Wearable Medical Devices Market to Hit USD 195.08 Billion by 2030 owing to Rising Chronic Diseases and Increasing Focus on Preventive Healthcare
Research Reports
Oct 27, 2023
As per SNS Insider’s research, the wearable medical devices market is poised for remarkable growth, driven by technological innovations, the prevalence of chronic diseases, preventive healthcare initiatives, and supportive regulatory frameworks, the aging population, and collaborative partnerships.
The wearable medical devices market, as indicated in the SNS Insider report, is anticipated to achieve a valuation of USD 195.08 billion by 2030. In 2022, the market size stood at USD 27.24 billion, reflecting a notable growth rate with a compound annual growth rate (CAGR) of 27.9% projected during the forecast period from 2023 to 2030.
Market Report Scope
Wearable medical devices are compact electronic tools integrated into items that can be worn on the body, such as watches, wristbands, clothing, and even smart eyewear. These devices are equipped with an array of sensors and advanced technology, enabling real-time monitoring of vital signs, physical activity, sleep patterns, and other health-related data. By seamlessly collecting and transmitting this information, wearable medical devices provide invaluable insights to both patients and healthcare professionals. Wearables are equipped with sensors like accelerometers, heart rate monitors, and gyroscopes, enabling continuous monitoring of vital signs. This data is crucial for patients with chronic conditions, allowing them to manage their health effectively.
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Market Analysis
The wearable medical devices market is thriving on the back of relentless technological advancements. Innovations such as miniaturized sensors, wireless connectivity, and advanced materials have enabled the development of wearable devices that can monitor vital signs, track physical activity, and even administer medication. These breakthroughs enhance the accuracy of diagnoses and treatment plans, thereby driving market growth. The escalating prevalence of chronic diseases, including diabetes, cardiovascular disorders, and respiratory ailments, has bolstered the demand for continuous monitoring solutions. Wearable medical devices provide real-time data, enabling healthcare professionals to monitor patients remotely. This proactive approach to healthcare management is crucial in mitigating the impact of chronic illnesses, thereby fueling the market growth of wearable medical devices. Governments and regulatory bodies across the globe are recognizing the potential of wearable medical devices in improving healthcare outcomes. Favorable regulations and guidelines facilitate the development and commercialization of these devices.
Major Players Listed in the Report are as Follows:
Apple Inc, Garmin Ltd., Fitbit, Inc, Kokinkliji Philips N.V., GE Healthcare, Medtronic plcBiotelemetry Inc., Dexcom Inc., Abbott Laboratories, OMRON Corporation and Other Players.
Wearable Medical Devices Market Segmentation as Follows:
By Application
- Sports & Fitness
- Remote Patient Monitoring
- Home Healthcare
By Type
- Activity Monitors
- Smartwatches
- Smart Clothing
- Others
By Distribution Channel
- Pharmacies
- Online Channel
- Hypermarkets
By Device Type
- Diagnostics & Monitoring Devices
- Therapeutic Devices
Impact of Recession
The ongoing recession has undeniably cast a shadow on the wearable medical devices market. From decreased consumer spending to disrupted supply chains, the challenges are manifold. However, with strategic planning, innovation, and a focus on meeting evolving consumer needs, companies in this sector can navigate these turbulent times and emerge stronger in the long run. As the global economy gradually recovers, the market is poised for a resurgence, offering promising opportunities for businesses and consumers alike.
Impact of Russia-Ukraine War
The Russia-Ukraine war has undeniably posed challenges to the wearable medical devices market. From supply chain disruptions to economic uncertainties, manufacturers are navigating through a complex landscape. However, amidst these challenges, opportunities for innovation, adaptation, and market expansion have emerged. The industry is resilient, leveraging technological advancements and global collaborations to overcome adversities. As the conflict continues to unfold, the market will continue to evolve, shaping the future of healthcare technology in unforeseen ways.
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Key Regional Development
North America stands at the forefront of wearable medical device adoption, driven by a tech-savvy population and robust healthcare infrastructure. The region boasts a thriving ecosystem of startups and established players, fostering continuous innovation. Rising chronic diseases, coupled with increasing healthcare expenditures, are propelling the demand for wearable devices. Europe witnesses a growing acceptance of wearable medical devices, emphasizing preventive healthcare. Countries like Germany, the UK, and France lead the market, with a strong emphasis on patient engagement and disease management. The Asia-Pacific region presents a vast opportunity for wearable medical devices market, driven by a burgeoning middle class and increasing healthcare awareness. Countries like China, Japan, and India are witnessing a surge in wearable adoption due to rising lifestyle diseases and an aging population.
Key Takeaway from Wearable Medical Devices Market Study
The activity monitors segment is poised to dominate the market in the coming years. Activity monitors have become increasingly sophisticated, incorporating cutting-edge sensors and algorithms to provide real-time, accurate data on various health metrics. From basic step counting to monitoring heart rate, sleep patterns, and even stress levels, these devices empower users to proactively manage their well-being.
The diagnostics & monitoring devices segment is poised to revolutionize healthcare delivery. These devices, ranging from portable ECG monitors to continuous glucose monitoring systems, are set to dominate the market due to their transformative impact on patient care and disease management.
Recent Developments Related to Wearable Medical Devices Market
Medtronic, a global leader in medical technology, has announced its acquisition of EOFlow, a pioneering company known for its innovative wearable insulin patch technology. The acquisition comes at a crucial time when the demand for user-friendly and efficient diabetes management solutions is higher than ever.
QMS MAS, a leading medical technology company, has joined forces with Varanium Cloud, a pioneer in cloud-based solutions, to introduce Vyana—a cutting-edge medical wearable designed for direct-to-consumer healthcare. The device provides personalized insights and actionable recommendations, empowering users to make informed decisions about their lifestyle and healthcare routines.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Wearable Medical Devices Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Wearable Medical Devices Market Segmentation, By Application
Chapter 9 Wearable Medical Devices Market Segmentation, By Type
Chapter 10 Wearable Medical Devices Market Segmentation, By Distribution Channel
Chapter 11 Wearable Medical Devices Market Segmentation, By Device Type
Chapter 12 Regional Analysis
Chapter 13 Company profile
Chapter 14 Competitive Landscape
Chapter 15 Use Case and Best Practices
Chapter 16 Conclusion
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