COVID-19 Crisis Impact : Medical Wearables Market Size Analysis and Growth (2020-2026)
The COVID-19 crisis has shifted innumerable perceptions regarding daily activities as well as has led to a significant reassessment towards well-being and protection. On the other side, it represents lucrative opportunities to novel healthcare solutions including wearable technology. The pandemic has triggered a fear of infection from not just the virus but other neglected elements that impact health. The adoption of wearables and accompanying apps has escalated significantly as it helps the users to feel aware and protected. Moreover, as normal life is thrown out of control, these wearables restore a sense of control by providing real time information of health signals.
Since the outbreak of the COVID 19, the sales of fitness tracking wearables have increased exponentially. The observation of the benefits of wearable health gadgets is not just limited to users, but health-care providers and payers as well. This growing demand for wearables is expected to persist even after the outbreak is controlled expanding the scope of the market.
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Wearable Medical Devices Market size 2019-2024 report, added by Market Study Report, unveils the current & future growth trends of this business sphere in addition to outlining details regarding the myriad geographies that form a part of the regional spectrum of Wearable Medical Devices market. Intricate details about the supply & demand analysis, contributions by the top players, and market share growth statistics of the industry are also elucidated in the report.
NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.
Furthermore, enhanced patient awareness concerning new healthcare innovations has reflected favorably on the global demand for a wearable medical device. Factors such as the steady increase in chronic diseases, the cost-effectiveness of these devices and the increase in connected healthcare applications also contribute to wearable medical devices market growth. On the other hand, the increased prevalence of cyber-attacks and theft of patient data is likely to generate major concerns for device developers over the review period.
Scope of Global Wearable Medical Devices Market Reports
Wearable medical devices are autonomous and non-invasive devices that are designed to monitor, diagnose and treat specific medical conditions. In combination with cost effective telemedicine platform, ubiquitous health monitoring can radically contribute to the enhancement of diseases prevention and early diagnosis, disease management, treatment and rehabilitation. So, during the study of Global Wearable Medical Devices market, we have considered wearable medical devices to analyze the market.
A holistic study of the market is made by considering a variety of factors, from demographics conditions and business cycles in a particular country to market-specific microeconomic impacts. The study found the shift in market paradigms in terms of regional competitive advantage and the competitive landscape of major players.
The most important types of products covered in this report are:
· Sensor Wearable Healthcare Device
· Wireless Device Products
· Other
Wearable and mobile health monitoring technologies are important due to the rapidly aging global populations and the drastically increasing demand for in-home healthcare. Commercially available and near commercial wearable devices facilitate the transmission of biomedical informatics and personal health recording. Body-worn sensors, which can provide real-time continuous measurement of pertinent physiological parameters noninvasively and comfortably for extended periods of time, are of crucial importance for emerging applications of mobile medicine.
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Conclusion
It has been observed historically that new technologies and trends emerge after major incidents such as the two World Wars and the Spanish flu outbreak. The impact of the novel COVID 19 virus is expected to leave a long-lasting impact as well. The outbreak of the COVID 19 virus has led to people grappling with uncertainty around the infection and its treatment. The virus poses risk not just to human life but has caused economic distress and severe emotional strain. This has created a domino effect giving rise to new sets of needs and necessities that were not required earlier. After the pandemic subsides, major transformations are expected in the field of health-care including a general shift towards online services and enhancement of home health-care. The capacity of the healthcare systems globally is suddenly under the pressure of being exhausted as a result of the COVID-19 outbreak. Moreover, the market of wearable solutions that measure and monitor the health conditions of chronic, non-coronavirus patients are also expected to witness significant growth as they aid in reducing the overall burden on healthcare providers.