According to the research report titled ‘Global Medical Wearables Market Size study, by Device Type (Vital Sign Monitoring Devices, Glucose Monitoring Devices & Insulin Pumps, Fetal Monitoring & Obstetric Devices, Neuromonitoring Devices, Sleep Monitoring Devices), by Product (Patches, Smartwatches, Activity Monitors & Wristbands, Others), by End-User (Hospitals, Ambulatory Care Centers, Long-Term Care Centers, Assisted-Living Facilities, and Nursing Homes, Home Care Settings) and Regional Forecasts 2020-2027‘, available with Market Study Report, global medical wearables market was valued at USD 6.1 billion in 2019 and is expected to grow with a CAGR of 21.4% during 2020-2027.
 

Increasing prevalence of chronic diseases, patient’s preference for home healthcare equipment for cost-effective and efficient treatment, and adoption of advanced technologies by manufacturers are the major factors expected to drive global medical wearables market during the forecast period, cites the report.
 

Furthermore, improvements in medical wearable technology and patient inclination towards monitoring their own health are also likely to contribute to the industry growth. Medical wearables are portable tools used for disease identification and monitoring. Emphasis of companies on developing wearable devices like fitbits, smartwatches, and wearable monitors will aid global medical wearables market outlook.
 

Moreover, high utility of smartphones in heath monitoring and improving awareness regarding importance of health and fitness among individuals will provide impetus to global medical wearables industry expansion in coming years. As per American Heart Association, about 17.6 million deaths due to cardiovascular diseases were reported worldwide in 2016, and the number is predicted to reach 23.6 million by the year 2030. Surging instances of cardiovascular disorders, in turn, is boosting the adoption of medical wearables, thereby contributing to market remuneration.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2683157/
 

The report cites that rapid spread of COVID-19 has propelled the demand for medical wearables as they aid in monitoring and screening the viral infection, thereby positively influencing the business scenario in recent times. However, issues related to inaccurate data analysis generated by the device and unfavorable reimbursement norms are poised to restrain medical wearables industry growth during 2020-2027.  
 

Based on end-user spectrum, global medical wearables market is segmented into hospitals, home care settings, long-term care centers, ambulatory care centers, assisted-living facilities, and nursing homes. With regards to device type, the industry is bifurcated into fetal monitoring & obstetric devices, vital sign monitoring devices, and sleep monitoring devices, alongside neuromonitoring devices, and glucose monitoring devices & insulin pumps. Moving over to product terrain, the market is segmented into patches, activity monitors & wristbands, smartwatches, and others.
 

From a regional perspective, North America held a majority share of worldwide medical wearable market in recent past, mainly due to increasing cases of cardiovascular disorders, diabetes, and cancer, as well as rapid adoption of wearable medical technology in the region.
 

Meanwhile, Asia Pacific medical wearable industry is anticipated to witness rapid growth over 2020-2027, owing to favorable government measures for medical wearables adoption, booming geriatric population, and rising healthcare expenditure among individuals.
 

Major players operating in global medical wearables marketplace include Koninklijke Philips N.V., Medtronic plc, Masimo Corporation, Apple Inc., Abbott Laboratories, iRhythm Technologies Inc., Omron Healthcare Co. Ltd., GE Healthcare, BioTelemetry Inc., and DexCom Inc.