Perhaps the biggest advantage of IoT-enabled wearable medical devices is how they easily give people the data they require to manage their daily activities and routines thus leading to improved health results. The devices also allow for a comprehensive view of a person’s entire body via infrared, Bluetooth, or even WiFi. This allows doctors to monitor the vital signs of patients in real-time and makes for much more efficient care. Medical devices that fall under wearable medical devices include heart rate monitors, glucose monitors, and blood pressure, monitors. These parables come with additional features such as GPS receivers for easier location tracking and wireless sensors that allow them to communicate wirelessly with servers, which upload data to a central server and display it on a screen. As well as these devices, there are also software applications available that help healthcare professionals monitor patients via their wearable medical devices. The software can be used to download and upload data from the sensors to a central server where it can be viewed by a doctor or nurse, or for administration. Some software applications can also upload vital signs to a mobile application that can be displayed to patients on a screen.
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Major Company Profiles Covered in This Report: Life Watch AG, Google Inc., Apple, Medtronic Plc., Omron Corporation, Philips Healthcare, and Polar Electro.
Key Market Drivers:
The increasing prevalence of several health issues that need monitoring, such as cardiovascular issues is the main factor that is expected to drive the growth of the global wearable medical devices market. For instance, according to World Health Organization, cardiovascular diseases are one of the main causes of death in the world and takes around 17.9 million lives annually.
Covid-19 Impact Analysis
During the peak times of the COVID-19 pandemic, monitoring health issues became very necessary, and this positively affected the growth of the global wearable medical devices market. For instance, according to World Health Organization, in 2020 all over the world, there were 21 crore positive cases in the world along with 44 lakh deaths attributed to the spread of the virus.
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The global wearable healthcare devices market was estimated at around US$ 18.4 billion in 2020 and is projected to increase at a CAGR of around 20.5% to reach around US$ 46.6 billion by 2025, owing to the increasing prevalence of chronic diseases in the world. For instance, according to World Health Organization, around 422 million individuals in the world have diabetes.
North America is expected to hold a major share of the global wearable healthcare devices market, owing to the increasing cases of diseases in the region that needs monitoring, such as diabetes. For instance, according to the Centers for Disease Control and Prevention, around 34.2 million US residents suffer from diabetes and around 88 million US adults have pre-diabetes. Moreover, the presence of key market players in the region is expected to enhance the growth of the market.
The Asia Pacific is estimated to witness significant growth in the global wearable healthcare devices market, owing to the increasing incidence of diseases in the region. For instance, according to American Heart Association Journal, cardiovascular disease is a leading cause of mortality in India and the estimated prevalence is more than 54.5 million. Moreover, increasing investment in the healthcare sector is expected to aid the growth of the market.
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Industry Status and Outlook for Major Applications / End Users / Usage Area
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