Global Wearable Medical Devices Market: Overview
The Global Wearable Medical Devices Market is valued at around USD 5.77 billion in 2022 and is expected to reach USD 9.86 Billion by the year 2030 registering a CAGR of 26.2% over the forecast period. A Wearable Medical Device is defined as a device that is autonomous, noninvasive and that performs a specific medical function such as monitoring or support over a prolonged period of time. The term wearable implies that the device is either supported by the human body or clothing.
Global Wearable Medical Devices Market- Growth Factors
The growing number of contagious diseases is estimated to boost the growth of the market during the forecast period. The increasing number of diseases is the major factor that is driving the growth of the market. The viral diseases like Covid-19 and its various forms are driving the growth of the market during the forecast period. The growing number of hospitals is also boosting the growth of the wearable device market during the forecast period. Also, the emergence of Covid-19 gave birth to various covid care centres across the globe and this factor is also estimated to boost the market during the forecast period. The growing population is directly proportional to the growth in the disease affected patients and that is boosting the growth of the market during the forecast period.
Global Wearable Medical Devices Market- Market Trends
The disorders, such as diabetes and hypertension, are projected to increase over the forecast period and these diseases demand continuous monitoring of several physiological parameters, for instance, blood sugar levels and blood pressure and this factor is driving the growth of the market during the forecast period.
The growing number of hospitals is also boosting the growth of the wearable device market during the forecast period. Also, the emergence of Covid-19 gave birth to various covid care centres across the globe and this factor is also estimated to boost the market during the forecast period.
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.
Global Wearable Medical Devices Market Segmentation
The Global Wearable Medical Devices Market has been sub-classified into product type, application and site.
By Product
Diagnostic Devices
Therapeutic Devices
By Site
Handheld
Headband
Strap/Clip/Bracelet
Shoe Sensors
Others
By Application
Sports And Fitness
Remote Patient Monitoring
Home Healthcare
Global Wearable Medical Devices Market Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Wearable Medical Devices Market - Key Market players
Covidien Plc; Fitbit Inc.; Philips Electronics; Polar Electro; LifeWatch AG; Garmin; Withings; Jawbone; Everist Genomics; Sotera Wireless; Pebble Technology Corp.; Omron Corp.; Basis Science, Inc.; Intelesens Ltd.; and Vital Connect are the major players that are driving the growth of the market during the forecast period.
