Wearable Medical Device Market Overview
The increase and complexity of data in the healthcare industry have prompted studies, which focus on developing viable solutions to integrate AI (Artificial Intelligence) in wearable medical devices.
The developed countries, in particular, are frontrunners in the adoption of advanced technology solutions and continuous innovation in these technologies can influence the market demand. These devices have demonstrated efficacy in the management of chronic diseases of diabetes, asthma, and heart diseases, the occurrence of which is soaring across the globe. Wearable medical devices have gained significant traction in monitoring various health parameters such as heart rate, blood oxygen level, body fat, and respiration. Patient awareness pertaining to healthcare devices and the high healthcare expenditure across developed countries can bolster the market growth. Rise of lifestyle diseases, cost-effectiveness of devices, and the connected healthcare ecosystem are factors predicted to spur the demand of wearables.
Innumerable advances have taken place in medical technology which has augmented the lives of numerous people. One such advancement is the wearable medical device. These devices can assist in various health conditions and offers 24/7 clock-monitoring devoid of affecting the wearer’s routine life. The best feature about these devices is that they have in-built self-monitoring features which promote healthy living and also reduce cost. Following the rise in chronic diseases, people are choosing home healthcare over hospital services as it is an efficient and cost-effective treatment. The wearable medical devices help to manage chronic medical conditions namely heart diseases, diabetes and asthma by tracking the vital symptoms such as body fat, blood oxygen level, heart rate and respiration. These devices have wireless data transmission, alerting mechanism, real-time feedback and timely and easy sensing abilities. Wearable Medical Device Market is anticipated to reach USD 174.48 Billion by 2030 at 27.1% CAGR during the forecast period (2022-2030)
There are quite a few factors that is propelling the growth of the wearable medical device market. These factors according to MRFR (Market Research Future) report include burgeoning demand for wearable medical devices that are technologically advanced, increasing awareness about physical fitness, launch of new healthcare applications that is smartphone linked such as fitness bands, wrist bands and smart watches, growing need for wireless connectivity, constant growth of home healthcare and patient monitoring, rapid advancements in technology and increasing competition. The additional factors that are driving the growth of the Wearable Medical Device Market include shift in trend to wearable devices from traditional devices due to increasing tech savvy population and digitization, rise in geriatric population, increase in healthcare expenditure, increase in patient awareness and increasing incidences of lifestyle diseases. On the contrary, lack of reimbursement and privacy and data security are some factors that may hamper the growth of the market over the predicted years.
By region, the wearable medical device market covers growth opportunities and latest trends across Europe, Asia Pacific, Americas and Rest of the World. Of these, Americas will command the wearable medical device market over the predicted years owing to rising cases of diabetes and obesity here. Canada and the US are the key contributors here. Europe will garner the second position owing to high healthcare expenditure, rising incidences of chronic diseases and growing awareness of physical fitness and health. The market in the APAC region will grow at a rapid pace owing to rising incidence of cardiac diseases and lifestyle and huge population. Also, the production facilities in India and China are emerging rapidly which is adding to the growth of the market in this region.
the wearable medical device market Players include NIKE INC., Philips, Sony Corporation, Apple Inc., Boston Scientific Corporation, LG Electronics Inc., Honeywell International Inc., Fitbit Inc., Qualcomm Inc., Omron Corporation, Medtronic PLC, Motorola Solutions Inc. and others.
The market has been assessed under type, device type, application, and distribution channel. By type, wearable medical devices such as smart clothing, activity monitors, smart watches, and patches were considered for market sizing. The scope of the discussion also covers therapeutic devices and diagnostic & monitoring devices. The report also highlights key application areas of wearable medical devices, which include remote patient monitoring, sports academies and fitness, and home healthcare. The wearable medical device market major distribution channels for wearable medical devices discussed in the report include pharmacies, hypermarkets, and online channel.
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