Wearable Medical Device Market Size, Trends By Type (Activity Monitors, Smart Watches, Smart Clothing, Patches), Device Type (Diagnostic & Monitoring Devices, Therapeutic Devices), Application (Sports Academies and Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel (Pharmacies, Online Channel, Hypermarkets) – Forecast till 2030
Wearable Medical Devices Market
Wearable Medical Device Market is anticipated to reach USD 174.48 Billion by 2030 at 27.1% CAGR during the forecast period (2022-2030), suggests MRFR (Market Research Future). Wearable medical device market forecast has been presented in the report, with MRFR experts keeping a tab on all the latest developments and trends that can impact the growth scope. The market for wearable medical devices is expected to develop dramatically in the next years, given the rising incidence of sedentary or inactive lifestyles and the consequent rise in lifestyle diseases including hypertension and diabetes. Regular tracking and monitoring of physiological variables including blood pressure and blood sugar levels is usually necessary for these conditions. Because doctors can access the data in real-time and with a lower risk of error, this element is driving the integration of healthcare data with medical devices.
Studies that concentrate on creating workable methods to incorporate AI (Artificial Intelligence) with wearable medical devices have been spurred by the growth and complexity of data in the healthcare sector. There is a growing need for AI and other cutting-edge technologies as a result of the increasing adoption of mobile platforms, the rise in 5G popularity, and increased awareness of and preference for remote monitoring at home.
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Wearable Medical Devices Market Segmentation
Wearable medical devices come in a variety of forms, such as smart watches, activity trackers, patches, and smart clothes. Smartwatches may track the number of steps taken, the length of a walk, and the number of calories expended. Therefore, the demand for smart watches is rising significantly in the global market for wearable medical devices as more individuals are focused on their fitness and well-being.
Both therapeutic and diagnostic & monitoring devices fall under the category of covered devices. Given the increasing entry of the same in the global sector, the expansion of the therapeutic device segment will be pretty considerable in the upcoming years. The wearable medical devices market will continue to rise thanks to a strong pipeline of cutting-edge therapeutic devices, such as intelligent asthma management devices or wearable asthma monitoring devices, wearable insulin management devices, and wearable pain reliever devices.
Both therapeutic and diagnostic & monitoring devices fall under the category of covered devices. Given the increasing entry of the same in the global sector, the expansion of the therapeutic device segment will be pretty considerable in the upcoming years. The wearable medical devices market will continue to rise thanks to a strong pipeline of cutting-edge therapeutic devices, such as intelligent asthma management devices or wearable asthma monitoring devices, wearable insulin management devices, and wearable pain reliever devices.
Remote patient monitoring, home healthcare, sports academies, and fitness are the main applications for wearable medical devices. Companies that make wearable medical equipment are increasingly offering individualised care, such as gadgets for remote patient monitoring that may be worn all day without interfering with a user’s schedule. Therefore, it is projected that wearable medical gadgets would find broad uses in remote patient monitoring.
The online channel, superstores, and pharmacies are the three main distribution channels in the market for wearable medical devices. Given the increasing use of electronic devices like smartphones and tablets as well as the growing number of tech-savvy consumers worldwide, online channels are gaining ground.
Wearable Medical Devices Market Regional Analysis
Given the rising rates of obesity and diabetes, America leads the world in revenue generation for wearable medical devices. According to the steadily increasing fitbit market share, the US and Canada are the best performing markets in the area. The region’s well-known manufacturers are known for creating cutting-edge wearable medical sensors, which increases their attractiveness to tech-savvy customers. The market for wearable medical devices is expected to rise significantly due to factors such as the high prevalence of cardiovascular illnesses and cancer that call for regular monitoring.
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 an increase in lifestyle diseases like cardiac ailments. The manufacturing sector for medical equipment is growing quickly in both China and India, which strengthens the market. The need for wearable medical devices in the region is also driven by supportive government programmes promoting products like smart watches and fitbits, an ageing population, and an increase in healthcare spending.
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For the purpose of developing and testing the next wave of wearable health monitoring technology, the Australian government is funding cutting-edge research. Four research projects with the goal of enhancing health monitoring and access to diagnostic testing will each receive a total of USD 7.5 million from the Medical Research Future Fund’s Primary Health Care Research programme. Three “wearables,” or devices that may be hidden inside clothing or worn as accessories, will be put to the test in this investigation. These devices will help youngsters with cerebral palsy who are unable to walk, track vitals for people with hypertension, and keep Type 2 diabetics on track with things like exercise and healthy food.
Wearable Medical Devices Market Key Players
The major key players in the market are Sony Corporation, Boston Scientific Corporation, Apple Inc., Honeywell International Inc., Qualcomm Inc., Omron Corporation, Fitbit Inc., Honeywell International Inc., Medtronic PLC, NIKE INC., Motorola Solutions Inc., LG Electronics Inc., Philips.
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