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HomeBusinessWearable Therapeutic Devices Demand Accounts for 50% of Wearable Devices

Wearable Therapeutic Devices Demand Accounts for 50% of Wearable Devices

03 June 2021: Future Market Insights’ report projects the global wearable medical devices market to expand by 7% CAGR throughout the forecast period of 2021 and 2031.

Innovations in biopharmaceutical industry and 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 the smartphones and wearable medical devices have increased the adoption, furthering the demand. Burgeoning cases of diabetes across the glove 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 home healthcare wearable medical devices have increased exponentially. Furthermore, increasing expenditure in the healthcare industry across countries such as India, US, China and UK have propelled the market demand.

“Growing demand 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

Key Takeaways: 

# Wearable therapeutic medical devices accounted for more than 50% of global market share in terms of product type
# Home healthcare wearable devices segment is expected to be the largest contributor in the market revenue, accounting for over 60% of market share
# Clinics are anticipated to be the primary distribution channel for wearable medical devices market, followed by hospital pharmacies
# Increased healthcare expenditure in USA expected to foster the wearable devices sales
# Germany is expected to lead the Europe’s wearable medical devices market through 2021
# Favorable policies and high investment in the medical field across China are expected to bolster market growth

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