Wearable medical device market size worth USD 188.4
NEW YORK, Aug. 03, 2022 (GLOBE NEWSWIRE) — The world wearable medical device market the size should reach the market value of $188.4 billion by 2030 from $23.6 billion in 2021, growing at a CAGR of 26.5% during the forecast period of 2022 to 2030, according to the report by Acumen Research And Consulting.
Growing demand for home healthcare and remote patient monitoring devices over the past few decades is expected to have a beneficial impact on the growth of the wearable medical device market. Furthermore, growing customer focus on physical fitness and effort to maintain a nutritious diet is expected to be another major factor driving the wearable medical device market.
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Wearable Medical Devices Market Report Coverage:
|Setting||Wearable Medical Devices Market|
|Wearable medical device market size in 2021||$23.6 billion|
|Wearable Medical Devices Market Forecast by 2030||$188.4 billion|
|Wearable Medical Devices Market CAGR||26.5% (In 2022 – 2030)|
|Analysis period||2018 – 2030|
|Forecast data||2022 – 2030|
|Segments Covered||By device, by product type, by application, by distribution channel and by region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||VitalConnect, Xiaomi Technology Co., Ltd., Activinsights Ltd., Samsung Electronics Co. Ltd., OMRON Corporation, Fitbit, Inc., Polar Electro, Garmin Corporation, Apple Inc. and Huawei Technologies Co., Ltd.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
|Scope of customization||10 a.m. free customization and expert advice|
Wearable medical device industry analysis
The wearable medical devices market is growing at a rapid pace owing to increased technical developments and advancements as they can improve both the lifestyle of the general population as well as that of the patients. Wearable technologies offer a convenient method for tracking physiological symptoms, as well as a wide range of medical treatments. A significant increase in medical infrastructure, combined with an increase in the occurrence of chronic diseases, is one of the major drivers for the growth of the market. Moreover, as the corona virus disease (COVID-19) epidemic spreads around the world, the demand for portable diagnostic instruments in healthcare facilities is increasing dramatically. These gadgets are extremely useful for monitoring, disease management, rehabilitation, feedback, and recommending appropriate treatment. As a result, people are better able to track their health issues and manage them quickly. In addition, a number of technological developments, such as the creation of wearables, bracelets, watches and clothing integrated with the Internet of Things (IoT), are contributing to the growth. These solutions provide accurate storage and analysis of patient data, remotely and onsite. Other reasons such as growing elderly population and increasing consumer purchasing power over primary healthcare technologies are further expected to drive the market.
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Wearable Medical Devices Market Segmentation
The global wearable medical device market has been segmented by Acumen Research and Consulting on the basis of device, product type, application, and distribution channel. By device, the market is segregated into diagnostic and monitoring devices (glucose monitoring devices, vital signs monitoring devices, neurological monitoring devices, fetal and obstetric monitoring devices, sleep monitoring devices) and therapeutic devices ( insulin pumps, pain management devices, respiratory therapy devices, rehabilitation devices). By product type, the market is split into smart watches, patches, activity trackers, and smart wearables. By application, the market is categorized into home healthcare, sports & fitness, and remote patient monitoring. By distribution channel, the segment is categorized into pharmacies, online channels and hypermarkets.
Wearable Medical Devices Market Regional Outlook
North America, Asia-Pacific, Europe, Latin America, Middle East and Africa is the regional classification of the global wearable medical device market. According to the wearable medical device industry analysis, North America will account for the largest market share in 2021 owing to the rising incidence of cardiovascular diseases, diabetes and cancer in the region. Furthermore, the sharp increase in chronic diseases that require regular and continuous health monitoring, along with the existence of well-established medical infrastructure, is expected to propel the expansion of the market in the coming years. In addition, the expansion of the North American market can be attributed to the increasing penetration of smartphones and the growing range of smartphone-based healthcare applications, along with the increase in investments, subsidies and financing.
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Wearable Medical Devices Market Players
Some of the major companies in the wearable medical device market are Xiaomi Technology Co., Ltd, Garmin Corporation, Samsung Electronics Co. Ltd., Fitbit, Inc., Apple Inc., Polar Electro, Huawei Technologies Co., Ltd, Activinsights Ltd. , OMRON Corporation and VitalConnect.
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About Acumen Research and Consulting:
Acumen Research and Consulting is a global provider of information and consulting services in the information technology, investment, telecommunications, manufacturing and consumer technology markets. ARC helps investment communities, IT professionals, and business executives make fact-based decisions about technology purchases and develop business growth strategies to compete in the marketplace . With a team of over 100 analysts and a collective industry experience of over 200 years, Acumen Research and Consulting ensures to provide a combination of industry knowledge with global and national level expertise.
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