Global Wearable Medical Devices Markets Report 2021: Integrating Artificial Intelligence in the Wearable Medical Devices is Gaining Traction
DUBLIN, June 15, 2021 /PRNewswire/ -- The "Wearable Medical Devices Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
The global wearable medical devices market is expected to grow from $8.35 billion in 2020 to $10.28 billion in 2021 at a compound annual growth rate (CAGR) of 23.1%.
Wearable Medical Devices Global Market Report 2021: COVID-19 Growth and Change to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global wearable medical devices market.
Major players in the wearable medical devices market are Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., LifeWatch AG (BioTelemetry Inc.), Xiaomi Inc., VitalConnect, Jawbone Inc. and General Electric Co.
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%.
The wearable medical devices market consists of sales of wearable medical equipment and related services that includes diagnostic devices and therapeutic devices like vital signs, sleep and neuro monitoring devices, electrocardiographs, pain management, and respiratory therapeutic devices among others.
The companies involved in wearable medical devices market design, manufacture and market medical wearables like watches, wristbands, clothing, ear wear and other devices for the applications like Remote Patient Monitoring, Ear wear, Home healthcare, Sports and Fitness which are designed for patient management and life-style disease management like prevention of diseases and maintenance of health with advantages such as weight control and physical activity monitoring.
During the historic period, the rise in mortality rate due to non-communicable diseases with an increasing prevalence of chronic diseases and life-style associated diseases like hypertension and diabetes contributed to the growth of wearable medical devices. 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.
The wearable medical devices market covered in this report is segmented by device type into diagnostic devices, therapeutic devices. It is also segmented 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.
Integrating artificial intelligence in the wearable medical devices is gaining traction. The data collected by the wearable medical devices lacks value without the integration of artificial intelligence (AI) that better utilizes the data collected. AI doctor which is a standalone network with deep learning algorithm performs well than trained medical practitioners in conditions like skin lesions, electrocardiograms, medical imaging and pathology.
In 2019, Google, a US-based technology company that develops internet-related services and products like search engines, cloud computing, online advertisements, software and more, announced to acquire Fitbit Inc. for $7.35 per share in cash valuing totally to $2.1 billion.
The deal will benefit both the companies by designing and manufacturing innovative wearables by integrating the best hardware, software and artificial intelligence to reach even more people around the globe. Fitbit Inc., a US-based wearables company designs innovative products that track the daily health and fitness of the consumer in the form of smartwatches, activity trackers, wireless headphones and smart scales.
Key Topics Covered:
1. Executive Summary
2. Wearable Medical Devices Market Characteristics
3. Wearable Medical Devices Market Trends and Strategies
4. Impact of COVID-19 on Wearable Medical Devices
5. Wearable Medical Devices Market Size and Growth
5.1. Global Wearable Medical Devices Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Wearable Medical Devices Forecast Market, 2020-2025F, 2030F, $ Billion
6. Wearable Medical Devices Market Segmentation
6.1. Global Wearable Medical Devices Market, Segmentation By Device Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Diagnostic Devices
- Therapeutic Devices
6.2. Global Wearable Medical Devices Market, Segmentation By Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Watch
- Wristband
- Clothing
- Ear Wear
- Other Devices
6.3. Global Wearable Medical Devices Market, Segmentation By Distribution Channel, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Pharmacies
- Online Channel
- HyperMarkets
6.4. Global Wearable Medical Devices Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Sports and Fitness
- Remote Patient Monitoring
- Home Healthcare
- Ear Wear
7. Wearable Medical Devices Market Regional and Country Analysis
7.1. Global Wearable Medical Devices Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Wearable Medical Devices Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- 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)
- Dragerwerk AG & Co. KGaA
- LG Electronics
- Sony Corporation
- Nike Inc.
- Samsung
- Boston Scientific
- Honeywell International Inc.
- Pebble Technology Corp.
- Demant AS
- Sonova Group
- Alphabet Inc.
For more information about this report visit https://www.researchandmarkets.com/r/y81cb6
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