Meticulous Research®—a leading
market research company, published a research report titled, 'Wearable Medical
Devices Market by Type (Smart Watch, Activity Monitor, Patch), Application
(Monitoring {Glucose, BP, Sleep, RPM}, Therapeutic {Pain, Rehabilitation,
Insulin), Grade (Consumer, Medical), Distribution Channel – Global Forecast to
2030.’
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According to this latest
publication from Meticulous Research®, the wearable medical devices market is
projected to reach $184.49 billion by 2030, at a CAGR of 19.5% from 2023 to
2030. The growth of the wearable medical devices market is driven by several
factors, including growing efficiency and accuracy regarding patient data,
increasing geriatric population, increasing prevalence of chronic diseases, and
increasing adoption of home healthcare as an alternative to hospitals. Factors
such as the potential to expand in emerging economies, an increase in the use
of telehealth and services, and technological advancements in sensor
technologies are a few of the opportunities that would help grow the market in
the future.
Factors such as lack of
privacy and the high cost of wearable medical devices could be considered
challenges for the market. However, the manufacturing defects concerned with
these wearable medical devices and the reluctance to adopt newer technologies compared
to traditional healthcare technologies restrain the market's growth.
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The key players profiled in
the wearable medical devices market report are Medtronic plc (Ireland),
Koninklijke Philips N.V. (Netherlands), Fitbit, Inc. (U.S.), Apple, Inc.
(U.S.), OMRON Corporation (Japan), VitalConnect, Inc. (U.S.), Garmin Ltd.
(U.S.), Sotera Digital Health (U.S.), Abbott Laboratories (U.S.), DexCom, Inc.
(U.S.), and Withings (France).
The wearable medical devices
market is segmented by Type (Smartwatches, Activity Monitors,
Patches/Stick-Ons, Other Types), Application [Diagnostic and Monitoring Devices
{Vital Monitoring Devices, Glucose Monitoring Devices, Blood Pressure
Monitoring Devices, Sleep Monitoring Devices, Respiratory Monitoring Devices,
Other Diagnostic and Monitoring Applications}, Therapeutic Devices {Pain
Management Devices, Rehabilitation Devices, Insulin Delivery, Other Therapeutic
Applications}], Distribution Channel (E-commerce, Hospitals & Pharmacies,
Retail Channels), Grade (Consumer Grade, Medical Grade), and Geography. The
study also evaluates industry competitors and analyzes the regional and
country-level markets.
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Based on type, in 2023, the
smartwatches segment is expected to account for the largest share of the market
due to their benefits, such as easy availability, reasonable costs and quick
outcomes or results of health parameters such as step counts, heart rate,
oxygen levels, and blood pressure. Apart from this, most wearables are only
concerned with monitoring or treating a certain kind of disease or condition,
whereas smartwatches measure many vitals such as blood pressure, oxygen levels,
and sleeping patterns all at the same time. These features are driving the
demand among consumers to buy smartwatches and follow fitness regimes for a
healthy lifestyle, thus leading to the growth of this market.
Based on application, the
diagnostic and monitoring devices segment is expected to account for the
largest share of the market. These devices are used to monitor the vital signs
produced by the body, such as blood pressure, oxygen levels, heart rate, and
sleep data. The use of wearable medical devices has been growing gradually over
the years, but it has seen a sudden jump after the pandemic. Factors such as
improved patient health and data handling, increasing self-monitoring and
patient engagement, and increasing prevalence of chronic diseases drive the
growth of this segment.
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Based on distribution channel,
the E-commerce segment is projected to register the highest CAGR during the
forecast period. E-commerce distribution channels are becoming popular as
consumers prefer to purchase devices through E-commerce websites. This is due
to its ease of access, affordable rates, doorstep delivery, and convenience.
Additionally, 24/7 buying, selling and customer support for the devices sold
and a large variety of products drive the growth of this segment.
Based on grade, in 2023, the
consumer grade segment is expected to account for the largest share of the
market. Consumer grade includes products or devices developed by wearable
device companies but not approved by a government organization such as the FDA
and cannot be used for clinical purposes. Apart from this, increasing awareness
of fitness and a healthy lifestyle is leading people to buy these devices. Easy
health and fitness tracking, low-cost devices, variety of choices of wearables
are some of the factors driving this segment's growth.
This research report analyzes
major geographies and provides a comprehensive analysis of North America (U.S.
and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of
Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific),
Latin America, and the Middle East & Africa. In 2023, North America is
expected to account for the largest share of the wearable medical devices
market, followed by Europe and Asia-Pacific. North America’s major market share
is attributed to the increasing geriatric population, high prevalence of
chronic diseases, the rising popularity of wearable devices due to new and
advanced features for health and fitness tracking, and large amounts of
disposable income driving the market growth in North America.
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