Wearable Medical Device Industry Overview
The global wearable medical device market size was valued at USD 21.3 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 28.1% from 2022 to 2030. The growth of industries such as home healthcare and remote patient monitoring devices is anticipated to influence market growth. In addition, increasing focus on fitness and a healthy lifestyle orientation are also expected to impact the market. A surge in product demand during the COVID-19 pandemic and increasing awareness about personal health monitoring are expected to be some of the major market drivers.
Also, due to the sedentary routine, the incidence and prevalence of lifestyle-associated disorders, such as diabetes and hypertension, are projected to increase over the forecast period. Some of these diseases demand continuous monitoring of several physiological parameters, for instance, blood sugar levels and blood pressure. This allows the amalgamation of healthcare data with portable medical devices, which can then be forwarded to physicians to have real-time access to data and minimize errors. Moreover, the rising mortality rate due to non-communicable diseases is the major reason for concern demanding more focus on personalized monitoring and care. This is ultimately anticipated to further increase the demand for wearable medical products.
Gather more insights about the market drivers, restrains and growth of the Global Wearable Medical Device Market
The outbreak of the COVID-19 pandemic has extended the role of wearable medical devices in the healthcare trade. Various companies are entering the landscape, with innovative wearable products that can help detect the early warning signs of viral infections. For example, Ava Bracelet, which is primarily used as a fertility tracker, is now being leveraged to help in combating the coronavirus. This bracelet tracks heart rate variability, breathing rate, and skin temperature making it useful in tracking symptoms of the virus. This offers a unique opportunity during this pandemic.
The rising prevalence of chronic diseases along with increasing mortality rates is a major area of concern among people as well as government organizations. Thus, healthcare providers are offering personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting the routine life. Hence, considering the various advantages that it offers, the demand for wearable medical devices is projected to boost over the forecast period.
Increasing attention on fitness is a high-impact rendering driver for the market. Various wearable medical products and software have been developed for the management of weight and fitness. Usually, wristbands are connected with cell phones that display real-time tracking of activities such as steps walked, calories burned, calorie intake, miles a person ran, etc. By compiling all the data together, vital information such as the body mass index is obtained. The regular study of these statistics helps in providing a good health plan to individuals as well as healthcare professionals. Also, the fitness club count is seen increasing in recent years. According to the 2019 IHRSA Global Report, there are around 183 million users of fitness clubs globally.
Browse through Grand View Research's Medical Devices Industry Research Reports.
- Home Healthcare Market - The global home healthcare market size was valued at USD 320.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.9% from 2022 to 2030. The growing geriatric population and rising incidence of target diseases such as dementia and Alzheimer’s as well as orthopedic diseases are factors expected to fuel market growth.
- Remote Patient Monitoring System Market - The global remote patient monitoring system market size was valued at USD 1,282.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.2% from 2022 to 2030. The outbreak of COVID-19 has caused a significant impact on the remote patient monitoring system.
Wearable Medical Device Market Segmentation
Grand View Research has segmented the global wearable medical devices market based on product, site, application, and region:
Wearable Medical Devices Product Outlook (Revenue, USD Billion, 2018 - 2030)
- Diagnostic Devices
- Vital Sign Monitoring Devices
- Heart Rate Monitors
- Activity Monitors
- Electrocardiographs
- Pulse Oximeters
- Spirometers
- Blood Pressure Monitors
- Others
- Sleep Monitoring Devices
- Sleep trackers
- Wrist Actigraphs
- Polysomnographs
- Others
- Electrocardiographs Fetal And Obstetric Devices
- Neuromonitoring Devices
- Electroencephalographs
- Electromyographs
- Others
- Therapeutic Devices
- Pain Management
- Neurostimulation
- Others
- Insulin/Glucose Monitoring
- Insulin Pumps
- Others
- Rehabilitation
- Accelerometers
- Sensing
- Ultrasound Platform
- Others
- Respiratory Therapy
- Ventilators
- Positive Airway Pressure (PAP) Devices
- Portable Oxygen Concentrators
- Others
Wearable Medical Devices Site Outlook (Revenue, USD Billion, 2018 - 2030)
- Handheld
- Headband
- Strap/Clip/Bracelet
- Shoe Sensors
- Others
Wearable Medical Devices Application Outlook (Revenue, USD Billion, 2018 - 2030)
- Sports And Fitness
- Remote Patient Monitoring
- Home Healthcare
Wearable Medical Devices Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Market Share Insights
- November 2020: Royal Philips and African Union announced a partnership to strengthen healthcare infrastructure and enhance access to care in African Union Member States by improving access to medical equipment.
- November 2020: The company announced the introduction of Philips Ventilator BiPAP A40 EFL. This initiative would help the company in expanding its home healthcare portfolio for COPD patients.
Key Companies profiled:
Some prominent players in the global wearable medical device market include
- Philips Electronics
- Fitbit
- Basis Science
- Garmin
- Covidien
- Omron Corp.
- Withings
- Vital Connect
- Polar Electro
- verist Genomics
- Intelesens Ltd.
- Sotera Wireless
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COVID-19 Impact Analysis on Wireless Wearable Medical Device Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the wireless wearable medical device market include Abbott Diabetes Care, Inc., Adidas AG, Alive Technologies Pty.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Wireless Wearable Medical Device Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/wireless-wearable-medical-device-market/download-sampleMarket DynamicsThe major drivers responsible for the growth of the wireless wearable devices market include Smart Fitness monitoring, Health consciousness, and mobile communications, Rapid rising of Smart Wireless Health and Fitness Devices, Integrating Smart Sensors and different programs, Professional Wireless Healthcare Devices have transformed consumer Healthcare industry operated in Hospital Settings.
Additionally, high demand for mobile health care devices and the rise in prominence of AI and big data analytics in the area of digital health care are likely to propel the global wireless wearable devices market.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
The global wearable medical device market size is expected to reach USD 93.19 billion by 2027, according to a new report by Radiant Insights, Inc.
It is projected to progress at a CAGR of 27.9% during the forecast period.
Wearable devices, such as smart bands and smart watches help monitor fitness parameters including calories burned, footstep count, and distance covered while walking or running.
Wearable devices companies also offer guidance of certified dieticians and nutritionists, further generating the demand for wearable medical devices.
Download Free Sample Report @ https://www.radiantinsights.com/research/wearable-medical-device-market/request-sample Companies, such as Google, Fitbit, Apple, and Nike are working toward launching new innovative products, which is anticipated to boost the wearable medical devices market growth over the forecast period.
Further key findings from the report suggest: • The diagnostic devices segment dominated the market in 2019 owing to the increasing disposable income and awareness along with higher healthcare spending • The straps, clip, and bracelets is the largest and fastest growing segment in the wearable medical device market • Home healthcare held a significant market share in 2019 owing to the rise in geriatric population triggering incidence rate of target diseases • North America is projected to command for a cumulative market share in 2019 due to the increasing application of home care and remote patient monitoring for the purpose of regular, continuous, and long-term monitoring of patients • Asia Pacific is expected to witness the fastest growth over the forecast period, attributed to the rising incidence of chronic disease along with growing awareness and disposable income of the consumers • Some of the companies present in the market are Philips Electronics, Fitbit, Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, Intelesens, Everist Genomics, Intelesens, and Sotera Wireless Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/wearable-medical-device-market Table of Contents Chapter 1 Methodology and Scope1.1 Market Segmentation & Scope1.1.1 Product1.1.2 Site1.1.3 Application1.1.4 Regional Scope1.1.5 Estimates And Forecast Timeline1.2 Research Methodology1.3 Information Procurement1.3.1 Purchased Database1.3.2 Radiant Insights Internal Database1.3.3 Secondary Sources1.3.4 Primary Research1.3.5 Details Of Primary Research1.4 Information Or Data Analysis1.4.1 Data Analysis Models1.5 Market Formulation & Validation1.6 Model Details1.6.1 Commodity Flow Analysis (Model 1)1.6.1.1 Approach 1: Commodity Flow Approach1.6.2 Volume Price Analysis (Model 2)1.6.2.1 Approach 2: Volume Price Analysis1.7 List of Secondary Sources1.8 List of Primary Sources1.9 List of Abbreviations1.10 Objectives1.10.1 Objective - 1:1.10.2 Objective - 2:1.10.3 Objective - 3:1.10.4 Objective - 4: Chapter 2 Executive Summary2.1 Market Outlook2.2 Segment Outlook2.3 Competitive Insights Chapter 3 Wearable Medical Device Market: Variables, Trends & Scope3.1 Market Lineage Outlook3.1.1 Parent Market Outlook3.1.2 Ancillary Market Outlook3.2 Penetration & Growth Prospect Mapping3.3 User Perspective Analysis3.3.1 Consumer Behavior Analysis3.3.2 Market Influencer Analysis Continued… Read all Reports of this category @ https://www.radiantinsights.com/catalog/medical-devices About Radiant InsightsRadiant Insights is a platform for companies looking to meet their market research and business intelligence requirements.
