The global wearable medical devices market size is anticipated to reach USD 168.29 billion by 2030 and is anticipated to expand at a CAGR of 25.66% during the forecast period, according to a new report by Grand View Research, Inc. The market is experiencing growth driven by an increasing demand for high-tech products and the growing trend of continuous health monitoring.
The rising obesity rate and a heightened awareness of physical fitness, is motivating individuals to engage in workouts and adopt fitness-related activities. Wearable devices like smartwatches and smart bands play a crucial role in monitoring various fitness parameters, including calories burned, step count, heart rate, and distance covered. Companies such as Google, Fitbit, Apple, and Nike are actively launching innovative products, particularly focusing on smartwatches and wristbands, contributing to a surge in product availability.
Wearable Medical Devices Market Report Highlights
· The diagnostic devices segment emerged as the market leader in 2023, driven by rising disposable income, increased awareness, and higher healthcare spending
· Straps, clips, bracelets, and watches constitute the largest and fastest-growing segment of the market
· Home healthcare secured a substantial share of 53.6% in 2023, propelled by a growing geriatric population contributing to higher incidence rates of target diseases
· North America held the largest revenue share in 2023, primarily due to the expanding home care applications and remote patient monitoring for regular, continuous, and long-term patient monitoring
· The Asia-Pacific region is poised to experience the fastest growth over the forecast period, attributed to increasing awareness levels, rising disposable income, a large population base, and an increasing incidence rate of chronic conditions
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The COVID-19 pandemic has positively impacted the market, driven by the increased demand for telemedicine. WHO guidelines promoting social distancing and discouraging public gatherings have led to a preference for telemedicine among physicians, enabling remote patient treatment without the risk of virus transmission. The growth of telemedicine, coupled with the integration of artificial intelligence (AI) into its systems, has further propelled the expansion of the wearable medical device market.
Rapid advancements in wearable medical technology have paved the way for cutting-edge devices that offer enhanced monitoring, diagnostics, and treatment capabilities. From smartwatches tracking vital signs to implantable devices providing real-time health data, the market is characterized by a surge in novel solutions designed to revolutionize patient care and empower individuals to manage their health proactively. This significant degree of innovation underscores the industry's commitment to addressing evolving healthcare needs through accessible and sophisticated wearable medical technologies.
Industry players are strategically aligning through acquisitions and partnerships to enhance their technological capabilities, expand product portfolios, and gain a competitive edge. This surge in M&A activities reflects the dynamic landscape of the wearable medical device market, with companies seeking strategic collaborations to advance innovation, address evolving healthcare demands, and solidify their positions in this rapidly growing sector.
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We segmented the global wearable medical device market based on product, site, application, distribution channel, grade type, and region.
Wearable Medical Devices Product Outlook (Revenue, USD Million, 2018 - 2030)
· Diagnostic Devices
o Vital Sign Monitoring Devices
o Heart Rate Monitors
o Activity Monitors
o Electrocardiographs
o Pulse Oximeters
o Spirometers
o Blood Pressure Monitors
o Others
o Sleep Monitoring Devices
o Sleep trackers
o Wrist Actigraphs
o Polysomnographs
o Others
o Electrocardiographs Fetal And Obstetric Devices
o Neuromonitoring Devices
o Electroencephalographs
o Electromyographs
o Others
· Therapeutic Devices
o Pain Management Devices
o Neurostimulation Devices
o Others
o Insulin/Glucose Monitoring Devices
o Insulin Pumps
o Others
o Rehabilitation Devices
o Accelometers
o Sensing Devices
o Ultrasound Platform
o Others
o Respiratory Therapy Devices
o Ventilators
o Positive Airway Pressure (PAP) Devices
o Portable Oxygen Concentrators
o Others
Wearable Medical Devices Site Outlook (Revenue, USD Million, 2018 - 2030)
· Handheld
· Headband
· Strap/Clip/Bracelet
· Shoe Sensors
· Others
Wearable Medical Devices Application Outlook (Revenue, USD Million, 2018 - 2030)
· Sports & Fitness
· Remote Patient Monitoring
· Home Healthcare
Wearable Medical Devices Grade Type Outlook (Revenue, USD Million, 2018 - 2030)
· Consumer-Grade Wearable Medical Devices
· Clinical Wearable Medical Devices
Wearable Medical Devices Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)
· Pharmacies
· Online Channel
· Hypermarkets
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Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Contact:
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll-Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
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