Wearable Medical Devices Market Size Worth USD 250.59 Billion in 2032 | Emergen Research

Vancouver, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global wearable medical devices market size was USD 26.80 Billion in 2022 and is expected to register a rapid revenue CAGR of 25.0% during the forecast period. Rising need for continuous monitoring, and per capita income, technological advancements in wearable medical devices, and increasing elderly and use of wearables in home healthcare are key factors driving market revenue growth.

In April 2023, Varanium Cloud, an Indian digital technology business, and QMS MAS (Medical Allied Services), a leader in health care and wellbeing, collaborated to create Vyana, an innovative wearable medical device. The gadget was launched as a component of QMS MAS's extensive point-of-care offering. This device will assist address the health issues of millions of Indians and reduce the number of hospitalizations for unnecessary reasons by informing people on time about their shifting biological indicators.

In addition, rising prevalence of chronic diseases is another key factor driving revenue growth of the market. Wearable medical devices system is becoming very popular across industries as healthcare providers offer personalized care with wearable medical devices, which can be worn without affecting routine.

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Moreover, increasing awareness about fitness is also expected to drive market revenue growth during the forecast period. Diverse wearable medical devices have been created to monitor weight and fitness. For example, in January 2022, Omron Corporation launched its remote patient monitoring services at the 2022 Consumer Electronics Show (CES). In conjunction with this, the company introduced connected blood pressure monitors and an innovative mobile application designed to assist customers in managing their heart health.

However, data security and privacy issues and non-availability of reimbursement are key factors, which could restrain market revenue growth. In addition, high cost of maintenance of wearable medical devices to limit their adoption and reluctance to adopt newer technologies compared to traditional healthcare technologies are other factors, which could restrain market revenue growth. The cost is majorly associated with batteries, chips, sensors, accessories, and part replacement costs.

Segment Insights

Device Type Insights:

On the basis of device type, the global wearable medical devices market is segmented into diagnostic devices and therapeutic devices. The diagnostic devices segment accounted for largest revenue share in the global wearable devices market in 2022 due to increasing prevalence of neurological disorders. The diagnostic devices segment is further segmented into vital sign monitoring devices, sleep monitoring devices, electrocardiographs fetal and obstetric devices, and neuromonitoring devices.

Grade Type Insights:

On the basis of grade type, the global wearable medical devices market is segmented into consumer-grade and clinical-grade. The clinical grade segment is expected to account for largest revenue share in the global wearable medical devices market owing to rising use of medical devices used by doctors in their daily use to keep a record of patient’s health diagnosis, treatment, health records. Medical devices are used to record the bodily behavior of patients in critical conditions.

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Regional Insights:

The North America market accounted for largest revenue share in the global wearable medical devices market in 2022 owing to rising demand for wearable medical devices solutions and integration of new technologies and increasing prevalence of diabetes, cardiovascular disorders, and cancer diseases in the region

The Europe market is expected to register fastest revenue growth rate in the global wearable medical devices market over the forecast period owing to hands-free operation and access to data at any time of day, biometric functionality, Global Positioning System (GPS) and mapping capability, and independent smartphone functioning are a few distinctive aspects of smart wearables. Corona Data software collects vital signs from volunteers using smartwatches or fitness trackers, such as pulse, temperature, and sleep, to determine whether they are experiencing flu-like symptoms.

Scope of Research

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Major Companies and Competitive Landscape

The global wearable medical devices market is fragmented with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective wearable medical devices in the market. Some major players included in the global wearable medical devices market report are:

• Withings
• VitalConnect
• Sotera, Inc.
• Koninklijke Philips N.V.
• Omron Corporation
• Medtronic plc
• Fitbit
• Sonova 
• Apple Inc.
• Intelesens Ltd
• Polar Electro
• Garmin Ltd.
• Wainscot
• Sotera Wireless
• Smith and Nephew
• Abbott Laboratories
• DexCom, Inc.
• Samsung Electronics
• Minttihealth
• AiQ Smart Clothing Inc.

Strategic Development

• In February 2023, 3M introduced a new medical adhesive that can adhere to the skin for up to 28 days and is intended for use with various health monitors, sensors, and long-term medical wearables. Longer wear duration for devices and monitors could save costs, collect more data for improved decision making, and lessen patient interruption.
• In May 2022, Withings introduced its ScanWatch Horizon hybrid smartwatch in the U.S., offering the capability to track the wearer's Electrocardiogram (ECG), heart rate, blood oxygen levels, breathing disruptions, as well as physical and sleep activity in both typical and underwater conditions. The ScanWatch Horizon is water-resistant up to 10 ATM and has a battery life lasting up to 30 days.

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For the purpose of this report, Emergen Research has segmented global the wearable medical devices market on the basis of product, device type, grade type, application, and region:

• Product Outlook (Revenue, USD Billion; 2022-2032)
  • Watches
  • Wristband
  • Ear Wear
  • Others
• Device Type Outlook (Revenue, USD Billion; 2022-2032)
  • Diagnostic Devices
    1. • Vital Sign Monitoring Devices
       • Sleep Monitoring Devices
       • Electrocardiographs Fetal and Obstetric Devices
       • Neuromonitoring Devices
  • Therapeutic Devices
    1. • Pain Management Devices
       • Rehabilitation Devices
       • Respiratory Therapy Devices
       • Others
  • Others
• Grade Type Outlook (Revenue, USD Billion; 2022-2032)
  • Consumer-Grade
  • Clinical-Grade
• Application Mode Outlook (Revenue, USD Billion; 2022-2032)
  • Sports and Fitness
  • Remote Patient Monitoring
  • Home Healthcare
• Regional Outlook (Revenue, USD Billion; 2022–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. ASEAN Countries
    6. Oceania
    7. Rest of APAC
  • Latin America
    1. Brazil
    2. Mexico
    3. Rest of LATAM
  • Middle East & Africa
    1. GCC Countries
    2. Israel
    3. Turkey
    4. South Africa
    5. Rest of Middle East & Africa

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