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$ 10.24 Billion Growth Expected in Wearable Medical Devices Market | Key Drivers, Trends, COVID-19 Analysis & Major Vendor Offerings| Technavio
[April 07, 2021]

$ 10.24 Billion Growth Expected in Wearable Medical Devices Market | Key Drivers, Trends, COVID-19 Analysis & Major Vendor Offerings| Technavio

NEW YORK, April 7, 2021 /PRNewswire/ -- 

The global wearable medical devices market is expected to grow by USD 10.24 billion, exhibiting a CAGR of almost 10% during 2020-2024, according to Technavio's latest market report. Based on our research, the healthcare equipment sector witnessed a positive impact due to the widespread growth of the COVID-19 pandemic. The report also throws light on the pre-and post-impact of COVID-19 on businesses.

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The therapeutic medical devices segment will generate maximum revenue in the wearable medical devices market, owing to the increasing prevalence of diabetes, chronic pain, respiratory disorders, and hearing disorders. In terms of geography, North America will present significant opportunities for market vendors due to the factors such as the growing prevalence of chronic diseases in the region.

Wearable Medical Devices Market: Major Growth Drivers

The following factors are expected to drive the growth of the market during the forecast period:

  • Rising prevalence of chronic diseases
  • High prevalence of hearing impairment
  • Increasing adoption of technologically advanced wearable medical devices

In addition, the report identifies the emergence of innovative wearable medical devices as a major trend in the wearable medical devices market. The emergence of the latest technologies such as system-on-chip (SoC) and chip-scale package (CSP) has enabled manufacturers to develop compact, light, and ergonomic medical devices. Also, the incorporation of technologies such as the 32-bit ARM architecture and wireless technologies like ANT+ and Bluetooth low energy (BLE) has facilitated the development of wearable medical devices that consume less power and provide a longer battery life. Such developments are expected to have a positive impact on the growth of the wearable medical devices market during the forecast period.

The report helps businesses create strategies to make the most of future growth opportunities.

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Wearable Medical Devices Market: Key Vendor Offerings

Alphabet Inc.: The company offers a wide range of medical devices such as Versa Lite Edition, Fitbit Ionic, INSPIRE and INSPIRE HR, Charge 3m, and Versa 2.

Apple Inc.: The company offers wearable medical devices such as Apple Watch Series 5, Apple Watch Series 4, and Apple Watch Series 3.

BioTelemetry Inc.: The company offers wearable medical devices such as MCOT Patch, MCT 3 Lead (MCT 3L), wEvent, and ePatch.

Demant AS: The company offers products such as Oticon Xceed, Rechargeable miniRITE T R, and Captivate.

Garmin Ltd.: The company offers Venu, vívoactive 4S, vívofit jr. 2, vívosmart 4, vívomove 3/3S, vívomove Style, vívomove Luxe, vívoactive 4, and Garmin Connect.

Reasons to Buy Wearable Medical Devices Market Report:

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist wearable medical devices market growth during the next five years
  • Estimation of the wearable medical devices market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the wearable medical devices market across Asia, Europe, North America, and ROW
  • Analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of wearable medical devices market vendors

This report can be personalized according to your business needs.

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Related Reports on Healthcare Include:

Global Assistive Technology Market – Global assistive technology market is segmented by devices (sensory aids, mobility aids, and others) and geography (North America, Europe, Asia, and ROW).

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Global Connected Medical Devices Market – Global connected medical devices market is segmented by product (connected capital-intensive devices, connected physiological monitors, and connected wearable medical devices) and geography (Asia, Europe, North America, and ROW).

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About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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