Wearable Medical Devices Market 2020 Disclosing Latest Trends and Advancement Outlook 2030; Koninklijke Philips N.V. (NYSE:PHG), OMRON Corporation (OTC:OMRNY), Fitbit, Inc. (NYSE:FIT)
By: X herald
October 21, 2020 at 03:01 AM EDT
MarketInsightsReport has published a report titled Global Wearable Medical Devices Market research report 2020 that is a detailed observation of several aspects, including the rate of growth, technological advances, and different methodologies implemented by the primary current market players. The report is based on a collective analysis of data, which is obtained through primary and secondary research. It provides a systematic approach to the current and prospective scenario of this market.
The global wearable medical devices market is expected decline from USD 8.87 billion in 2019 to USD 8.35 billion in 2020 at a compound annual growth rate (CAGR) of -5.83%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach USD 16.08 billion in 2023 at CAGR of 24.39%.
Top Companies in the global Wearable Medical Devices Market are
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North America was the largest region in wearable devices market in 2019. Europe is the second largest region in 2019.
In 2019, Google, a US-based technology company that develops internet-related services and products like search engines, cloud computing, online advertisements, software and more, announced to acquire Fitbit Inc. for $7.35 per share in cash valuing totally to $2.1 billion. The deal will benefit both the companies by designing and manufacturing innovative wearables by integrating the best hardware, software and artificial intelligence to reach even more people around the globe. Fitbit Inc., a US-based wearables company designs innovative products that track the daily health and fitness of the consumer in the form of smartwatches, activity trackers, wireless headphones and smart scales.
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During the historic period, the rise in mortality rate due to non-communicable diseases with an increasing prevalence of chronic diseases and life-style associated diseases like hypertension and diabetes contributed to the growth of wearable medical devices. Healthcare industry is coming up with newer technologies to overcome this with necessary measures like continuous and remote patient monitoring facilities through wearables which can be worn over the body all-day long for continuous monitoring of the required parameters like vital signs, glucose levels and more. In 2016, of the overall 56.9 million global deaths , 70% (40.5 million) were due to non-communicable diseases of which 80% were due to cardiac diseases, chronic lung diseases, diabetes and cancer. In 2019, a report published by Diabetics Research and Clinical Practice stated that the global diabetics population is estimated to be 463 million in 2019 which is 9.3% of global population and is expected to reach 578 million by 2030 and 700 million by 2045. The rise in number of chronic diseases coupled with growing awareness among the people is pushing them towards continuous monitoring which boosted the market growth.
Regions covered By Wearable Medical Devices Market Report 2020 To 2030 are
Effect of the Wearable Medical Devices market report is