What is Wearable Therapeutic Devices Market Scope?
Wearable medical gadgets are electronic in nature and contain sensors that aid in the monitoring and tracking of a patient's health. Activity tracking, newborn monitoring, and vital sign monitoring are just a few of the applications for these devices. Wearable gadgets enable patients to view their personal health records while going about their everyday routines or tasks. The rising frequency of chronic diseases, the growing elderly population, and increased awareness of the value of fitness are all driving factors in the market's expansion. Due to expanding technological breakthroughs and improvements, the wearable medical devices market is increasing at a quicker rate, as they can improve the general population's as well as patient population's lifestyles. Wearable technology provides a convenient way to track physiological symptoms while also providing a variety of medical options. These gadgets are not only simple to use for consumers, but they also provide clinicians with real-time data to examine. Because people all over the world are becoming more health concerned, the demand for wearable medical equipment has skyrocketed.
The Wearable Therapeutic Devices market study is being classified by Type (Pain Management Devices, Rehabilitation Devices, Respiratory Therapy Devices and Insulin Pumps), by Application (Sports and Fitness, Remote Patient Monitoring and Home Healthcare) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Wearable Therapeutic Devices market throughout the predicted period.
FitBit (United States), Xiaomi (China), Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Biotelemetry Inc.(United States, Apple, Inc. (United States), Dexcom Inc. (United States) and Abbott Laboratories(United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Cityzen Sciences (France), Directa Plus (United Kingdom), Liquid Wire (United States) and Forster Rohner AG (Switzerland).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Wearable Therapeutic Devices market by Type, Application and Region.
On the basis of geography, the market of Wearable Therapeutic Devices has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
August 2020 – Amazon introduced Amazon Halo Band, a new service dedicated to helping customers improve their individual health and wellness. Amazon Halo combines a suite of AI-powered health features that provide actionable insights into overall wellness., May 2020 – Philips launches next-generation wearable biosensors for early patient deterioration detection, including clinical surveillance for COVID-19. It has received 510(k) clearance from the U.S. Food and Drug Administration (FDA), September 2020 – Apple Launches its Apple Watch Series 6. The biggest advancement touted by Apple for the sixth-gen Apple Watch is a measurement of blood oxygen—a vital sign that provides information about breathing and circulation (and is especially relevant amid the COVID-19 pandemic) and April 2020 – Fitbit Inc. launched Fitbit Sense, an advanced health smartwatch that helps in detecting the body’s responses to stressors by measuring electrodermal activity responses.
Influencing Market Trend
- The Growing Adoption of Connected Devices
- Growing Smart Sportswear Industry
Market Drivers
- Advancements in Materials and Material Assembly Technology
- Ease-of-use and Interpretation of Medical Devices
- Growing geriatric population and the Subsequent Increase in the Incidence of Chronic Diseases
Opportunities
- Increasing Technological Advancements and Innovations
- The Growing Adoption of Connected Devices
- Increased use by Athletes
Restraints
- Unfavorable Standards and Regulations
- Accuracy, Standardization, and Analysis of Wearable-Generated Data
Challenges
- Device Protection and Thermal Consideration
- Patent Protection of Wearable Healthcare Devices
Key Target Audience
Manufacturers of Wearable Therapeutic Devices, Suppliers of Wearable Therapeutic Devices, Pharmaceutical Companies, Medical Device Companies and Medical Research Industries
Customization available in this Study:
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