Wearable Medical Device Market Is Projected To Reach USD 174.48 Billion, Enlisting a CAGR Of 27.1% By 2030

Wearable Medical Device Market is anticipated to reach USD 174.48 Billion by 2030 at 27.1% CAGR during the forecast period(2022- 2030), suggests MRFR( Market Research Future). The Wearable medical device market forecast has been presented in the report, with MRFR experts keeping a tab on all the latest developments and trends that can influence the growth range.

Grasping into account the growing frequency of sluggish or sedentary cultures and the consequential rise in lifestyle disorders, like hypertension and diabetes, the wearable medical devices market size is bound to avouch striking growth in the following years. These ailments generally need perpetual tracking and monitoring of physiological parameters like blood pressure and blood sugar levels. This factor is inspiring the integration of healthcare data with medical devices, which the physicians can access in real- time with a reduced scope of errors.

The increase and complexity of data in the healthcare industry have encouraged studies, which concentrate on unfolding feasible results to integrate AI( Artificial Intelligence) in wearable medical devices. The surging uptake of mobile platforms, the rising popularity of 5G, and the improved advertency, as well as preference for remote monitoring at home, are guiding to higher demand for AI and other latest technologies.

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Regional Analysis

The global market is segmented into five major regions- North America, Europe, The Asia Pacific, Latin America, and The Middle East & Africa. North America reckoned for the largest share of the global market. The North American Market’s growth can be attributed to the increasing penetration of smartphones and the raising number of Smartphone- based healthcare devices and growing investments, funds, and grants.

America is generating the uppermost revenue in the wearable medical devices market, given the increasing cases of obesity and diabetes. The US and Canada are the top- performing markets in the region, in line with the harmonious growth in the Fitbit market share. World-renowned manufacturers in the region are known for developing advanced wearable medical sensors, which enhances their appeal among tech- experience consumers. The high pervasiveness of cancer and cardiovascular diseases that need routine monitoring and the presence of a utterly advanced healthcare industry also strengthen significant wearable medical devices market growth.

The Asia Pacific is also making progress at the fastest pace and has made an presence as one of the most encouraging markets for wearable medical devices market. The rising cases of lifestyle diseases similar as cardiac disorders are some of the highest growth prompts in the Asia Pacific market. The fast- upgrading manufacturing facilities across India and China are supporting the medical devices business, which adds to the market strength. Supportive government initiatives elevating wearable medical bias similar as Smartwatches and Fitbits, expanding the venerable pool, and the unforeseen large increase in healthcare spending also drive the wearable medical devices market demand in the region.

Market Segmentation

Based on application, the market has been segmented into sports and fitness, remote case monitoring, and home healthcare.

• The home healthcare segment counted for the largest market share of> 50 in 2021.
• Expanding venerable population and generality of chronic diseases have responded in expanded demand for devices to monitor health continuously at home and reduce the number of regular hospital visits and therefore, control healthcare expenditure.

Based on the device, the market has been segmented into Diagnostic Devices, Therapeutic Devices. The diagnostic devices segment esteemed for a revenue share of closely 65 in 2021.

Geographically, the market in North America reckoned for the largest market share in 2022

owing to amplifying venerable population and an raising number of people havingnon-communicable disorders due to changing lifestyles.

• also, the high adoption rate of technologically advanced healthcare products conjoined with high purchasing power is another important factor driving the market growth.
• The market in the Asia- Pacific region is projected to register the rapid growth during the review period on account of the increasing usage of fitness devices conjoined with rising per capita disposable income.

Key Players

Some of the key market players are Sony Corporation, Boston Scientific Corporation, AppleInc., Honeywell International Inc., Qualcomm Inc., Omron Corporation, Fitbit Inc., Honeywell International Inc., Medtronic PLC, NIKE Inc., Motorola Solutions Inc., LG Electronics Inc., Philips.

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