Pune, India, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global Wearable Medical Devices Market Size was valued at USD 59.12 billion in 2022 and is projected to grow USD 428.92 billion by 2030, exhibiting a CAGR of 28.6% during forecast period. The rising health consciousness among people is a major factor that will drive the wearable medical devices market growth.
This information is provided by Fortune Business Insights™ in its research report titled Wearable Medical Devices Market, 2023-2030.
Key Industry Development-
- May 2023: Indian start-up Healpha unveiled its mobile healthcare app that helps individuals manage their health and wellbeing by offering preventive and curative care solutions. The application will allow patients to search for health conditions and find related medical service providers quickly and efficiently.
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Key Takeaways –
- Wearable Medical Devices Market size in North America was USD 19.92 billion in 2022.
- Increasing Prevalence of Chronic Diseases to Drive Market Growth
- Rising Health Consciousness among General Population to Favor Market Growth
- The diagnostic & patient monitoring devices segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report-
BD (U.S.), Ypsomed (Switzerland), Fitbit, Inc. (U.S.), Apple Inc. (U.S.), Sonova (Switzerland), NeuroMetrix, Inc. (U.S.), SAMSUNG (South Korea), OMRON Healthcare, Inc. (Japan), AiQ Smart Clothing (Taiwan), Koninklijke Philips N.V. (Netherlands)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 28.6% |
| 2030 Value Projection | USD 428.92 Billion |
| Base Year | 2022 |
| Wearable Medical Devices Market Size in 2022 | USD 59.12 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 133 |
| Segments covered | By Product, By Application, By Distribution Channel and Geography |
Browse Complete Report Details- https://www.fortunebusinessinsights.com/industry-reports/wearable-medical-devices-market-101070
Drivers & Restraints:
Rising Chronic Disease Incidence Drives Adoption of Wearable Medical Devices for Better Health Monitoring
The rising incidence of chronic diseases is expected to boost the market growth. The prevalence of chronic diseases has increased considerably in recent years due to factors such as lack of physical activity, adoption of a sedentary lifestyle, and reduced visits to hospitals for routine checkups. Some of these ailments, such as hypertension, diabetes, and cardiac disorders, need constant monitoring to give patients a better idea about their health and wellbeing. This factor is expected to augment the sales of wearable medical devices to help patients track their fitness levels.
However, the high cost of maintaining these devices can limit their sales and hinder market growth.
Segmentation:
By Product:
Diagnostic & Patient Monitoring Devices
- Activity Monitors/ Trackers
- Smart watches
- Smart-clothing
- Others
Therapeutic Devices
- Wearable Defibrillators
- Drug Delivery Devices
- Pain Management Devices
- Hearing Aids
- Others
By Application
- Remote Patient Monitoring & Home Healthcare
- Sports and Fitness
By Distribution Channel
- Retail Pharmacies
- Online Distribution
- Hypermarkets
Regional Insights:
North America Dominates Due to Constant Launch of Technologically Advanced Products
North America dominated the global market share in 2022 and is estimated to retain its dominance during the forecast period, as the region has a vast presence of reputed wearable device manufacturers. These manufacturers are constantly launching innovative and technologically advanced products to cater to the unique medical needs of their customers.
Europe is expected to hold the second-largest market share, as the region has a vast elderly population, which also increases the incidence of age-related chronic diseases. Moreover, the average disposable income of the younger population is rising, enabling them to splurge on expensive fitness tracking wearable devices.
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Competitive Landscape:
Apple Dominated Market Due to its Vast Range of Smart Products
The competitive landscape of the wearable medical devices market is highly consolidated and includes reputed companies such as Samsung, Apple Inc., Sonova, and Fitbit Inc., among others. Apple has dominated this market for quite some time due to its vast and comprehensive range of smart products, such as smartwatches. Moreover, these companies are engaging in partnerships and acquisitions to expand their market presence.
FAQs
How big is the Wearable Medical Devices Market?
Wearable Medical Devices Market size was USD 59.12 billion in 2022. It is expected to reach USD 428.92 billion in 2030.
How fast is the Wearable Medical Devices Market growing?
The Wearable Medical Devices Market will exhibit a CAGR of 28.6% during the forecast period, 2023-2030.
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