Wearable Healthcare/Medical Devices Market Revenue, Driving Factors, Key Players, Strategies, Trends, Forecast Till 2030

 

The global Wearable Healthcare/Medical Devices Market size is expected to reach USD 52.35 Billion in 2030 and register a revenue CAGR of 13.9% over the forecast period, according to a latest report by Reports and Data. Increasing need for real-time health monitoring and for early detection of diseases is expected to drive market revenue growth during the forecast period. Increasing introduction of technologically-advanced connected wearable devices for healthcare applications is also expected to boost revenue growth of the global market going ahead. Healthcare industry, in collaboration with technology companies, produces products to diagnose, monitor, and treat patients, as well as help healthcare organizations lower healthcare costs and operate more efficiently.

Increasing availability of advanced wearable devices will transform access to healthcare and improve quality of care. These devices have already led to exceptional advances, such as enhanced Intensive Care Unit (ICU) alarms and continuous heartbeat detection in non-clinical settings, along with remote monitoring of neo-natal temperature. It is also anticipated that wearable healthcare devices will enable effective use of health data as well as aid in healthcare services and intervention in the coming years.

The global Wearable Healthcare/Medical Devices market research report provides a brief overview inclusive of competitive landscape and key developments in the market. It provides an extensive study analysis of the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, corporate deals and partnerships, among others. It also offers insights into company overview, financial standing, business expansion plans, and revenue growth of each company. It also sheds light on product advancement, technological developments, and research and development activities.

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Key Players covered in this report are:

Apple, Inc., Samsung Electronics Co., Ltd., Xiaomi Corporation, Garmin, Ltd., Fitbit, Inc., LifeWatch GmbH, Omron Healthcare, Inc., Misfit, Inc., Vital Connect, Inc., and Biobeat Technologies, Ltd.

Market Overview:

The pharma and healthcare industry is at a crossroads. Patients are benefiting from the promise of cell and gene therapies; uncommon diseases that were previously thought to be incurable are on the verge of finding true treatments. Artificial intelligence (AI) and machine-learning technologies are creating hopes that therapy discovery and development would be more innovative, as well as faster and cheaper. Manufacturing, the supply chain, and the entire healthcare ecosystem all have the potential to benefit from data-driven initiatives. Consumer attitudes and behaviours are shifting in a variety of ways, from growing use of technology and willingness to share data to an interest in using tools to make prescription and treatment decisions. Such factors will drive pharma and healthcare market growth in the coming years.

As part of our quantitative analysis, we have provided regional market forecasts by type and application, market sales forecasts and estimates by type, application and region by 2030, and global sales and production forecasts and estimates for Wearable Healthcare or Medical Devices by 2030. For the qualitative analysis, we focused on political and regulatory scenarios, component benchmarking, technology landscape, important market topics as well as industry landscape and trends.

Some Key Highlights in the Report

• The diagnostic and monitoring devices segment is expected to account for a substantial market share in the global wearable healthcare/medical devices market over the forecast period. This is due to increasing focus on personalized health monitoring and care as well as increasing incidence of diseases including obesity, diabetes, chronic obstructive pulmonary disease, hypertension, chronic pain, and cardiac disorders.
• The fitness trackers segment is expected to account for a considerable market share over the forecast period owing to increasing use of smartphone-based healthcare devices.
• The wearable healthcare/medical devices market in North America is expected to account for largest revenue share over the forecast period. High presence of major wearable healthcare device manufacturers and increasing government spending on smart technology to detect chronic diseases early and treat them appropriately is expected to drive market revenue growth.
• In July 2021, Omron Healthcare, Inc. launched Omron Complete, first single-lead Electrocardiogram (ECG) and Blood Pressure (BP) monitor for home use. The launch of device will decrease consultation time and unnecessary appointments.

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Market Segments:

Geographic Segment Covered in the Report:

·       North America (USA and Canada)

·       Europe (UK, Germany, France and the rest of Europe)

·       Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)

·       Latin America (Brazil, Mexico, and the rest of Latin America)

·       Middle East and Africa (GCC and rest of the Middle East and Africa)

Device Type Outlook (Revenue, USD Billion; 2018–2030)

• Diagnostic and Monitoring Devices
• Therapeutic Devices

Product Outlook (Revenue, USD Billion; 2018–2030)

• Fitness Trackers
• Body Sensors
• Smart Clothing
• Smart Glasses
• Wearable Camera
• Others

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Key Points Addressed in the Report:

·       A detailed analysis of the global Wearable Healthcare/Medical Devices market through assessment of key market aspects such as technology, product type, application, end-use, and overall industry dynamics.

·       Qualitative and quantitative analysis of the market estimation and CAGR calculation for the forecast period.

·       All-inclusive assessment of market dynamics with emphasis on drivers, restraints, opportunities, and limitations.

·       Extensive profiling of key companies operating in the market including company overview, financial standing, product offerings, product portfolio, recent product and technological advancement, and business expansion plans.

Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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