Pune, India, March 02, 2023 (GLOBE NEWSWIRE) -- During the forecast period, the global Medical Wearables Market Size will be primarily driven by the increasing prevalence of chronic diseases worldwide. The World Health Organization (WHO) predicts that the incidence of chronic diseases, particularly cardiovascular disorders and diabetes, will rise by 57% by 2020. Additionally, the World Economic Forum (WEF) reports that nearly one-third of adults worldwide suffer from multiple chronic conditions, which can double medical expenses and have a devastating impact on the economy. Therefore, constant monitoring is necessary for such diseases, particularly diabetes, cardiovascular disorders, and lung conditions, and wearable medical devices can provide this monitoring.
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Report Scope of Medical Wearables Market:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Base Year | 2022 |
| Historical Data for | 2019 to 2021 |
Key Takeaways from the Medical Wearables Market:
- Factors driving global medical wearables market growth include rising adoption of wearable and portable medical devices and increasing patient awareness of health monitoring.
- Data security, data privacy, and inflexible reimbursement policies are anticipated to hinder market growth.
- The two largest markets for medical wearables are expected to be North America and Europe.
What does the Report Offer?
Until 2030, the market will be shaped by regional and competitive trends and dynamics, as well as factors analyzed in detail by Fortune Business Insights, which are expected to have an impact on the market during the forecast period.
The report on the Medical Wearables Market offers closer look into various aspects such as drivers, limitations, prospects, obstacles and new technological advancements.
Drivers & Restraints-
As portable medical devices gain popularity among the working population of the world, the global medical wearables market is expected to rise.
Some of the drivers include the increasing prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular diseases, as well as the growing awareness and adoption of wearable devices among patients and healthcare professionals. The report also highlights the role of technological advancements in wearable devices and the increasing demand for home healthcare solutions as key drivers.
The report identifies technological advancements and developments, increasing adoption of mobile health applications, and availability of wireless connectivity options as major drivers of the market, and highlights the potential benefits of wearable devices in reducing healthcare costs and improving patient outcomes as important factors.
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Segments-
| Medical Wearables Market Segmentations | By Product Type
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By Distribution Channel
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By Site
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Regional Insights
The largest markets for medical wearables are expected to emerge in North America and Europe.
North America is expected to dominate the medical wearables market share, closely followed by Europe. This dominance can be attributed to factors such as the increasing prevalence of lifestyle-induced diseases and the rapid adoption of advanced wearable technologies. Meanwhile, Asia-Pacific is expected to grow steadily due to the increasing healthcare expenditure and the rising incidence of chronic diseases, particularly diabetes and hypertension, in countries like India and China.
Competitive Landscape
Intense competition will be stimulated by the launch of exciting new products.
To gain a competitive edge in the market and diversify their product portfolio, key players are launching innovative products. Additionally, many competitors are focusing on enhancing their R&D capacities as part of their efforts to establish a strong foothold in the market.
List of Key Players Profiled in the Global Medical Wearables Market:
- Fitbit Inc.
- LifeWatch
- Omron Healthcare Inc.
- Drägerwerk AG & Co.
- Nokia Technologies
- Activinsights Ltd.
- VitalConnect
- Xiaomi
- Misfit
- Monica Healthcare Inc.
FAQ:
What are wearables in the healthcare industry?
Medical wearables are handheld devices that can be attached to body parts such as the waist, wrists, arms, feet, or head and are primarily used for disease monitoring.
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