The global wearable medical devices
market is likely to expand considerably in the coming years due to the
incorporation of technologies such as the internet of things (IoT) and
artificial intelligence (AI). According to a report published by Fortune
Business Insights, titled “Wearable Medical Devices:
Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 22,630.7 Mn in 2018. Fortune Business Insights
states that the market will reach US$ 114,983.2 Mn by 2026, exhibiting a CAGR of
22.6%.
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The rapid adoption of connected devices has created
a subsequent demand for wearable medical devices across the world. The
increasing incidence of chronic diseases has led to several innovations in
healthcare delivery systems. The increasing demand for minimally invasive precision
devices I fuelling the demand for wearable medical devices, globally.
The
advent of IoT-integrated devices has enabled companies to generate substantial
wearable medical devices market revenue. IoT helps users keep track of
monitored data and eliminates the need for hospital visits. The adoption of
wearable devices is inclined towards the geriatric population. Subsequently,
the growing geriatric population will create a massive platform for the growth
of wearable medical devices market companies.
"Increasing
Regulatory Approvals to Emerge as the Catalysts for Market Growth"
The soaring demand for wearable devices has resulted
in approvals for several products by regulatory authorities, worldwide. As a
result of several successful clinical trials, companies are constantly engaging
in developing and manufacturing newer products due to the relaxation in product
approvals in recent years. Fortune Business Insights has predicted that the increasing number of usage approvals will give significant impetus to the
global wearable medical devices market.
In May 2019, Nemaura bagged CE mark for
a new wearable glucose monitoring device. The ‘SugarBEAT’ was a minimally
non-invasive device and the efficacy of this device contributed to huge demand.
Fortune Business Insights has predicted that an increasing number of regulatory
approvals will prove a chief growth driver for the global wearable medical
devices market in the coming years.
Read more in this Press Release:
"Mergers
and Acquisitions to Constitute Substantial Growth"
The increasing number of mergers and acquisitions in
recent years has offered massive growth opportunities to the companies involved,
besides boosting the overall market. Mergers and acquisitions have enabled
companies to generate a substantial amount of wearable medical device market
revenue. The report highlights some of the most prominent collaborations
between key market players.
In July 2018, CeQur announced the acquisition of
Johnson and Johnson’s insulin delivery patch. CeQur announced that it has
acquired a worldwide license for Johnson and Johnson’s ‘Calibra’ and expressed
its intention to expand globally. Fortune Business Insights states that this
merger and acquisition will have a positive impact on the global wearable
medical devices market in the forthcoming years.
The report profiles some of the leading companies
operating in the global wearable medical devices market and analyzes the
business strategies adopted by some of these companies. A few of the leading
companies that are operating in the global market are Fitbit, Inc., Apple Inc.,
BD, Ypsomed AG, Sonova, Hologic Inc., AiQ Smart Clothing, NeuroMetrix, Inc.,
Siemens Healthcare GmbH, and SAMSUNG.
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