The global medical wearables market will record decent returns by the end of the forecast period of 2020-2027, while registering a substantial growth rate throughout this duration, according to a new report by Report Ocean. This report also provides in detail, the market investment opportunities, government policy, market dynamics, market share, supply chain and competitive landscape.
Global Medical Wearables Market is valued at approximately USD 6.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 21.4% over the forecast period 2020-2027.
Medical Wearables are the handheld monitoring tools primarily used in monitoring and identification of disease. With the rise in prevalence of chronic diseases, patients are opting for home healthcare tools as an efficient and cost-effective of treatment, instead of hospital services.
In the present scenario, medical wearables are gaining immense traction, due to enhanced technologies that are being pioneered consistently by the manufacturers. Due to these advancements of medical wearable technology and growing demand from patients to monitor their own health has influenced the growth of wearable medical device industry to develop more wearable devices, such as smartwatches, fitbits, and wearable monitors. Further, increasing the occurrence of chronic diseases, such as cardiovascular, cancer, etc., increasing usage of smartphones in health monitoring, and increasing awareness for health & fitness among people are the few factors responsible for high CAGR of the market during the forecast period, says a press release.
According to the American Heart Association, the occurrence of death due to cardiovascular diseases was about 17.6 million in 2016, and a number is expected to grow to over 23.6 million by 2030. Also, as per the Center for Disease Control and Prevention (CDC), about 610,000 die due to heart diseases in the United States every year. This, in turn, is projected to accelerate the adoption of medical wearables around the world. The outbreak of COVID-19 crisis has led to rise in demand for medical wearables, as these devices are helpful in screening and monitoring of novel coronavirus infections. Therefore, this factor can create lucrative opportunities for the medical wearable market in the forthcoming years. However, inaccuracy in the analysis of wearable generated data and unfavorable reimbursement issues impede the growth of the market over the forecast period of 2020-2027.
The regional analysis of the global Medical Wearables market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising incidences of cardiovascular disorders, diabetes, and cancer, coupled with the early adoption of wearable medical technology in the region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising government initiatives for medical wearables, increasing aging population, and growing healthcare expenditure by people would create lucrative growth prospects for the Medical Wearables market across the Asia-Pacific region.
Major market player included in this report are: