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Global Military Wearable Medical Device Market Analysis Report 2021-2028: Market Size is Expected to Reach $46.7 Billion, Growing at a CAGR of 30.1% - ResearchAndMarkets.com

·3-min read

DUBLIN, May 16, 2022--(BUSINESS WIRE)--The "Global Military Wearable Medical Device Market Size, Share & Trends Analysis Report by Application (Heart Monitor, Performance Monitor), Region (North America, Europe, APAC, LATAM, MEA), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global military wearable medical device market size is expected to reach USD 46.7 billion by 2028 and is expected to expand at a CAGR of 30.1% from 2021 to 2028.

The growth of the market is attributed to the improvement in the overall performance of military soldiers with the help of innovative technology and the rising demand for lightweight military devices.

The COVID-19 pandemic has transformed the market for military wearable medical devices because wearable technologies could monitor, detect, and prevent the spread of the virus. The COVID-19 virus has indirectly increased the demand for wearable medical devices.

According to the WHO guidelines, viral infection mainly spreads through the eyes, nose, and mouth and it is difficult to identify the virus during the initial days of contract. Hence, with the innovative technology, the individual can regularly check and monitor their body temperature, oxygen level, heart rate, and body performance so that if they found any negative result, then they can immediately take precautions and treatment.

As soldiers have to train and work in a rough and harsh environment, the wearable device they are carrying must be lightweight and must provide full information of the soldier's health and performance. Many market players are developing and introducing such wearable devices, which can bear the toughest environment of the battlefield.

With the help of the device, armed forces can track and monitor the sleep of every individual, circadian stability, and all physical activity so that they can make necessary changes for better results as per the data.

As per the soldier modernization program, the military has decided to opt for lightweight wearable devices as soldiers already have to carry heavy stuff with them and such devices can increase the speed of the movement. The devices should be easy to carry and made of the toughest material to adapt to the environment. These devices should result in the betterment of the overall performance of the individuals.

Military Wearable Medical Device Market Highlights

  • By application, the heart monitor segment held the largest revenue share in 2020 as the system directly detects any uncertain change in the health of an individual, and the patient can be treated as early as possible

  • North America led the market in 2020 and is expected to maintain its lead over the forecast period owing to technological advancements and increasing R&D investment in military devices

  • Asia Pacific is expected to witness the fastest growth over the forecast period due to the rising cardiovascular events in the region and rising healthcare spending

  • The industry is highly competitive with players who are developing advanced medical devices for the soldiers that can be used in war zones or in extreme environments

Market Dynamics

Market Driver Analysis

  • Growing need for advanced technology

  • Rising R&D investment in military medical devices

  • Increasing need to improve military performance

Market Restraint Analysis

  • Declining defense budget

Industry Challenge

Military Wearable Medical Device: Market Analysis Tools

  • Industry Analysis - Porter's

  • PESTEL Analysis

Military Wearable Medical Device Market - Competitive Analysis

  • Fitbit

  • Zephyr Technology Corporation

  • Camnteh

  • Bittium

  • Polar Electro

  • Oura

  • Garmin

  • NeuroMetrix

  • GOQii

  • Apple Inc.

  • Samsung

For more information about this report visit https://www.researchandmarkets.com/r/nbxbr6

View source version on businesswire.com: https://www.businesswire.com/news/home/20220516005681/en/

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