Global Wearable Medical Devices Market: Industry Analysis and Forecast (2020-2026)
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- Published date: May 20, 2021
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Global Wearable Medical Devices Market was valued at US$ 15.80 Bn in 2019 and is expected to reach US$ 58.50 Bn by 2026, at a CAGR of 17.78 % during a forecast period.
Global Wearable Medical Devices Market
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Wearable medical devices are electronic devices, which consumer can wear. It is designed to collect the data of users' personal health and exercise.
Global Wearable Medical Devices Market Dynamics:
The technological advancement in wearable technology and demand from consumers to take care of their own health have influenced the medical industry. Wearable technologies offer many physiological features, which is also presenting a multitude of medical solutions. The demand for wearable medical devices is increasing at a rapid rate because of the high adoption rate among patients to diagnose, treat, and monitor their diseases.
The wearable medical device is undergoing a shift from fitness trackers to real-time clinical monitors. The evolving medical technology landscape is expected to grow industry-wide expenditure of more than a billion on health trackers by 2026. Wearable medical devices like smartwatches, fitness trackers, wrist bands, movement sensors, smart footwear, and wearable patches are expected to transform the healthcare industry in the near future.
The advancements in artificial intelligence solutions are driving the exponential growth of wearables. An extensive reach of smartphones has increased the popularity of wearable devices. Medical wearables are promising for adult and mental healthcare delivery, which enable remote monitoring in case of an emergency. On the other hand, Data privacy is the largest hindrance factor on the road to the adoption of medical wearable. Also, the high cost of wearable devices in healthcare is expected to limit the global wearable medical devices market growth.
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