Global Wearable Medical Devices Market Reaches Valuation of
London, Aug. 16, 2022 (GLOBE NEWSWIRE) — Showing robust growth over the forecast period 2022 – 2027, global demand for wearable medical devices is expected to grow at a CAGR of 9.2%. The latest report released by Fairfield Market Research suggests that the global wearable medical device market will remain optimistic, primarily due to the growing rate of adoption of continuous monitoring and diagnostic solutions. Up from projected revenue of over $57.3 billion to be reached in 2022, global wearable medical device market is expected to exceed US$96.9 billion by 2027. While portability has been the main advantage of medical devices to push their application potential in a variety of medical and clinical settings, the rise of home healthcare, remote monitoring and continuous monitoring trends will create solid ground for the portable medical device market.
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Health institutionies ensure stable demand generation
As the COVID-19 pandemic has turned the world of medicine and healthcare upside down, it has given a major boost to the prospects for continuous monitoring and diagnostic solutions. This bodes well for sales of wearable medical devices. The increasing miniaturization of products, market fragmentation and strong price competition are collectively holding back the pace of the market, while the ever-increasing number of healthcare institutions like home care, elderly care and centers palliative care are driving the growth of the market. On the other hand, the rising rate of hospitalizations also ensures a continuous stream of opportunities for the wearable medical device market.
The market is thriving owing to the increasing availability of Technological advances at competitive prices
The wearable medical device market is expected to witness notable growth in developing countries as they represent high potential pockets for investors given the rapid rate of population growth, expanding pool of chronic patients, improved health spending and remarkable prospects for medical tourism. While new untapped but high-potential demographics have found valuable medical products relatively profitable in recent years, greater opportunities are likely to be created by a number of smaller players who offer high-quality products to cheaper prices. The trend is particularly flourishing in rapidly developing economies like India and China.
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The report predicts exceptional growth prospects for Wearable Medical Devices Market in Asia Pacific
While the Western developed markets of North America and Europe account for the primacy of the two regions in the global wearable medical device market space, the report predicts the fastest growth in Asia-Pacific at around 10.4 % CAGR till 2027. In addition to remarkable spending capacity, the market in North America and Europe will continue to benefit from favorable government rebates and higher awareness regarding the increasing availability of alternatives of remote health care services. Asian markets, on the other hand, will benefit from the booming medical industry, as well as the increasing accessibility of high-quality products.
Main market players
Medtronic PLC, Siemens Healthcare, GE Healthcare, Philips, Omron, Roche Diagnostics, Canon, and Shimadzu are some of the prominent players leading the competitive landscape of the global wearable medical device market. The report reveals exclusive information on the strategic and financial details of some of the industry leaders with the aim of assisting potential market participants.
REPORT SCOPE AND SEGMENTATION:
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|Report Highlights||Key market indicators, market estimates and forecasts (value), market dynamics, regulatory guidelines, COVID-19 impact analysis, regional and national information, competitive landscape, company profiles|
1.1. Global Wearable Medical Devices Market Outlook, 2019-2027 (USD Million)
1.2. Global Wearable Medical Devices Market Incremental Opportunity, 2022-2027 (USD Million)
1.3. Key industry trends
2. Market Overview
2.1. Market definition and segmentation
2.2. Market dynamics
2.2.1. Market factors
2.2.2. Market threats
2.2.3. Market opportunities
2.3. Regulatory framework
2.4. COVID 19 impact analysis
3. Global Wearable Medical Devices Market Outlook, 2019- 2027
3.1. Global Wearable Medical Devices Market Outlook, By Product Type, 2019 – 2027
3.1.2. Global Wearable Medical Devices Market Outlook, By Product Type, Value (Million US$), 2019-2027
220.127.116.11. Diagnosis and monitoring
3.1.3. Global Wearable Medical Devices Market Share and BPS Analysis, by Product Type, Value, 2022 & 2027
3.1.4. Global Wearable Medical Devices Market Attractiveness Analysis, By Product Type, Value, 2022-2027
3.2. Global Wearable Medical Devices Market Outlook, By Application Type, 2019 – 2027
3.2.2. Global Wearable Medical Devices Market Outlook, By Application Type, Value (Million US$), 2019-2027
3.2.3. Global Wearable Medical Devices Market Share and BPS Analysis, by Application Type, Value, 2022 & 2027
3.2.4. Global Wearable Medical Devices Market Attractiveness Analysis, By Application Type, Value, 2022-2027
3.3. Global Wearable Medical Devices Market Outlook, By Region, 2019-2027
3.3.2. Global Wearable Medical Devices Market Outlook, by Region, Value (Million US$), 2019-2027
18.104.22.168. North America
22.214.171.124. Asia Pacific
126.96.36.199. Rest of the world
3.3.3. Global Wearable Medical Devices Market Share and BPS Analysis, by Region, Value, 2022 & 2027
3.3.4. Global Wearable Medical Devices Market Attractiveness Analysis, by Region, Value, 2022-2027
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