Wearable Medical Devices Market to Surpass USD 183.8 Bn by 2031 with CAGR of 19.1%: Exclusive Research by Transparency Market Research

Early adopters of wearable medical devices make up a large section of the populace in Canada and the U.S. As a result, North America is expected to experience speedy growth in the wearable medical devices market. Increase in occurrence of chronic pain owing to sedentary lifestyles and lack of exercise is expected to drive market demand for wearable medical devices such as TENS (transcutaneous electrical nerve stimulation) and PEMF (pulsed electromagnetic field treatment) devices.

Wilmington, Delaware, United States, May 11, 2023 (GLOBE NEWSWIRE) -- The global wearable medical devices market size was worth US$ 29.9 Bn in 2021 and is anticipated exceed value of US$ 183.8 Bn by 2031. The global market is likely to advance at a CAGR of 19.1% from 2022 to 2031.

Wearable technology has made huge strides and unlocked limitless possibilities across several industries worldwide by connecting senses to sensors. The growing popularity of wearable devices in healthcare is largely due to their high compliance and adaptability. People use wearable technology to monitor their vital signs. Omnipod and Pancreum's Vigil are two instances of such therapeutic gadgets that can help those who are sensitive to even very small changes in their blood sugar levels and need continuous glucose monitoring.

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Pulsed electromagnetic field treatment (PEMF) and transcutaneous electrical nerve stimulation (TENS) are two examples of wearable medical devices whose demand has increased with the rise in incidence of chronic pain. The global industry has witnessed a surge in demand for respiratory monitors, point-of-care monitoring products, and multi-parameter monitoring systems, particularly during the Covid-19 pandemic.

Key Findings of Market Report

  • Based on product type, the activity monitors segment held a sizable market share in 2021. Adoption of activity monitors has increased since technologies such as Wi-Fi and Bluetooth have been incorporated with diagnostic tools. As a result, these devices can transmit health data to computers or cellphones, allowing medical experts to assess data more swiftly.
  • In terms of device, the diagnostic & monitoring devices segment accounted for a sizeable portion of the global industry in 2021. Rise in health awareness and incidence of hypertension and diabetes is likely to drive business opportunities in this segment during the forecast period from 2022 to 2031.
  • The sports & fitness segment occupied a sizable portion of the global market in terms of application. Equipment for sports and exercise commands a substantial market share. These wearable technologies can connect to PCs, laptops, and smartphones through Wi-Fi and Bluetooth, enabling customized settings and in-depth performance tracking.
  • Based on distribution channel, pharmacies represented a sizable portion of the market in 2021. The segment is projected to grow due to the expansion of pharmacy shops and consumer preference for in-person purchasing rather than online shopping for these devices.

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Global Wearable Medical Devices Market: Growth Drivers

  • Early adopters and innovators make up the majority of those who buy wearable medical products. The market is driven by a sizable pool of people from industrialized nations who prefer electronic devices. The global market is also witnessing an increase in the number of fitness and sports enthusiasts preferring innovative ways to monitor their health.
  • Sedentary lifestyle, obesity, and poor diet all contribute to the surge in number of people who have diabetes. Life-threatening illnesses including stroke, heart disease, and renal failure can also result from this condition. Therefore, it is necessary to regularly check on the health of people suffering from diabetes, leading to a greater need for glucose monitors. Cardiovascular problems also increase the likelihood of premature mortality. This calls for the development of wearable technology that can provide constant cardiovascular health surveillance at home as well as in medical facilities.

Global Wearable Medical Devices Market: Regional Landscape

  • North America is projected to be the most lucrative region in the near future. The region's strong market share can be ascribed to high rate of adoption of technologically sound products, strong reimbursement coverage, as well as emergence of new firms with innovative platforms. Additionally, high financial burden of chronic disease management drives demand for reasonable and effective medical care facilities. This is expected to fuel the growing popularity of wearable medical devices in North America.

Global Wearable Medical Devices Market: Key Players

  • Huawei Technologies Co., Ltd
  • Xiaomi Technology Co.
  • Apple, Inc.
  • OMRON Corporation
  • Garmin Corporation
  • BioTelemetry, Inc.

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Global Wearable Medical Devices Market: Segmentations

By Product Type

  • Smart Watches
  • Activity Monitors
  • Patches
  • Smart Clothing

By Device

  • Diagnostic & Monitoring Devices
  • Vital Signs Monitoring Devices
  • Glucose Monitoring Devices
  • Sleep Monitoring Devices
  • Fetal Monitoring & Obstetric Devices
  • Neuromonitoring Devices
  • Therapeutic Devices
  • Pain Management Devices
  • Rehabilitation Devices
  • Insulin Pumps

By Application

  • Sports & Fitness
  • Home Health Care
  • Remote Patient Monitoring

By Distribution Channel

  • Online Channels
  • Pharmacies
  • Hypermarkets

By Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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