U.S. wearable medical devices market has witnessed considerable growth and is anticipated to reach more than USD 23 billion of revenue by the year 2025. The most significant factors that have proved beneficial for the market are the launch of technologically advanced healthcare monitoring products along with rising awareness regarding fitness. High disposable income and growing prevalence of lifestyle diseases would further proliferate the U.S. wearable medical devices industry size over the forecast duration.
As per WHO, the ratio of diabetes among adults aged over 18 years rose to 8.5% in 2014 from 4.7% in 1980. The growing prevalence of diabetes is predominantly attributed to an unhealthy diet and sedentary lifestyle. However, it can be treated, and its consequences could be avoided with proper diet, medication, physical activity, and regular screening. In addition to diabetes, the rising incidence other chronic diseases that require regular screening will augment the technology adoption.
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The wearable medical devices market, based on application is categorized into sleep tracking, obesity control, diabetes care, cardiac health, and fitness monitoring devices. The prevalence of diabetes among the elderly population has increased significantly over the years. This has resulted in the advent of technologically advanced electrochemical sensors that track skin interstitial fluid and sweat to monitor blood glucose concentration. Notably, the diabetes care devices segment was valued at US$1.8 billion in 2018 and is likely to grow substantially in the coming years.
Wearable medical technology application in-home healthcare settings is estimated to experience a 40% CAGR through 2025. Ongoing advancements in wearable technology and increasing preference for personalized in-home healthcare services will foster the technology development. These devices provide greater convenience to patients and reduce the number of regular visits to healthcare centers.
The increasing convergence between wearables and medical products has proved beneficial in transforming wearable medical devices market outlook. Having emerged as one of the most profitable niche verticals in the worldwide healthcare and medical devices sector, this industry is not yet a mainstay in the field, but most medical device manufacturers are nevertheless adding wearable components to their product lines. These fitness trackers help users to stay in shape, all while being easy to use, comfortable, and not cumbersome.
The major industry players are involved in adoption of several strategies including merger and acquisition, strategic collaboration, and partnerships to strengthen their business position. A few of the players operating in wearable medical devices market are Fitbit, Sotera Wireless, Omron Corporation, Koninklijke Phillips N.V. Apparently, these firms are focusing on untapped emerging nations to gain competitive edge and acquire significant market share globally. Reports forecast that the remuneration portfolio of worldwide wearable devices market is set to surpass USD 87 billion by the year 2025.
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Partial Chapter of the Table of Content
Chapter 5. Wearable Medical Devices Market, By Application
5.1. Key segment trends
5.2. Cardiac health
5.2.1. Market size, by region, 2014 – 2025 (USD Million)
5.3. Obesity control
5.3.1. Market size, by region, 2014 – 2025 (USD Million)
5.4. Diabetes care
5.4.1. Wearable Medical Devices Market size, by region, 2014 – 2025 (USD Million)
5.5. Fitness monitoring
5.5.1. Market size, by region, 2014 – 2025 (USD Million)
5.6. Sleep tracking
5.6.1. Market size, by region, 2014 – 2025 (USD Million)
5.7.1. Market size, by region, 2014 – 2025 (USD Million)
Chapter 6. Wearable Medical Devices Market, By End-use
6.1. Key segment trends
6.2. Home healthcare
6.2.1. Market size, by region, 2014 – 2025 (USD Million)
6.3. Remote patient monitoring
6.3.1. Market size, by region, 2014 – 2025 (USD Million)
6.4. Fitness and sports
6.4.1. Market size, by region, 2014 – 2025 (USD Million)
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