IMARC Group, a leading market research company, has recently releases report titled “Wearable Medical Devices Market Report by Device Type (Diagnostic Devices, Therapeutic Devices), Product (Activity Monitors, Smartwatches, Patches, Smart Clothing, Hearing Aids, and Others), Application (Sports and Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel (Offline, Online), and Region 2023-2028.” The study provides a detailed analysis of the industry, including the global wearable medical devices market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the wearable medical devices market?
The global wearable medical devices market size reached US$ 23.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 73 Billion by 2028, exhibiting a growth rate (CAGR) of 22% during 2023-2028.
What are wearable medical devices?
Wearable medical devices are innovative electronic devices designed to be worn by individuals, providing continuous monitoring, tracking, and recording of vital signs, health-related data, and physical activities. They seamlessly integrate with the user's daily routine, facilitating non-intrusive, real-time health monitoring and management. Their compact, user-friendly design ensures comfort and ease of use, enabling long-term wear and data collection. The primary purpose of wearable medical devices is to empower individuals to actively participate in their healthcare by gaining valuable insights into their physiological status. They can monitor health parameters such as heart rate, blood pressure, body temperature, sleep patterns, and physical activity levels. The collected data is then transmitted to companion mobile applications or cloud platforms for analysis and visualization, allowing users and healthcare professionals to make informed decisions regarding health and wellness. They have paved the way for remote patient monitoring, early detection of health issues, and personalized treatment plans. Moreover, these devices have found applications in various fields, including chronic disease management, fitness tracking, and elderly care. At present, wearable medical devices are gaining immense traction in the healthcare industry across the globe due to their potential to improve patient outcomes, support preventive care, and enhance disease management.
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What are the growth prospects and trends in the wearable medical devices industry?
The global wearable medical devices market is primarily driven by the rising need for continuous health monitoring and management owing to the widespread prevalence of chronic diseases, such as diabetes, cardiovascular conditions, and respiratory disorders. Moreover, the growing focus on preventive healthcare and wellness initiatives, increasing awareness of proactive health monitoring, and early detection of health issues have augmented the demand for wearable devices among health-conscious individuals. Apart from this, numerous advancements in sensor technology, miniaturization, and data analytics that enhance the accuracy and reliability of wearable medical devices have accelerated the product adoption rate in clinical settings.
Additionally, the expanding geriatric population and the rising preference for independent living among seniors have escalated the demand for wearable devices that facilitate remote patient monitoring and elderly care. Besides this, the integration of wearable devices with smartphones and other mobile platforms that simplifies data accessibility and improves user experience is propelling the market growth. Furthermore, the increasing adoption of wearable medical devices due to rising support from healthcare providers, insurance companies, and government initiatives promoting digital health solutions is contributing to the market growth. Other factors, including the shifting inclination toward remote patient monitoring and telehealth services, increasing consumer awareness and interest in fitness and health tracking solutions, and rising collaborations between wearable device manufacturers and healthcare institutions, are also anticipated to drive the market further.
What is included in market segmentation?
Breakup by Device Type:
Diagnostic Devices
Vital Sign Monitoring
Sleep Monitoring
Electrocardiographs and Obstetric Devices
Neuromonitoring Devices
Therapeutic Devices
Pain Management Devices
Insulin Delivery Devices
Rehabilitation Devices
Respiratory Therapy Devices
Breakup by Product:
Activity Monitors
Smartwatches
Patches
Smart Clothing
Hearing Aids
Others
Breakup by Application:
Sports and Fitness
Remote Patient Monitoring
Home Healthcare
Breakup by Distribution Channel:
Offline
Online
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Abbott Laboratories
Apple Inc.
Dexcom Inc.
Fitbit Inc. (Google LLC)
Garmin Ltd.
Honeywell International Inc.
Koninklijke Philips N.V.
Medtronic plc
Omron Corporation
Vital Connect Inc.
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