Wilmington, Delaware, United States, July 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc.: Analysts at TMR estimate the wearable medical devices market to expand at a CAGR of 19.1% for the forecast period from 2022 to 2031. Increasing penetration of technology to render healthcare, increase in number of healthcare companies, growing patient population, and rise in product approvals are fueling the growth of wearable medical devices market.
Advancement in wearable technology by leaps and bound to link human senses to sensors elucidates prospects of demand for top wearable health devices. Simplicity of use and versatility of wearable technologies for varied healthcare needs is driving the popularity of wearable health monitoring devices.
Role of wearable medical device companies to improve the usability and accessibility of products is promising for future of wearable technology in healthcare.
North America is projected to continue to remain significant region in the wearable medical devices market. High acceptance for sophisticated health monitoring devices, affordability, and favorable reimbursement are some key factors behind growth of wearable medical devices market of the region. Furthermore, growing burden of chronic diseases increases the need for affordable medium for monitoring of chronic diseases.
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Wearable Medical Devices Market – Key Findings of the Report
- Significant population of innovators and early adopters of wearable devices in developed countries, and growing population size of this category in developing countries to underscore growth of wearable medical devices market
- Increasing number of sports and fitness enthusiasts seeking methods to track their health is anticipated to provide opportunities in wearable medical devices market
- Need for regular monitoring of diabetes to prevent life-threatening conditions such as renal failure, heart disease, and stroke stokes demand for glucose monitors. This provides opportunities for the development of wearable devices for continuous monitoring at home and in clinics.
- Activity monitors product segment held a large share of wearable devices market in 2021, and is anticipated to expand at a high CAGR during the forecast period
- Diagnostic & monitoring devices segment held significant share of wearable medical devices market in 2021. Increasing adoption of health monitoring devices for preventive health and rise in prevalence of chronic diseases such as diabetes and hypertension boosts diagnostic & monitoring devices segment
- The sports & fitness application segment accounted for major share of wearable medical devices market in the recent past. Characteristics of sports and fitness equipment to be linked with other devices such as laptops, smartphones, and PCs through Wi-Fi and Bluetooth favors growth of sports & fitness application segment
- Pharmacies distribution channel held the leading share of wearable medical devices market in 2021. Large number of pharmacy stores and preference for in-store shopping over online fuels growth of pharmacies distribution channel of wearable medical devices market.
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Wearable Medical Devices Market – Growth Drivers
- Superior characteristics of wearable technologies for simplicity of use and versatility for varied healthcare needs fuels the growth of wearable medical devices market
- Critical advantage for regular monitoring of chronic diseases to prevent complications provides ample opportunities in wearable medical devices market
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Wearable Medical Devices Market – Key Players
Some of the prominent players in the wearable medical devices market include;
- Xiaomi Technology Co. Ltd.
- Fitbit Inc.
- Apple Inc.
- Polar Electro
- Actiinsights Ltd
- Samsung Electronics Co. Ltd.
- Garmin Corporation
- Huawei Technologies Co. Ltd.
- OMRON Corporation
- VitalConnect
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The wearable medical devices market is segmented as follows;
Wearable Medical Devices Market, by Product Type
- Smart Watches
- Activity Monitors
- Patches
- Smart Clothing
Wearable Medical Devices Market, 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
Wearable Medical Devices Market, by Application
- Sports & Fitness
- Home Health Care
- Remote Patient Monitoring
Wearable Medical Devices Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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