(MENAFN- Ameliorate Solutions) Global Wearable Medical Devices Market Research Report 2020 begins with an overview of the Market and offers throughout development. It presents a comprehensive analysis of all the regional and major player segments that give closer insights upon present market conditions and future market opportunities along with drivers, trending segments, consumer behavior, pricing factors, and market performance and estimation. The forecast market information, SWOT analysis, Wearable Medical Devices market scenario, and feasibility study are the vital aspects analyzed in this report.
The global wearable medical devices market is expected decline from $8.87 billion in 2019 to $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 $16.08 billion in 2023 at CAGR of 24.39%.
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North America was the largest region in wearable devices market in 2019. Europe is the second largest region in 2019.
Integrating artificial intelligence in the wearable medical devices is gaining traction. The data collected by the wearable medical devices lacks value without the integration of artificial intelligence (AI) that better utilizes the data collected. AI doctor which is an standalone network with deep learning algorithm performs well than trained medical practitioners in conditions like skin lesions, electrocardiograms, medical imaging and pathology. In 2020, Apple acquired Xnor.ai that develops technology like artificial intelligence to gain access for low-power AI tools for image recognition in wearables and others. A study published in 2019 revealed that AI and biometric monitoring devices are considered as an advantage by 47% of the respondents as it brings efficient healthcare to the patient and an overall of 20% respondents considered the benefits outweighed the dangers of artificial intelligence integration into wearables. 55% considered that it could improve their follow-up and quality of care, 23% believed it would reduce the cost of treatment. The wearable device app developers are increasingly focused on integrating AI into the apps to analyze the remotely collected data for better interpreting the ailment by an AI doctor.
Top Companies in the Global Wearable Medical Devices Market are Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., LifeWatch AG (BioTelemetry Inc.), Xiaomi Inc., VitalConnect, Jawbone Inc., and General Electric Co.
Segment by Type
1) By Device Type: Diagnostic Devices; Therapeutic Devices
2) By Product Type: Watch; Wristband; Clothing; Ear Wear; Other Devices
3) By Distribution Channel: Pharmacies; Online Channel; HyperMarkets
4) By Application: Sports And Fitness; Remote Patient Monitoring; Home Healthcare; Ear Wear
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Regions covered By Wearable Medical Devices Market Report 2020
North America (The United States, Canada, and Mexico), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, Malaysia, and Others), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Central & South America (Brazil, and Rest of South America), and Middle East & Africa (GCC Countries, Turkey, Egypt, South Africa, and Other).
Influence of the Wearable Medical Devices Market Report:
-Comprehensive assessment of all opportunities and risks in the Wearable Medical Devices Market.
-Wearable Medical Devices Market recent innovations and major events.
-A detailed study of business strategies for the growth of the Wearable Medical Devices Market market-leading players.
-Conclusive study about the growth plot of the Wearable Medical Devices Market for forthcoming years.
-In-depth understanding of Wearable Medical Devices Market market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Wearable Medical Devices Market.
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