New York, May 16, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of “Wearable Medical Devices Global Market Report 2022” – https://www.reportlinker.com/p06277174/?utm_source=GNW
and Medtronic PLC,

The global wearable medical device market is expected to grow from $18.41 billion in 2021 to $22.44 billion in 2022 at a compound annual growth rate (CAGR) of 21.9%. The market is expected to reach $49.6 billion in 2026 at a compound annual growth rate (CAGR) of 21.9%.

The wearable medical devices market includes the sale of wearable medical equipment and related services, including diagnostic devices and therapeutic devices such as vital signs, sleep, neuromonitoring devices, electrocardiographs, pain management and respiratory therapy devices, among others.

The main types of portable medical devices are diagnostic devices and therapeutic devices. Diagnostic devices are used to diagnose patient outcomes.

The different types of products include watches, bracelets, clothing, earphones and other devices. These are used in sports and fitness, remote patient monitoring, home health care, and ear port.

The different distribution channels are pharmacies, online channels and hypermarkets.

North America was the largest region in the wearable medical device market in 2021. Asia-Pacific was the second largest region in the wearable medical device market.

Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Wearable Medical Devices market covered in this report is segmented by Device Type into Diagnostic Devices, Therapeutic Devices. It is also segmented by product type into watch, bracelet, wearables, earpieces, other devices, by distribution channel in pharmacies, online channel, hypermarkets and by application in sports and fitness, telemonitoring of patients, healthcare at home, the headsets.

Rising death rate from non-communicable diseases with increasing prevalence of chronic diseases and lifestyle diseases like hypertension and diabetes has contributed to the growth of wearable medical devices. The healthcare industry is coming up with new technologies to overcome this with necessary measures such as continuous and remote patient monitoring facilities through wearable devices that can be worn on the body all day for continuous monitoring of required parameters such as vital signs, glucose levels, etc.

According to the World Health Organization (WHO), by 2020 non-communicable diseases (NCDs) will account for 80% of the global burden of disease. Seven out of ten deaths in developing countries are caused by NCDs, and about half of these deaths are due to people under the age of 70.

Moreover, the global burden of NCDs will increase by 17% over the next decade, and in Africa it will increase by 27%. In 2019, a report published by Diabetics Research and Clinical Practice stated that the global population of diabetics is estimated at 463 million in 2019, or 9.3% of the global population and is expected to reach 578 million by 2030 700 million by 2045. Rise in the number of chronic diseases coupled with growing awareness among the people is pushing them towards continuous monitoring which has boosted the growth of the market.

Manufacturers of wearable devices collect and store data to sell it to the customer himself by charging a certain amount on a monthly basis or periodically as per requirement or to third parties in places where such information is not considered as protected health information. There is a higher exposure of sensitive data as the amount of data processed by medical internet of things devices increases exponentially.

The main data privacy issues arise when transmitting data to a cloud and when storing it. In 2019, a survey of wearable device users found that half of respondents were unaware of privacy issues related to wearable devices.

There are access and security risks of personal information collected by third-party healthcare service providers that are expected to hamper the market growth over the forecast period.

The integration of artificial intelligence in wearable medical devices is gaining momentum. The data collected by wearable medical devices lacks value without the integration of artificial intelligence (AI) that makes better use of the collected data.

AI doctor, which is an autonomous network with a deep learning algorithm, works well as doctors trained in conditions such as skin lesions, EKGs, medical imaging and pathology. In 2020, Apple acquired Xnor.ai which develops technology like artificial intelligence to access low-power AI tools for image recognition in wearable and other devices. A study published in 2019 found that AI and biometric monitoring devices are considered a benefit by 47% of respondents because they bring efficient healthcare to the patient and a total of 20% of respondents considered the benefits l outweighed the dangers of integrating artificial intelligence into wearables. 55% consider that it could improve their follow-up and the quality of care, 23% think that it would reduce the cost of treatment. Wearable device app developers are increasingly focusing on integrating AI into apps to analyze data collected remotely to better interpret the disease by an AI doctor.

Countries covered in Wearable Medical Devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK United and the United States.
Read the full report: https://www.reportlinker.com/p06277174/?utm_source=GNW

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