The most recent study conducted by Report Ocean, titled “Global Military Wearable Medical Device Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Military Wearable Medical Device . The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Military Wearable Medical Device Market to reach USD 36.0 billion by 2027.Global Military Wearable Medical Device Market is valued at approximately USD 5.7 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 30.1 % over the forecast period 2021-2027. Military Wearable Medical Device is used to report the emergency data. This device can withstand the heavy impact accurately to report back such as heart monitor and performance monitor etc.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The increasing need for advanced technology has led to the adoption of Military Wearable Medical Devices across the forecast period. For Instance: according to Statista in 2021, technological innovations are increasing rapidly in the field of medical sector such as development of 5G technology, artificial intelligence etc. The shipment of smartwatches is estimated to attain 253 million by 2025.
Rising R&D investment in military activities enhances the market growth of military wearable medical devices. Also, with the increasing need to improve military performance, the adoption & demand for Military Wearable Medical Device is likely to increase the market growth during the forecast period. However, fluctuating defence budget impedes the growth of the market over the forecast period of 2021-2027.
The geographical regions considered for the global Military Wearable Medical Device market analysis includes Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is deemed as the significant region across the globe in terms of huge market share due to the rising R&D activities for military wearable devices, increasing demand for wearable devices in the medical sector. Whereas, North America is also estimated to attain a maximum growth rate during 2021-2027. Factors such as strict training and service of soldiers, rising technological advancements towards the safety of militaries would create beneficial growth forecasts for the Military Wearable Medical Device market across North America region.
Major market players included in this report are:
Bittium
Polar Electro
Oura
Garmin
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NeuroMetrix
GOQii
Apple Inc.
Samsung
Fitbit
Zephyr Technology Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Application:
Heart Monitor
Performance monitor
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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