Delaware, U.S. – The demand for wearable medical devices is expanding, with the rise in awareness about personal health and the escalating prevalence of chronic diseases, such as cancer, cardiovascular diseases, and others. The COVID-19 crisis has also fueled the adoption of these products.
Reportedly, the demand for Pulse Oximeter, which is a non-invasive method of monitoring oxygen saturation, saw a significant rise in India, amid the second wave of the COVID-19 pandemic. As the coronavirus infect the respiratory system and significantly decreases blood-oxygen-level in the patient’s body, these devices are getting highly adopted as a prevention and control measure.
According to Global Market Insights, Inc., global wearable devices market size is slated to cross over US$140 billion by 2027.
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High adoption among patients with diabetes and respiratory disorders
The respiratory monitors segment is slated to witness substantial growth in the upcoming years. The emergence of COVID-19 has significantly boosted respiratory monitor demand globally. A severe shortage of required medical facilities, due to the enormous burden on global healthcare infrastructure amid the surge in coronavirus cases across the globe, is anticipated to accelerate the adoption of wearable respiratory monitoring devices. These monitors are cost-effective and accurately analyze breathing rates in real-time.
Wearable devices industry share from diabetes care segment was around US$11 billion in 2020 and is set to grow at a steady pace through 2027. The growth is attributed to the prevalence of diabetes worldwide. As per the International Diabetes Federation, the number of adults suffering from diabetes was over 460 million in 2019. Such prevalence across large population bases encourages medical device manufacturers to introduce effective diabetes monitoring devices. For example, EOFLow, in March 2021, introduced the wearable insulin pump EOPatch, which constantly supplies insulin to diabetic patients for effective blood sugar management.
The market share from sports and fitness segment is anticipated to expand with a CAGR of 22.4% in the forthcoming years. Sports and fitness wearables are becoming extremely popular in professional sports leagues, which helps in tracking and monitoring the body’s response to a particular activity. These healthcare and sports analytics play a crucial role in identifying the fitness level of sportspersons. Wearable sports technologies are integrating with personal medical devices to track performance and deliver accurate results.
Asia Pacific wearable medical devices industry witnessed considerable growth in 2020 and is slated to progress further at 26.4% CAGR up to 2027. The regional industry expansion is attributed to the soaring number of patients with chronic diseases and growing awareness about advanced medical devices. The presence of professional sports leagues, an increasing number of gymgoers, and an increment in healthcare expenditure are some key factors drawing the attention of device makers for future business prospects.
Fitbit, Koninklijke Phillips N.V., Dexcom Inc, Samsung, and Apple, among others, are some prominent manufacturers of wearable medical devices emphasizing on mergers, acquisition, and technology collaboration to consolidate their presence in the global market. For example, Dexcom, in June 2021, collaborated with Google, to develop next-generation diabetes technology. This venture is expected to enhance the data sharing capabilities of Dexcom with their customer.
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The integration of modern technologies with wearable medical devices, such as artificial intelligence, big data analytics, and others, are greatly facilitating patients and healthcare professionals, with more accurate statistics and data associated with personal health. These modern transformations in the healthcare sector are drastically changing the traditional way of consultation and treatment with modern healthcare facilities, such as personalized healthcare, remote patient monitoring, and others.