OTTAWA, Nov. 18, 2020 (GLOBE NEWSWIRE) -- The global wearable medical device market is growing at a compound annual growth rate (CAGR) of 25.6% during the forecast period 2020 to 2027.

A wearable medical device refers to a device that is noninvasive, autonomous, and performs specific medical function for example support or monitoring over a long period of time. These devices are smart devices equipped with sensors & other technologies and can be worn on a human body as a piece of clothing.

Growth Factors

Increasing awareness regarding health-oriented lifestyle and fitness has significantly propelled the market growth for smart wearable devices. These devices are largely beneficial to track and monitor the health and activity of the user and provide real-time data regarding their health performance. Hence, such devices are significantly helpful for the physicians to prior diagnose the health related issues and provide proper medication in time that further prevent the loss of life. Apart from this, rising prevalence of chronic disease along with increasing penetration of smartphones and internet in almost every part of the world expected to further thrive the market growth.

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In addition to this, rise in the sedentary lifestyle has prominently propelled the prevalence of lifestyle-related disorders, such as hypertension and diabetes that is again predicted to boom over the forecast timeframe. Some of these disorders demand continuous monitoring, for instance, blood pressure levels and blood sugar that in turn estimated to uplift the demand for wearable medical devices. Thus, increase in the mortality rate because of non-communicable diseases is a major concern that demands increased focus towards personalized care and monitoring. Hence, this shifting focus towards personalized care eventually anticipated to prosper the product demand.

However, rising concern for data security along with increasing incidences of data breach has prominently surged the user concern for such devices this in turn is likely to restrict the market growth in the upcoming years. Nonetheless, integration of advanced technologies such as Internet of Things (IoT) and Artificial Intelligence (AI) together growing preference for smart devices anticipated to create alluring opportunities in the market.

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Report Highlights

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Regional Snapshots

North America captured maximum revenue share in the global wearable medical devices market in 2019, with the U.S. as the major value contributor to the region. The U.S. holds the major market share in the wearable medical devices attributed to the high prevalence of cardiovascular &lifestyle-oriented diseases and the early adoption of the technology, along with significant medical expenditure per head. As per a report published by Yoram Wurmser in 2019, the penetration rate of the wearable devices in adult in the U.S. was around 15.5% in the year 2016 that increased to 20.3% in 2018, and further expected to rise to 25.3% by the end of 2022. Subsequently, increasing prevalence of chronic disease in the region expected to be the major factor that propels the market growth at a moderate rate in the region during the upcoming years.

However, the Asia Pacific anticipated being the most lucrative region in the market owing to increasing healthcare spending particularly for infrastructure development along with favorable government support for the adoption of such devices.

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Key Players & Strategies

The wearable medical device industry is highly vulnerable to new market entrants owing to significant integration of upcoming technologies with the wearable devices in order to enhance its feature and user experience. Hence, the competition has risen significantly among the market players to offer advanced devices with attractive features and in the wake of same they are investing prominently in the research & development (R&D) sector. For instance, in 2019, Apple Inc. introduced Apple Watch Series 5 with advanced functions.

Some of the key players operating in the market are Koninklijke Philips N.V., Medtronic Plc, Sotera Wireless, Omron Corporation, Polar Electro, Everist Health, Intelesens Ltd, Fitbit Inc., Withings, Vital Connect, and Garmin Ltd. among others.

Market Segmentation

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