The novel coronavirus has significantly affected the global wearable healthcare devices market in 2020. Therapeutic device segment generated for prominent market share in 2019 and strap/clip/bracelet segment held the global market share in the previous years. Also, sports & fitness segment is expected to have most lucrative throughout the forecast years and Asia-Pacific region will witness to rise at a notable rate in the coming years. The major market players are concentrating on product advancement to gain majority of the market share in the global market.
In 2020, the emergency of COVID-19 has generated a promising impact on the global wearable healthcare devices market. During the pandemic period, the novel coronavirus has put the medical devices industry at the stage of sudden demand for personal protective equipment, diagnostic testing equipment, medical supplies and ventilators. Also, increasing the importance of home healthcare application is directly impacting the demand for wearable healthcare devices due to growing awareness among the people to curb the spread of COVID-19. But, there is possibility of shortage in the supply of raw materials and transfer of finished products due to manufacturing and transportation facilities are partially stopped because of many government imposed lockdown to control the spread. These factor are significantly impacting the wearable healthcare devices market growth in the pandemic period.
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Moreover, many government bodies are continuously increasing initiatives to help the organizations to sustain in the pandemic period. For instance, the government of Spain has introduced new economic measures and extended unemployment benefits for people who are facing money crisis. Also, government has reduced VAT charges to 0% for the suppliers of medical equipment’s from manufacturers to non-profit organizations, hospitals and public entities as well as the VAT charges on magazines, newspapers and electronic books is also minimized. During this pandemic period, our analysts providing to market players in understanding the impact of COVID19 on the wearable healthcare devices market.
Our report includes:
• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact
as per new study conducted by research dive, the global wearable healthcare devices market is expected to generate a revenue of $xx million by 2027.
The global market is classified into product, site, outlook and region. This study offers comprehensive overview about drivers, opportunities, restraints, segmental analysis and top gaining players in the global market.
• Factors affecting the market growth
As per our analysts, increasing trend for maintain fitness among the people due to growing awareness on healthy lifestyles along with continuously increasing technical advancements in the healthcare devices are projected to drive the growth of the market. But, high price associated with the instruments is expected to restrict the growth of the market.
• Therapeutic devices segment accounted for highest revenue in 2019
Based on product, the global market has been classified into diagnostic devices and therapeutic devices. In both of these, therapeutic devices accounted for significant revenue share in the previous years and is expected to rise at a notable rate throughout the estimated period. This dominance is mainly owing to extensive usage of wearable healthcare devices because the availability of therapeutic devices such as pain reliever devices, respiratory therapy devices and insulin monitoring devices.
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• Strap/clip/bracelet and sports & fitness segments held the global market share in previous years
Based on site, the global wearable healthcare devices market has been segmented into handheld, headband, strap/clip/bracelet, shoe sensors and others. Among these, strap/clip/bracelet segment is expected to have highest market share in the previous years and is anticipated to continue its growth with notable rate throughout the forecast years. This segment contains cloud and Bluetooth connectivity, these devices offers monitoring of several parameters including respiratory rate, heart rate and physical movement of the individuals. This factor is boosting demand for connectivity devices, which will drive the market growth in the forecast years.
Based on outlook, the global market has been categorized into sports & fitness, remote patient monitoring and home healthcare. In these, sports & fitness outlook segment generated majority of the wearable healthcare devices market share in the previous years and is expected to remain its growth in the forecast years. Growing adoption of self-monitoring devices due to availability of most cost effective connectivity devices along with increasing occurrence diseases due to unhealthy lifestyles, these factors are estimated to enhance the growth of the market in the forecast years.
• Wearable healthcare devices market, Regional analysis
The global wearable healthcare devices market has commanded by the North America in 2019 and is estimated to continue its trend throughout the forecast years. Wide utilization of healthcare devices because of increasing prevalence of cardiovascular diseases along with existence of modern healthcare facilities are boosting the growth of the market in the North America region. Also, Asia-Pacific wearable healthcare devices market will experience a remarkable growth and is estimated to produce a notable revenue in the coming years. Increasing the standards & economic conditions of the people along with existence of large manufacturing hubs in the Asia-Pacific region, these factors are favorable for the growth of the market in the coming years.
• Major market players in the global wearable healthcare devices market
The top gaining players in the global wearable healthcare devices market include edtronic plc, OMRON Corporation, Dexcom Inc., Masimo Corporation, Preventice Solutions, Inc., Fitbit, Inc., Koninklijke Philips N.V., Biotelemetry Inc., Abbott Laboratories, GE Healthcare and ten3T healthcare.
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