoring. Sports and fitness segment is anticipated to hold the highest market share over the forecast period. This is majorly attributed to growing focus on physical fitness among people in order to improve the quality of life, due to the rising trend of tracking health improvement.
North America wearable medical technology market experienced the highest market share in the year 2017. Asia-Pacific is anticipated to be the fastest growing region over the forecast period 2018-2025. Growth of chronic diseases such as diabetes and increasing elderly population in countries such as Japan is projected to support the overall technology growth.
The growing awareness for the necessity of continuous health monitoring and an improved per capita spending on the healthcare services across APAC offers positive impact on the growing technology demand.
Wearable Medical Technology Market: Competitive Landscape
The key players in Wearable Medical Technology Market Philips, XIAOMI, jawbone, Monica Healthcare, Dragerwerk, Lifewatch, Garmin, FITBIT among other key players. In August 2018, Garmin International announced the launch of heart health app that will be compactable with the wearable devices featuring optical heart rate monitoring that includes Fenix, vivo series devices, and forerunner
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