30 January 2023
The global wearable medical devices market is growing faster due to various market drivers, but technological advancements and developments are the main drivers of growth.
These wearable medical devices include sleep and fitness trackers, smartwatches, finger rings, pulse oximeters, body sensors, etc.
They are portable equipment that can monitor and diagnose patients’ vital health signals like blood pressure, respiration rate, heart rate, etc. These devices are placed externally on the patient’s body or worn to collect crucial data about patient health.
Wearable medical devices allow their users to view their vitals and other indicators of good health, as well as a variety of medical treatments. Not only are they a great product to improve the patient population’s lifestyle, but also to improve the lifestyle of the general population.
These devices can provide real-time data and historical data for evaluation while making it easy for everyone to use, thanks to user-friendly interfaces. Wearable medical devices have plenty of applications in the healthcare sector.
With technological innovation, features like EKG capabilities, fall detection, and a real-time blood glucose monitor have been added to these devices.
Other technological advancements, like artificial intelligence (AI), are also improving wearable medical devices. Recently, the FDA approved AI-based wearable technology that can measure different vital signs for at-home patient use.
Such technologies are a key driver for the global wearable medical devices market. The COVID-19 pandemic has further boosted the growth of this market due to a surge in health consciousness, awareness, and demand for at-home health monitoring and diagnoses.
Other features of wearable medical devices, like contact tracing capabilities and prompts to maintain social distancing, have helped them gain popularity since the pandemic. On the other hand, a wide range of fitness tracking, mental care, and individualised reporting features have made them attractive to the general public, fitness enthusiasts, athletes, and professionals.
Once again, these features are accredited to technological advancements. They are the key factor driving the growth and boom of the global wearable medical devices market. Of course, there are other growth drivers, like increased cases of chronic diseases worldwide and the global rise in health consciousness and fitness trends.
The wearable medical devices industry has also been spurred by the widespread application of smartphones, mobile devices, and healthcare apps. The rise of such remote health information systems has significantly improved patient comfort, furthering demand.
However, as with any market’s growth, there are some restraints. Factors such as the high cost of acquisition, the high cost of maintaining them, and limited life cycles deter widespread adoption.
Another key restraint to the growth of the global wearable medical devices market is unfavourable regulations in certain regions. For example, many countries in the European region consider medical treatment with the physical presence of a doctor with the patient.
So, remote treatment solutions, like from certain wearable medical devices, are not eligible for reimbursement. Such outdated regulations are stifling the development of remote and wearable healthcare solutions.
However, once again, technology has the answer to this restraint. Advancements like 5G connectivity, AI, and machine learning (ML) capabilities are helping overcome the lack of real-time diagnosis and connection between doctors and patients.
These technologies also provide predictive diagnosis, which is further helping patient care. Ultimately, these new technologies can help innovate solutions and add to the growth of the wearable medical devices market.
However, the mentioned things alone do not paint the full picture of the global wearable medical devices market and technology’s hand in its growth.
For that, Douglas Insights offers a comprehensive report on this market that outlines everything about the industry and market, its current state, and projections about its future in the coming years.
You can identify the current and future potential of the wearable medical devices market and gain a detailed analysis of the growth drivers, restraints, growth opportunities, market trends, regulatory scenario, competitive environment, and more.
It gives deep insights into the competition and descriptive company profiles of the key global market players, such as Abbott, General Electric Co., Medtronic PLC, Siemens Healthineers AG, Thync Inc. and VivoSensMedical GmbH.
Businesses can also access actionable information like growth projections, market trends, historic data, and CAGR to help predict production schedules and other aspects of their business.
The report makes it easy for businesses to learn about developing promising devices and technologies and how likely they can be marketable in the coming years.
There are insights on various relevant details in the global wearable medical devices market, like research and development, revenue and market share analysis, and information on mergers and acquisitions and collaboration agreements.
Since the report highlights the global market, there is a detailed analysis of the market by region, including North America, Europe, Asia-Pacific, the Middle East, Africa, and South America.
You will gain a highlight on the upcoming market potential and areas of focus to forecasting this market into various segments and sub-segments.
Whether you are a marketer, business person, investor, or professional in the wearable medical devices industry, this report is essential for you, as it can positively affect your major future decisions through data-driven analysis.
The report will enlighten you on recent global trends and technologies propelling the global wearable medical devices market. Not only will you get a better idea of the opportunities in the market, but also about the pitfalls you must avoid.
Things like government regulations, market challenges, risks, restraints, issues, and technological challenges are highlighted for you to learn from.
The sheer detail of this report will amaze you and provide a detailed overview of the market you need to succeed. More than anything, the report is an investment into your future in the wearable medical devices industry.
Get your copy of this special report here so you are not left behind on all the recent trends and technological advancements leading the way in the global wearable medical devices market.
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