Technavio has been monitoring the wearable medical devices market and it is poised to grow by USD 10.24 billion during 2020-2024, progressing at a CAGR of almost 10% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Wearable Medical Devices Market 2020-2024 (Graphic: Business Wire)
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Frequently Asked Questions-
- What was the size of the wearable medical devices market in 2019?
- Technavio says that the value of the market was USD 16.85 billion in 2019 and it is projected to reach USD 27.09 billion by 2024.
- Based on segmentation by application, which is the leading segment in the market?
- The wearable therapeutic medical devices segment is expected to be the leading segment in the global market during the forecast period.
- At what rate is the market projected to grow?
- The market will grow at a CAGR of almost 10%.
- Who are the top players in the market?
- Alphabet Inc., Apple Inc., BioTelemetry Inc., Demant AS, Garmin Ltd., General Electric Co., Koninklijke Philips NV, Medtronic Plc, OMRON Corp., and Sonova Group are some of the major market participants.
- What are the key market drivers and challenges?
- Increasing prevalence of chronic diseases and the emergence of innovative wearable medical devices are the major factors driving the market. However, the high cost of devices restraints the market growth.
- How big is the North American market?
- The market in the North America region was valued at USD 6.91 billion in 2019 and it is anticipated to grow to USD 10.44 billion by 2024.
The market is concentrated, and the degree of concentration will accelerate during the forecast period. Alphabet Inc., Apple Inc., BioTelemetry Inc., Demant AS, Garmin Ltd., General Electric Co., Koninklijke Philips NV, Medtronic Plc, OMRON Corp., and Sonova Group are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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The increasing prevalence of chronic diseases has been instrumental in driving the growth of the market.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Wearable Medical Devices Market 2020-2024: Segmentation
Wearable Medical Devices Market is segmented as below:
- Therapeutic Medical Devices
- Diagnostic and Monitoring Medical Devices
- North America
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Wearable Medical Devices Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The wearable medical devices market report covers the following areas:
- Wearable Medical Devices Market Size
- Wearable Medical Devices Market Trends
- Wearable Medical Devices Market Analysis
This study identifies the emergence of innovative wearable medical devices as one of the prime reasons driving the wearable medical devices market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Wearable Medical Devices Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist wearable medical devices market growth during the next five years
- Estimation of the wearable medical devices market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the wearable medical devices market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of wearable medical devices market vendors
Table of Contents:
- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application placement
- Therapeutic medical devices – Market size and forecast 2019-2024
- Diagnostic and monitoring medical devices – Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- Asia – Market size and forecast 2019-2024
- ROW – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver – Demand led growth
- Volume driver – Supply led growth
- Volume driver – External factors
- Volume driver – Demand shift in adjacent markets
- Price driver – Inflation
- Price driver – Shift from lower to higher priced units
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Alphabet Inc.
- Apple Inc.
- BioTelemetry Inc.
- Demant AS
- Garmin Ltd.
- General Electric Co.
- Koninklijke Philips NV
- Medtronic Plc
- OMRON Corp.
- Sonova Group
- Scope of the report
- Currency conversion rates for US$
- Research methodology
List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.