Rise in Lifestyle Illnesses to Fuel Market Growth in Wearable Medical Device Industry!

December 2022

The term "wearable medical devices" refers to a variety of tools that are non-invasively fastened to the body to monitor the patient's health. Several therapeutic devices for pain control, rehabilitation, and respiratory treatment are included, along with numerous diagnostic equipment, including vital signs, glucose, sleep, fetal, obstetric, and neuromonitoring devices. These gadgets consist of biosensors, controllers, a power source, and software systems for data collection, analysis, transmission, and storage. They can be implanted, worn as jewelry, or included in garments. They are frequently used to accurately assess the patient's vital signs, forecast epileptic seizures, and identify heart issues, all of which can help the patient feel more comfortable and receive timely clinical interventions.


The wearable medical device market is projected to expand at a CAGR of 27.1% from 2022 to 2030, reaching USD 174.48 billion.


Smart Watches to Take the Number One Position


Wearable medical devices come in various forms, such as smartwatches, activity trackers, patches, and smart clothes. Smartwatches may track the number of steps taken, the length of a walk, and the number of calories expended. Because more individuals are becoming concerned with their health and fitness, the market for wearable medical devices is seeing a significant increase in demand for smartwatches.


Therapeutic Devices to Keep the Lead Throughout the Evaluation Period


Both therapeutic and diagnostic & monitoring devices fall under the category of covered devices. Given the increasing entry of the same in the global sector, the expansion of the therapeutic device segment will be pretty considerable in the upcoming years. The wearable medical device industry will continue to rise thanks to a strong pipeline of cutting-edge therapeutic devices, such as smart asthma management devices or wearable asthma monitoring devices, wearable insulin management devices, and wearable pain reliever devices. 


The Leading Application Field Will Be Remote Patient Monitoring


Remote patient monitoring, home healthcare, sports academies, and fitness are the main applications for wearable medical devices. Companies that make wearable medical equipment are increasingly offering individualized care, such as gadgets for remote patient monitoring that may be worn all day without interfering with a user's schedule. Therefore, it is projected that wearable medical devices will find broad uses in remote patient monitoring.


Online Channels Gain Popularity as Tech-Aware Consumers Increase


The three main distribution channels in the market for wearable medical devices are the online channel, superstores, and pharmacies. Given the increasing use of electronic devices like smartphones and tablets and the growing number of tech-savvy consumers worldwide, online channels are gaining ground.


These aspects uprise the wearable medical device industry's share globally. 


Covid-19 Impact


The COVID-19 pandemic outbreak has expanded the use of wearable medical technology in the healthcare industry. Many new businesses are approaching the market with cutting-edge wearables that can aid in the early detection of viral infections. For instance, the Ava Bracelet, typically used to track fertility, is now being utilized to assist in the fight against the coronavirus. This wristband is helpful in monitoring virus symptoms because it monitors heart rate variability, breathing rate, and skin temperature. This presented a rare chance amid the pandemic.


A major concern for both the general public and government entities is the rising prevalence of chronic diseases and death rates. Healthcare practitioners thus give individualized care, which includes ongoing and remote patient monitoring. The wearable medical devices can be worn for a full day without interfering with daily activities. Thus, the demand for wearable medical devices is expected to increase throughout the forecast period due to their numerous benefits. The market players in the wearable medical device industry continue to innovate and produce new devices for the ease of end users.

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