DUBAI, U.A.E, June 1, 2021, ESOMAR-certified consulting firm Future Market Insights’ report has projected the global wearable medical devices market to grow at a healthy CAGR between 2021 and 2031. The rising prevalence of diabetes and cardiovascular disease has been fuelling the demand for wearable devices across the globe.
Innovations in the biopharmaceutical industry and the rising prevalence of chronic diseases such as diabetes are favoring the market growth. Surging consumer demand for health and fitness solutions and technological developments in the medical field are major factors bolstering the demand for wearable therapeutic medical devices.
Integration of artificial intelligence with smartphones and wearable medical devices has increased the adoption, furthering the demand for wearables. Burgeoning cases of diabetes across the globe have improved the adoption of glucose monitoring devices, especially among the geriatric population.
Also, due to the penetration of online platforms and increasing awareness about health, the demand for wearable medical devices has increased exponentially. Furthermore, increasing expenditure in the healthcare industry across countries such as India, the US, China, and the UK has propelled the market demand.
According to the latest insights of Future Market Insights, the global wearable devices market is poised to expand at over 7% CAGR throughout the forecast period of 2021 and 2031.
“Growing demand for wearable for portable and advanced medical devices to monitor the glucose level and heart rate, due to the increasing cardiovascular diseases and diabetes cases, has been encouraging manufacturers to incorporate technologies such as artificial intelligence and Internet of Thinking (IoT). This will pave way for the expansion of the wearable devices market over the forecast period,” says the FMI analyst
Future Market Insights projects the market is moderately consolidated with the leading players focused on product innovation and new launches to maintain a strong foothold in the industry. Strategic mergers, collaborations and acquisitions are some of the other few strategies to solidify their position in the industry.
In May 2021, Nemaura Medical Inc. announced the purchase of 5000 sugarBEAT transmitters and 200,000 sugarBEAT sensors from a leading company in UK, DB Ethitronix Ltd., that launched sugarBEAT non-invasive daily wear glucose monitoring device in UK.
More Insights on the Global Wearable medical devices Market
Future Market Insights, in its latest study, provides an unbiased analysis of the wearable medical devices market, presenting historical demand for wearable data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the wearable medical devices market with a detailed segmentation on the basis of:
Key Questions Covered in the Report
- How will the market for wearable medical devices expand through 2031?
- Which top companies are leading the global wearable medical devices market?
- What are the key drivers and trends that will stimulate wearable medical devices sales?
- What are the challenges that will affect the sales on demand of wearable medical devices market?
- Which region will remain the most lucrative throughout the forecast period?
- What is the impact of Covid-19 on the demand of wearable medical devices market?
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