The global Wearable Medical Device Market is accounted to register a CAGR of 24.60% during the forecast period and is estimated to reach USD 252.63 Billion by 2032.
the wearable medical device market was experiencing significant growth due to several factors, including advancements in sensor technology, increasing prevalence of chronic diseases, rising healthcare costs, and the growing trend of remote patient monitoring. Wearable medical devices offer the potential to provide continuous monitoring of vital signs, track physical activity, deliver medication reminders, and facilitate telemedicine, among other applications.
The global Wearable Medical Device Market has been segmented based Type, Device Type, Application
The types of wearable medical devices include smart watches, activity monitors, patches and smart clothing. Smartwatches are used for monitoring several fitness parameters such as footstep count, distance walked and calories burned. Therefore, with the mounting number of people focusing on fitness and well-being, the demand for smart watches is also growing significantly in the global wearable medical devices market. In October 2022, the Swedish-born, London-based health software business Doccla has concluded a £15 million (USD 17 million) Series A fundraising round, just a year after earning a USD 3.3 million seed round.
Devices types covered are therapeutic devices as well as diagnostic & monitoring devices. The growth of the therapeutic device segment will be quite significant in the coming years, given the rising influx of the same in the worldwide industry. A robust pipeline of advanced therapeutic devices including intelligent asthma management devices or wearable asthma monitoring devices, insulin management devices and wearable pain reliever devices ensure further wearable medical devices market growth.
Primary application areas of wearable medical devices are remote patient monitoring, home healthcare and sports academies and fitness. Wearable medical devices market research companies are increasingly providing personalized care such as remote patient monitoring devices that can be worn throughout the day without compromising the user’s routine. Thus, it is anticipated that applications of wearable medical devices will be highly extensive in remote patient monitoring.
The global Wearable Medical Device Market, based on region, has been divided into America, Europe, Asia-Pacific, and Rest of the World. America is the highest revenue generating for wearable medical devices market, given the escalating cases of obesity and diabetes. The US and Canada are the top performing markets in the region, in line with the consistent growth in the fitbit market share. World renowned manufacturers in the region are known for developing advanced wearable medical sensors, which enhances their appeal among the tech-savvy consumers. The high prevalence of cancer and cardiovascular disorders that require routine monitoring and the presence of highly developed healthcare industry also foster substantial wearable medical devices market growth.
Asia Pacific is making progress at the fastest pace and has emerged as one of the most promising markets for wearable medical devices market. The colossal population, huge growth opportunities in view of unmet medical needs and the rising occurrence of lifestyle diseases such as cardiac disorders are some of the top growth inducers in the Asia Pacific market. The fast improving manufacturing facilities across India and China are bolstering the medical devices business, which adds to the market strength. Supportive government initiatives promoting wearable medical devices such as smart watches and fitbits, expanding geriatric pool, and the surge in healthcare spending also propels the wearable medical devices market demand in the region.
Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Wearable Medical Devices Market Research Report
The Australian government is investing in cutting-edge research to create and test the next generation of wearable health monitoring technologies. Through the Primary Health Care Research program of the Medical Research Future Fund, a total of USD 7.5 million will be allocated to four research projects aimed at improving health monitoring and access to diagnostic testing. The study will test three "wearables," or gadgets that can be concealed in garments or worn as accessories. These gadgets will track vitals for those with hypertension, assist children with cerebral palsy who are unable to walk, and keep Type 2 diabetics on track with things like exercise and proper eating.
Key Findings of the Study
- The global Wearable Medical Device Market is expected to reach USD 245.12 Billion by 2032, at a CAGR of 24.6% during the forecast period.
- America is the highest revenue generating for wearable medical devices market, given the escalating cases of obesity and diabetes.
- The types of wearable medical devices include smart watches, activity monitors, patches and smart clothing. Smartwatches are used for monitoring several fitness parameters such as footstep count, distance walked and calories burned.
- Sony Corporation, Boston Scientific Corporation, Apple Inc., Honeywell International Inc., Qualcomm Inc., Omron Corporation, Fitbit Inc., Honeywell International Inc., Medtronic PLC, NIKE INC., Motorola Solutions Inc., LG Electronics Inc., and Philips
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