New York, USA, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Wearable Medical Device Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Wearable Medical Device Market Information by Application, and Region - Forecast till 2030", the market is anticipated to reach USD 174.48 Billion by 2030 at 27.1% CAGR during the forecast period (2022-2030).
Wearable Medical Device Market Synopsis
In the healthcare industry, customers use medical gadgets such as fitness trackers, smartwatches, and other wearables. They are specifically made to track and gather user health and fitness data. Through various campaigns and awareness initiatives, national and local healthcare organizations have actively pushed routine diagnosis. As a result, the general public is becoming more aware of tools and technologies for diagnosing and keeping track of vital signs. People are using wearable technology to monitor their physiological parameters effectively. Therapeutic devices can be useful for those dependent on continuous glucose monitoring and sensitive to even little changes in their blood sugar levels. The need for wearable medical equipment has increased as the frequency of chronic pain has increased.
As wearable technology has grown in popularity over the past few years, wearable medical devices have emerged as a trend in the healthcare sector. Wearable technology gathers or communicates biometric data, from tracking one's behaviors and locations to monitoring vital signs. Wearables are typically worn on the wrists or waist, making them concealable and mobile. By adopting this technique, police departments can quietly track offenders for investigations in addition to assisting people with diabetes by covertly monitoring their glucose levels. Despite these benefits, wearable medical devices have several disadvantages, such as cybersecurity issues and data analysis challenges due to data collection and transfer restrictions.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 174.48 Billion |
| CAGR | 27.1% |
| 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 and Distribution Channel |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing prevalence sedentary lifestyles and the resultant rise in lifestyle disorders |
| Artificial Intelligence to Emerge as a Significant Opportunity for Players |
Wearable Medical Device Market Competitive Landscape:
The important players in the wearable medical device market are:
- Sony Corporation
- Motorola Solutions Inc.
- LG Electronics Inc.
- Philips
- Boston Scientific Corporation
- Fitbit Inc.
- Honeywell International Inc.
- Medtronic PLC
- NIKE INC.
- Apple Inc.
- Honeywell International Inc.
- Qualcomm Inc.
- Omron Corporation
Wearable Medical Device Market Dynamics:
Market Drivers:
It is projected that developing sectors, including home care and remote patient surveillance devices, will impact market growth. In addition, it is anticipated that the growing emphasis would impact the industry on fitness and a healthy lifestyle. The COVID-19 pandemic's spike in product demand and growing public awareness of individual health monitoring are anticipated to be some of the key market drivers. People and government organizations are very concerned about the increased incidence of infectious diseases and the rising mortality rates.
As a result, healthcare practitioners offer individualized care, including ongoing remote patient monitoring. Additionally, wearing these for 24 hours won't interfere with daily activities. As a result, given the many benefits it provides, the demand for wearable medical devices is expected to increase over the forecast period. The popularity of those devices among the general public and patient population has significantly increased due to the factors mentioned above and market players introducing wearable technology with numerous important sign-monitoring capabilities, such as blood glucose levels, heart rate, and SpO2.
Market Restraints:
Concerns among device makers are growing due to the alarming increase in cybercrime and the loss of patient data. The prevalence of cyber threats and attacks in the digital sphere is infamous for putting patient confidentiality at risk. The increasing sophistication of cybercriminals, the expanding use of smartphones, and the newest software could severely impede the expansion of the global market. Additionally, the rising death rate from non-communicable diseases is a serious cause for concern and calls for increased attention to individualized monitoring and care. In the end, it is projected that this would further raise the desire for wearable medical devices.
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COVID 19 Analysis
In general, the market has benefited from the COVID-19 outbreak. Due to the high demand for cutting-edge technologies among the populace for self-monitoring the indications of COVID-19, manufacturers of diagnostic and monitoring wearable devices indicated a considerable increase in revenues following the pandemic outbreak. Numerous research organizations and medical organizations are evaluating the effectiveness of wearable technology in foretelling coronavirus symptoms. The necessity to put health first has been brought into stark relief by the COVID-19 outbreak. Midway through 2020, it was noticed that several industry participants were pushing their wearable technology as a means of battling COVID-19. Additionally, wearable medical devices
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Wearable Medical Device Market Segmentation
By type, the market includes activity monitors, smart clothing, smart watches, and patches.
By application, the market includes remote patient monitoring, sports academies, and fitness and home healthcare.
By distribution channel, the market includes online channels, pharmacies, and hypermarkets. By device type, the market includes diagnostic & monitoring devices and therapeutic devices.
Wearable Medical Device Market Regional Insights
Given the rising rates of obesity and diabetes, America leads the world in revenue generation for wearable medical devices. The region's consistently increasing market share shows that the US and Canada are the best-performing markets. The region's well-known manufacturers are known for creating cutting-edge wearable medical sensors, which increases their attractiveness to tech-savvy customers. The Asia Pacific is developing most quickly and has become one of the markets with the greatest potential for wearable medical devices. The Asia-Pacific market's key growth drivers include the region's enormous population, enormous development prospects due to unmet medical needs, and increased lifestyle diseases like cardiac ailments.
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The medical equipment industry is growing, which strengthens the market, thanks to China and India's rapidly expanding manufacturing facilities. Due to favorable government initiatives encouraging the use of such wearable medical devices, an increasing senior population, and rising healthcare costs in the region, the market in the Asia-Pacific is anticipated to rise exponentially throughout the forecast period.
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