Wearable medical device market size worth USD 174.48

ByLance T. Lee

Oct 26, 2022


New York, U.S., Oct. 26, 2022 (GLOBE NEWSWIRE) — Overview of the Wearable Medical Devices Market

According to a comprehensive research report by Market Research Future (MRFR), “Wearable Medical Devices Market Information by Application and Region – Forecast to 2030“, the market is expected to reach USD 174.48 billion by 2030 at a CAGR of 27.1% during the forecast period (2022-2030).

Wearable Medical Devices Market Synopsis

In the healthcare sector, customers use medical gadgets such as fitness trackers, smart watches and other wearables. They are specially designed to track and collect data on users’ health and fitness. Through various campaigns and awareness initiatives, national and local health organizations have actively pushed routine diagnosis. As a result, the general public is increasingly aware of tools and technologies for diagnosing and tracking vital signs. People use wearable technology to effectively monitor their physiological parameters. Therapeutic devices may be useful for people dependent on continuous blood glucose monitoring and sensitive to even small changes in their blood sugar. The need for portable 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 become a trend in the healthcare industry. Wearable technology collects or communicates biometric data, from tracking behaviors and locations to monitoring vital signs. Wearables are usually worn on the wrists or around the waist, making them concealable and mobile. By adopting this technique, police departments can discreetly track offenders for investigations in addition to assisting people with diabetes by secretly monitoring their blood sugar levels. Despite these advantages, 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 $174.48 billion
CAGR 27.1%
base year 2021
Forecast period 2022-2030
Historical data 2020
Forecast units Value (USD billion)
Report cover Revenue forecasts, competitive landscape, growth factors and trends
Segments Covered By type, device type, application and distribution channel
Geographical areas covered North America, Europe, Asia-Pacific and Rest of the World (RoW)
Key Market Drivers Growing prevalence of sedentary lifestyles and resulting increase in lifestyle disorders
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Wearable Medical Devices Market Competitive Landscape:

The main players in the wearable medical devices market are:

  • Sony Company
  • Motorola Solutions Inc.
  • LG Electronics Inc.
  • Phillips
  • Boston Scientific Society
  • Fitbit Inc.
  • Honeywell International Inc.
  • Medtronic APIs
  • Apple Inc.
  • Honeywell International Inc.
  • Qualcomm Inc.
  • Omron Company

Wearable Medical Devices Market Dynamics:

Market factors:

Developing sectors including home care and remote patient monitoring devices are expected to impact the growth of the market. Additionally, the growing focus is expected to impact the fitness and healthy lifestyle industry. Surging demand for the products due to the COVID-19 pandemic and rising public awareness about personal health monitoring are expected to be among the major market drivers. The public and government organizations are very concerned about the increased incidence of infectious diseases and rising death rates.

As a result, healthcare professionals provide individualized care, including ongoing remote patient monitoring. Plus, wearing them for 24 hours won’t interfere with daily activities. As a result, considering the many benefits it offers, the demand for wearable medical devices is expected to increase over the forecast period. The popularity of these devices among the general public and patient population has increased significantly due to the factors mentioned above and market players introducing wearable technology with many important sign monitoring capabilities, such as blood sugar, heart rate and SpO2.

Market constraints:

Concerns among device manufacturers are growing due to the alarming increase in cybercrime and loss of patient data. The prevalence of cyber threats and attacks in the digital sphere is notorious for endangering patient privacy. Growing sophistication of cyber criminals, growing use of smartphones and latest software could severely hamper the expansion of the global market. In addition, the increasing mortality rate from non-communicable diseases is a serious cause for concern and requires increased attention to surveillance and individualized care. Ultimately, this is expected to further increase the desire for wearable medical devices.

Browse the in-depth market research report (115 pages) on wearable medical devices: https://www.marketresearchfuture.com/reports/wearable-medical-device-market-899

COVID 19 Analysis

In general, the market has benefited from the COVID-19 outbreak. Due to the high demand for advanced technologies among the population for self-monitoring of COVID-19 indications, manufacturers of portable diagnostic and monitoring devices have indicated a considerable increase in their revenues as a result of the epidemic. of pandemic. Many research organizations and medical organizations are evaluating the effectiveness of wearable technology in predicting coronavirus symptoms. The need to prioritize health has been highlighted by the COVID-19 outbreak. In the middle of 2020, several industry players were noticed pushing their wearable technology as a way to fight COVID-19. In addition, portable medical devices

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Wearable Medical Devices Market Segmentation

By type, the market includes activity trackers, smart wearables, smart watches, and patches.

By application, the market includes remote patient monitoring, sports academies, fitness, and home care.

By distribution channel, the market includes online channels, pharmacies and hypermarkets. By device type, the market includes diagnostic and monitoring devices and therapeutic devices.

Regional Overview of Wearable Medical Devices Market

With rising rates of obesity and diabetes, America leads the world in revenue generation for wearable medical devices. The steady increase in the region’s market share shows that the United States and Canada are the best performing markets. Well-known manufacturers in the region are known for creating state-of-the-art wearable medical sensors, which increases their appeal to tech-savvy customers. Asia-Pacific is growing the fastest and has become one of the markets with the greatest potential for wearable medical devices. Major growth drivers of the Asia-Pacific market include huge population in the region, huge development prospects due to unmet medical needs, and rise in lifestyle-related diseases like heart disease.

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The medical equipment industry is growing, which is strengthening the market, thanks to the expanding manufacturing facilities in China and India. Due to favorable government initiatives encouraging the use of such wearable medical devices, increasing elderly population and rising healthcare costs in the region, the Asia Pacific market is expected to grow exponentially throughout the forecast period.

Discover more research reports on The health industryby Market Research Future:

Medical Devices Market Trends and information by device type (Drug delivery devices (metered-dose inhalers, infusion systems, others), Diagnostic devices (laboratory diagnostic devices (X-rays, computed tomography), PET (positron emission tomography ), other), Portable diagnostic devices (vital signs monitors, fetal and obstetric monitoring devices, other), other), invasive devices (implants and stimulation devices, defibrillators, pacemakers, other), respiratory therapeutic devices, devices Medical Electronics, by Application, by End User, by Region, Competitive Market Growth, Size, Share and Forecast to 2030

Smart Medical Devices Market Research report: by type (on body (adhesive patch), off body (belt clip), handheld), by technology (spring, motor, rotary pump, expandable battery, pressurized gas, others) , By Application (Oncology, Diabetes, Autoimmune Disorders, Infectious Diseases, Others) and By End Use (Hospital, Clinic, Home Care Facilities, Others) – Forecast to 2027

Connected medical devices market: Information, by product (ECG monitoring devices, blood pressure monitor), device (portable and non-portable), application (remote monitoring and others), end user (hospitals) – Forecast to 2030

About the future of market research:

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