Fort Collins, Colorado, Sept. 11, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Wearable Medical Devices Market Size, Growth, Share, Statistics Report, By Product Type (Biosensors, Smartwatches/ Fitness Tracker, Wearable ECG monitors, Wearable Blood Pressure Monitors, Smart Technology Clothing), By Product Uses, By Grade Type, By Region, And Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the wearable medical devices market size was valued at USD 27.5 Billion in 2022 and is expected to arrive at USD 283.9 Billion by 2032 at a CAGR of 26.4%. The introduction of the Internet of Medical Things in these devices is the primary reason for the rising popularity of wearable medical devices. These devices help in connecting devices with medical technologies to improve medical services. This enables doctors and hospital staff to remote patient monitoring, telehealth, and personal emergency response systems.
The rise in number of health-conscious people is another factor boosting the market’s growth. Doctors are also in favor of using these devices as this helps them get better insights into the health condition of the patient and can help them identify the health issues and also help in predicting the possible health issues that can occur based on the generated medical data.
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Report Snapshot:
| Report Title | Wearable Medical Devices Market |
| Market Size in 2022 | USD 27.5 Billion |
| Market Size by 2032 | USD 283.9 Billion |
| CAGR from 2023 to 2032 | 26.4% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Product Type | Smartwatches/ fitness tracker, wearable ecg monitors, wearable blood pressure monitors, biosensors and smart technology clothing |
| By Product Uses | Monitor fitness, disease management, monitor heart rate and others |
| By Grade Type | Medical Grade and Consumer Grade |
| By Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Apple, Garmin Ltd., Omron Corporation, Philips, Metronics, Biotelemetry, Fitbit, Covidein, Augmedix, Withings, Gentag. |
Segmentation Overview
The wearable medical devices market is segmented into wearable medical devices product type, application, grade type, and region. Based on the wearable medical devices type, the Smart watches/fitness trackers segment holds a significant market share. Based on application, the monitoring fitness segment is leading the growth in the market. Based on grade type, the consumer-grade segment is at the forefront of the wearable medical devices market.
North America dominates the wearable medical devices market due to the rising chronic disease prevalence. The United States has emerged as the largest consumer of wearable medical devices. Asia Pacific market size experienced a rapid growth in the wearable medical devices market due to the rise in awareness about the health benefits such as monitoring and measuring physical conditions to collect real-time data, and suggesting measures to improve health parameters. Besides, rise in geriatric population is also a prominent factor to the market growth in the region.
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Key Developments in the Industry:
- In June 2023, Medtronic acquired EOFlow Co. Ltd., a manufacturer of EOPatch devices. EOPatch device is a tubeless, wearable, and a full disposable insulin delivery device.
- January 2023, Garmin Ltd has launched a new ECG app, which allows users to record a 30-second ECG and view the report on their smartphone or the Garmin Connect App. This is an FDA-approved app that will allow the users to take their ECG tests anytime, anywhere.
Wearable Medical Devices Market Report Highlights:
- The wearable medical devices market is projected to attain a CAGR of 26.4% by 2032.
- Smartwatches/fitness trackers are a leading wearable medical device product type segment growth and are expected to continue dominance. They provide the services of monitoring pulse rates, heart rates, oxygen, and blood pressure at an affordable price, making it a preferred medical device.
- Monitoring fitness is at the forefront of the application segment growth. The growth is attributed to the rising awareness among consumers about the benefits offered by wearable medical devices, such as tracking daily activities, and assisting in fitness and diet decisions.
- The consumer grade is leading the grade-type segment growth. The availability of a wide range of products on e-commerce platforms is the key factor boosting the segment growth. Rising focus on Improving lifestyle, health, and fitness awareness are the primary reasons behind the growth of this segment.
- North America dominates the wearable medical devices market owing to the rising awareness about the benefits of wearable medical devices.
- The prominent players in the wearable medical devices market report include Apple, Garmin Ltd., Omron Corporation, Philips, Metronics, Biotelemetry, Fitbit, Covidein, Augmedix, Withings, Gentag, and others.
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Wearable Medical Devices Market Report Segmentation:
Wearable Medical Devices Market, By Product (2023-2032)
- Smartwatches/ Fitness Tracker
- Wearable ECG monitors
- Wearable Blood Pressure Monitors
- Biosensors
- Smart Technology Clothing
Wearable Medical Devices Market, By Product Uses (2023-2032)
- Monitor Fitness
- Disease Management
- Monitor Heart Rate
- Others
Wearable Medical Devices Market, By Grade Type (2023-2032)
- Medical Grade
- Consumer Grade
Wearable Medical Devices Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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