The
wearable medical devices market is poised to grow by USD 10.24
billion during 2020-2024, progressing at a CAGR of over 10% during the forecast
period.
The market is driven by the increasing prevalence of chronic diseases.
In addition, the emergence of innovative wearable medical devices is
anticipated to boost the growth of the wearable medical devices market.
The prevalence of chronic conditions such as CVDs, respiratory diseases,
diabetes, and cardiac diseases is increasing around the world. Patients
suffering from these medical conditions require constant monitoring, which is
driving the demand for wearable medical devices. These medical devices offer
many benefits such as ease of data transfer, cost-effectiveness, real-time and
continuous monitoring, and high patient convenience and comfort. Patients
increasingly prefer wearable medical devices to cut down on costs and minimize
the burden of hospital visits. Thus, the increasing prevalence of chronic
diseases is expected to drive market growth during the forecast period.
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Major Five Wearable Medical Devices Market Companies:
Apple Inc.
Apple Inc. operates the business under various segments such as
Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The company
offers Apple Watch Series 5, Apple Watch Series 4, and Apple Watch Series 3.
BioTelemetry Inc.
BioTelemetry Inc. offers products through the following business units:
Healthcare and Research. The company offers MCOT Patch, MCT 3 Lead (MCT 3L),
wEvent, and ePatch.
Demant AS
Demant AS operates under various business segments, namely Hearing
Devices, Diagnostic Instruments, and Hearing Implants. The company offers
Oticon Xceed, Rechargeable miniRITE T R, Captivate, and Others.
Garmin Ltd.
Garmin Ltd. offers products through the following business segments:
Fitness, Outdoor, Auto, Aviation, and Marine. The company offers Venu,
vívoactive 4S, vívofit jr. 2, vívosmart 4, and Others.
General Electric Co.
General Electric Co. offers products through the following business
segments: Aviation, Power, Oil and gas, Healthcare, Renewable energy,
Transportation, Lighting, and Capital. The company offers Novii Wireless Patch
System, which is a wearable fetal or maternal monitor.
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