Quick Summary:
As the global landscape shifts towards health-conscious paradigms, the wearable medical devices market is experiencing unprecedented expansion. These highly versatile devices unfold a world of possibilities in everything from chronic disease management to fitness monitoring, redefining preventive healthcare and treatment plans. Possessing a broad spectrum of applications, they offer diagnostic assistance, chronic illness support, fitness tracking, and much more, prompting increased adoption amongst healthcare providers and users alike. Coupled with escalating instances of lifestyle-induced disorders, amplified geriatric demographics, and rising demand for remote patient management, this market is poised for substantial growth.
The wearable medical devices market opens a plethora of doors for advancements in patient care and health management. From realizing at-home rehabilitation to proactively managing chronic ailments and spearheading a fitness revolution, there are abundant reasons to invest in this evolving market. With detailed analysis split by device type, product, application, and distribution channel, this report, developed by globally-respected industry experts, paints a comprehensive picture of the promising potential, ongoing trends, and pivotal stakeholders in the wearable medical devices market.
Wearable medical devices are a wide array of instruments that are non-invasively attached to the body for monitoring the health conditions of patients. They comprise blood pressure monitors, electrocardiogram (ECG) monitors, fitness trackers, and continuous glucose meters. They also consist of wearable biosensors, such as self-adhesive patches, that enable patients to move while collecting data on their mobility, heart rate, respiration rate, and temperature. They offer innovative solutions for numerous healthcare problems, including disease prevention, health maintenance, and patient management. They are also capable of potentially improving patient outcomes while reducing the cost of care. They are employed for the diagnosis, prevention, monitoring, treatment, or alleviation of disease, injury, or ailments. They are also used for procuring accurate measurements of the vital stats of patients and predicting epileptic seizures and heart problems, which can further assist in enhancing comfort and providing timely clinical interventions to the patients.
Wearable Medical Devices Market Trends:
At present, the increasing demand for wearable medical devices, as they provide remote monitoring, personalized therapy, and real-time data to improve patient outcomes, represents one of the crucial factors supporting the growth of the market. Besides this, the rising utilization of wearables for at-home or hospital-based rehabilitation to save lives by allowing continuous monitoring, early detection, and intervention in potentially dangerous situations is propelling the growth of the market. In addition, the growing occurrence of various chronic disorders, such as diabetes, thyroiditis, arthritis, and cardiovascular complications, along with the rising geriatric population around the world, is offering a favorable market outlook. Apart from this, the increasing adoption of fitness bands that are connected to smartphones for real-time tracking of various activities, including steps walked, calories burned, calorie intake, sleep cycle, and heart rate, is contributing to the growth of the market. Additionally, the rising awareness about the ability of neurological wearables to assess the cognitive capabilities of individuals continuously during everyday activities is supporting the growth of the market. Moreover, the wide availability of smart asthma management devices to take effective care for preventing asthma attacks in patients is strengthening the growth of the market. Furthermore, the rising adoption of unhealthy lifestyle habits and excessive smoking and consumption of alcohol is bolstering the growth of the market.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global wearable medical devices market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on device type, product, application and distribution channel.Device Type Insights:
- Diagnostic Devices
- Vital Sign Monitoring Devices
- Sleep Monitoring Devices
- Electrocardiographs and Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Insulin Delivery Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
Product Insights:
- Activity Monitors
- Smartwatches
- Patches
- Smart Clothing
- Hearing Aids
- Others
Application Insights:
- Sports and Fitness
- Remote Patient Monitoring
- Home Healthcare
Distribution Channel Insights:
- Offline
- Online
Regional Insights:
North America
- United States
- Canada
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global wearable medical devices market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Abbott Laboratories, Apple Inc., Dexcom Inc., Fitbit Inc. (Google LLC), Garmin Ltd., Honeywell International Inc., Koninklijke Philips N.V., Medtronic plc, Omron Corporation, Vital Connect Inc. etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.Key Questions Answered in This Report
1. What was the size of the global wearable medical devices market in 2022?2. What is the expected growth rate of the global wearable medical devices market during 2023-2028?
3. What are the key factors driving the global wearable medical devices market?
4. What has been the impact of COVID-19 on the global wearable medical devices market?
5. What is the breakup of the global wearable medical devices market based on the device type?
6. What is the breakup of the global wearable medical devices market based on the product?
7. What is the breakup of the global wearable medical devices market based on the application?
8. What is the breakup of the global wearable medical devices market based on the distribution channel?
9. What are the key regions in the global wearable medical devices market?
10. Who are the key players/companies in the global wearable medical devices market?
What is the estimated value of the Global Wearable Medical Devices Market?
What is the growth rate of the Global Wearable Medical Devices Market?
What is the forecasted size of the Global Wearable Medical Devices Market?
Who are the key companies in the Global Wearable Medical Devices Market?
Report Attribute | Details |
---|---|
No. of Pages | 137 |
Published | June 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 23.1 Billion |
Forecasted Market Value ( USD | $ 73 Billion |
Compound Annual Growth Rate | 21.1% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |
Table of Contents
Companies Mentioned
- Abbott Laboratories
- Apple Inc.
- Dexcom Inc.
- Fitbit Inc. (Google LLC)
- Garmin Ltd.
- Honeywell International Inc.
- Koninklijke Philips N.V.
- Medtronic Plc
- Omron Corporation
- Vital Connect Inc.
Methodology
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