Newark, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 30 billion in 2022 global wearable medical devices market will reach USD 279.39 billion in 2032. The growing demand for smartwatches to track calories, heart rate, oxygen saturation and daily steps will drive the wearable medical devices market. The growing trend of 21, 30, and 75-day fitness challenges of working out daily, eating healthy and walking 10k steps every day have gained popularity given its rising adoption in the young population and through social media. These challenges and the growing adoption of an active lifestyle will propel the demand for smartwatches. These smartwatches also offer analysis and can track calorie intake, offering a comprehensive progressive insight for the user. Such trends, the popularity of active lifestyles, and extensive marketing of smart wearable devices will augment the market's growth.
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Key Insight of the Global Wearable Medical Devices Market
North America is expected to dominate the market during the forecast period.
The need for wearable medical equipment will rise as the prevalence of chronic diseases rises. Additionally, consumers may easily get these products because of the region's substantial manufacturers and distributors. The rising government spending on healthcare would also aid the market's expansion. The well-established healthcare industry will aid the market's expansion, substantial insurance coverage, and beneficial healthcare programmes. Product innovation has been accelerated by rising R&D spending, which has supported local market expansion.
In 2022, the diagnostic and patient monitoring wearable medical devices segment dominated the market with the largest market share of 59% and revenue of 17.70 billion.
The product type segment is divided into diagnostic and patient-monitoring wearable medical devices and therapeutic wearable medical devices. In 2022, the diagnostic and patient monitoring wearable medical devices segment dominated the market with the largest market share of 59% and revenue of 17.70 billion.
In 2022, the remote patient monitoring segment dominated the market with the largest market share of 43% and revenue of 12.90 billion.
The application segment is divided into sports and fitness, remote patient monitoring and home healthcare. In 2022, the remote patient monitoring segment dominated the market with the largest market share of 43% and revenue of 12.90 billion.
In 2022, the online segment dominated the market with the largest market share of 53% and revenue of 15.90 billion.
The distribution channel segment is divided into online and offline. In 2022, the online segment dominated the market with the largest market share of 53% and revenue of 15.90 billion.
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Advancement in Market
April 2023 - Per the European Medical Device Regulation, Movesense Medical's wearable electrocardiogram (ECG) and movement sensor have been certified as a Class IIa medical device. The first MDR-certified chest strap ECG and heart rate monitor is Movesense Medical. With the new regulatory confirmation, Movesense will replace its previous owner Suunto and transition from a distributor to a producer. A wearable sensor called Movesense Medical is designed to track human movements and single-channel ECG, heart rate, and heart rate variability. The sensor can wirelessly send data, making it useful for telehealth and remote patient monitoring.
Market Dynamics
Driver: The rising prevalence of chronic illnesses.
The frequency and prevalence of chronic diseases have increased due to bad eating habits and a sedentary lifestyle. Additionally, the covid-19 pandemic has left many survivors with extended covid, necessitating ongoing patient observation. For instance, during the COVID-19 pandemic, the demand for pulse oximeters increased for use in home healthcare. The population's increased adoption of an active lifestyle and heightened health consciousness has increased the demand for smartwatches that track vital signs to track fitness and health progress. The global wearable medical devices market will expand due to the increasing importance of mental wellness, the expanding use of telehealth to expand access to medication and healthcare services, and other factors. Wearable medical devices' exorbitant price
Restraints: Wearable medical devices are expensive.
Medical gadgets are complex machinery and technology that require a substantial investment. Additionally, it requires specialised manufacturing, assembly, and maintenance costs. The retail costs for these products are frequently high because they are patented. Manufacturing and distribution are restricted to specific geographic locations, raising costs in other, frequently emerging and underdeveloped regions and leaving the local population defenceless. As a result, the market's expansion will be constrained by wearable medical devices high prices.
Opportunities: Product developments.
Technical developments have improved new ideas like artificial intelligence and IoT. These technologies have been introduced and integrated into medical devices, which has increased their effectiveness in identifying vitals and keeping track of health. Such developments demonstrate encouraging advantages in proactive health management, early diagnosis, and disease and mortality prevention. Thus, industry participants in the wearable medical devices market will benefit from the expanding product advancements during the projected period. To improve the management of surgical tools, several hospitals are increasingly implementing digital surgical instrument monitoring systems, such as RFID-based ones. These technologies can improve patient safety and hospital efficiency by accelerating surgical processes and ensuring the appropriate equipment is available.
Challenges: The stringent government regulations.
Wearable medical devices must be tested first to authenticate their reliability by relevant authorities. Furthermore, stringent regulations govern the collection, storage and exchange of data collected from the user, as this data is personal and sensitive. Therefore, stringent regulations governing the approval, marketing, sale, purchase and use of wearable medical devices will challenge the market's growth.
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Some of the major players operating in the global wearable medical devices market are:
• Apple Inc.
• Basis Science Inc.
• Fitbit
• Medtronic Plc
• Omron Corp.
• Philips Electronics
• Polar Electro
• Sotera Wireless
• Vital Connect
• Withings
Key Segments cover in the market:
By Product Type
• Diagnostic and Patient Monitoring Wearable Medical Devices
• Therapeutic Wearable Medical Devices
By Application
• Sports and Fitness
• Remote Patient Monitoring
• Home Healthcare
By Distribution Channel
• Online
• Offline
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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