Market Size – USD 7.01 billion in 2018, Market Growth – CAGR of 18.5%, Market Trends – Increased penetration of smartphones
The global wearable healthcare/medical devices market is expected to reach USD 27.49 billion by 2026, according to a new report by Reports and Data. Increased adoption of smartphone based application for healthcare monitoring by individuals as well as healthcare providers is the key factor driving demand. Increasing incidence of diseases associated with heart, diabetes, obesity and hypertension is likely to increase the adoption of wearable in the coming years.
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Scope Of The Report
The study aims to provide a forecast of the growth of the Wearable Healthcare/Medical Devices market by examining the market size, share, demand, trends, and gross revenue of the industry. Further, it provides a competitive analysis and SWOT analysis. The report segments the industry based on product type, application and end-use. It highlights the emerging trends as well as the novel technology that are visible in the market. The research offers a clear look at the trends observed in the market, the contributing factors, major stakeholders, key companies and prime areas that exhibit a potential for growth.
Further key findings from the report suggest
- Diagnostic and Monitoring Devices are expected to occupy a significant share of the overall market. Adoption of these devices can help in faster detection of diseases such as diabetes, hypertension and cancer. For instance: The iTBra, developed by Cyrcadia Health can help in detection of breast cancer. According to the World Cancer Research Fund, over 2 million new cases of breast cancer were registered in 2018. Belgium had the highest rate of breast cancer in women, followed by Luxembourg and Netherlands. Adoption of these breast patches could help in detection of cancer in even dense breast tissue. The dense breast tissues are four to six times more likely to develop tumors. Breast patches are expected to bring down the number of breast biopsies significantly in the forecast period.
- Asia Pacific market is forecasted to grow at a CAGR of 19.1 percent in the coming years. Rising incidence of cardiovascular disease in the region is a major factor influencing market growth. The number of deaths associated with heart diseases in the major countries of the region including China, Japan and India are significantly high. American Heart Association statistics reveal that South Asians have higher levels of triglycerides and “bad” cholesterol (LDL-C) and a lower level of (HDL-C) or “good” cholesterol. Moreover, in 2015, around 226 million people in China and 199 million in India reported hypertension or high blood pressure, one of the key risk factors indicating heart disease.
- Key participants include Fitbit, Philips, Garmin, Lifewatch, Medtronic, NeuroMetrix, Qardio and Omron. Fitbit is a key player in the wearable healthcare/medical devices The company offers a wide range of health wearables for heart rate monitoring, sleep tracking and step tracking. The company has manufacturing facilities located across the U.S., Europe, Asia Pacific and Middle East and Africa. As of 2017, the company sold around 15.34 million wearable devices.
Browse Complete Wearable Healthcare/Medical Devices Market Report Description & TOC at: https://www.reportsanddata.com/report-detail/wearable-healthcare-medical-devices-market
The report on the Wearable Healthcare/Medical Devices market employs both primary and secondary research to examine its import and export, demand and supply, consumption power, spending capacity and distribution channel worldwide. The report evaluates the market standing of key manufacturers and sheds light on the strategies they have adopted to stay competitive. The study also applies qualitative and quantitative methods to assess the annual and financial performance of the top vendors and insights from market leaders. Extensive coverage of the recent trends and developments including joint ventures, collaborations, investments, product launches and acquisitions and mergers constitute a substantial part of the research on the Wearable Healthcare/Medical Devices market for the forecast period from 2019 to 2026.
The research provides answers to the following key questions:
- What will be the growth rate of the Wearable Healthcare/Medical Devices market for the forecast period, 2019 to 2026? What will be the market size and the share occupied by the prominent vendors by the estimated period?
- What are challenges and threats faced by the prominent vendors operating in the Wearable Healthcare/Medical Devices market?
- Who are the prominent vendors and what has been their business strategy so far to maintain a competitive edge over their competitors?
- What are the past, present and emerging trends likely to influence the growth rate of the Wearable Healthcare/Medical Devices market for the forecast period, 2019 to 2026?
- What are the opportunities prominent vendors can bank on to generate more profits during the estimated period?
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