New York, USA, July 13, 2023 (GLOBE NEWSWIRE) -- Wearable Medical Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Wearable Medical Device Market Information By Type, Device Type, Application, Distribution Channel, And Region - Forecast till 2032", the market is anticipated to reach USD 245.12 Billion by 2032 at 24.6% CAGR during the forecast period (2022-2032).
Market Scope
Customers who use medical gadgets such as activity monitors, smartwatches, and other wearables in the healthcare industry. They are specifically made to track and gather user health and fitness data. By combining vital signals with clinical symptoms, wearable technology is essential in helping to forecast some illnesses. As a result, the usage of wearable technology has increased to prevent COVID-19. The question of whether or whether the copious data collected by wearable technology might forecast the advent of the virus has recently received more attention in research. The growing focus on fitness is a significant market driver with a substantial impact. Software and wearable medical devices for managing weight and fitness have been created.
Wristbands often work with cell phones to display real-time tracking of data like steps walked, calories burned, calories ingested, and miles run. One's body mass index and other important factors are generated by merging all the data. The public and governmental organizations are particularly worried about the rise in chronic diseases and mortality rates. Therefore, healthcare professionals provide tailored care, which may include continuous and remote surveillance of patients. Furthermore, wearing them for a full day will not hinder regular tasks. Given their many advantages, wearable medical technology is anticipated to grow in popularity over the projection period. Regularly reviewing these facts helps you stay in great health.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 245.12 billion |
| CAGR | 24.6% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Device Type, Application, Distribution Channel |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing prevalence of inactive or sedentary lifestyles |
| Rising demand for digital health wearables with remote monitoring and telehealth |
Wearable Medical Devices Market Competitive Landscape:
- Sony Corporation
- Omron Corporation
- Fitbit Inc.
- Honeywell International Inc.
- Medtronic PLC
- NIKE INC.
- Motorola Solutions Inc.
- Boston Scientific Corporation
- Apple Inc.
- Honeywell International Inc.
- Qualcomm Inc.
- LG Electronics Inc.
- Philips
Wearable Medical Devices Market Trends:
Market Drivers:
Due to recent advancements in wearable technology and a growing need among people to maintain their health, a few market participants in the healthcare industry have been encouraged to develop more smart gadgets, such as biosensors, Fitbit, and hearing devices. The rising incidence of degenerative diseases and disorders associated with lifestyle choices is anticipated to be one of the major growth factors for the market for wearable medical devices. A sedentary lifestyle is also anticipated to cause an increase in both the incidence and severity of lifestyle-related disorders during the next few years, including diabetes and hypertension. Monitoring numerous physiological parameters, including blood pressure or blood sugar levels, is necessary for some of these disorders.
This permits the integration of health details with portable medical equipment to provide doctors with real-time access to data and decrease errors. As non-communicable disease mortality rates continue to rise, there is an urgent need for more focus on personalized monitoring and care. In the end, it is anticipated that this will increase wearable medical gadget popularity.
Restraints
Despite substantial advancements in wearable medical device technologies and designs, some limitations prevent the widespread use of these devices. One of them is the devices' high overall cost. Batteries, processors, sensors, and various other accessories are frequently present with these devices and require regular replacement. The expenditures of these accessories result in a substantially greater cost of ownership when factored into the entire life cycle of these devices.
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COVID 19 Analysis
Wearable medical technology is now more widely used in the healthcare sector as a result of the COVID-19 pandemic outbreak. Numerous new enterprises are offering innovative wearables that can help in the early diagnosis of viral infections. The Covid-19 outbreak has mostly benefitted the market. Due to the public's great demand for cutting-edge devices for self-monitoring Covid-19 symptoms, manufacturers of diagnostic and monitoring wearable technology reported a significant boost in their sales during the pandemic outbreak. The COVID-19 pandemic has made clear how crucial it is to prioritize health. In the middle of 2020, it was noticed that several industry players were promoting their wearable technologies to help combat COVID-19. Additionally, many medical and scientific institutions evaluate the efficacy of wearable technology in predicting coronavirus symptoms.
Wearable Medical Devices Market Segmentation
The market includes treatment devices in addition to diagnostic & monitoring equipment. The market includes pharmacies, internet channels, and hypermarkets as distribution channels. The market offers activity trackers, smart watches, smart apparel, and patches, among other products. The market is segmented by application into home healthcare, remote patient monitoring, and sports academies and fitness.
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Wearable Medical Devices Market Regional Perspectives
America is the world's top producer of wearable medical gadgets because of the rising incidence of diabetes and obesity. The best-developing markets in the region are the United States and Canada, according to the constantly rising Fitbit market share. Well-known businesses in the area are renowned for producing cutting-edge wearable medical sensors, which increases their appeal to tech-savvy customers. Asia-Pacific is one of the regions with the highest potential for wearable medical technology because of its rapid development. The region's vast population, the enormous development opportunities brought about by unmet medical demands, and the rise in lifestyle disorders, including heart ailments, are the main growth drivers for the Asia-Pacific market. Thanks to the constantly developing manufacturing facilities in China and India, the market for medical equipment is rising. Expanding the aging population, rising healthcare spending, and supportive government measures supporting wearable medical devices like smartwatches and Fitbit all fuel demand for these products in the region.
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