According to a new market research report, ‘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’, published by 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.
Wearable devices are used to monitor vital parameters, such
as blood pressure, blood glucose, oxygen levels, and sleep tracking, among
others. They are also used as therapeutic devices for pain management,
rehabilitation, and drug delivery. These devices or technologies come under a
large spectrum of usability, including smartwatches, fitness trackers,
continuous glucose monitoring patches, smart glasses, smart clothing, shoe
sensors, and pain-reducing capacity, among others. This range of devices is used
for various applications, such as blood glucose monitoring, blood pressure
monitoring, sleep monitoring, neurological monitoring, baby monitoring, pain
management, orthopaedic management, and smart wound care management, among
others.
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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,
increase in the use of remote patient monitoring and telehealth services,
increasing patient awareness, and technological developments are a few of the opportunities
that would help grow the market in the future. Lack of privacy and the high
cost of wearable medical devices could be considered challenges for the
wearable medical devices 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.
The report also includes an extensive assessment of the
product portfolio, geographic analysis, and key growth strategies adopted by
leading market players in the last three to four years. In recent years, the
wearable medical devices market has witnessed several organic and inorganic
strategic developments. 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, Inc. (U.S.), F. Hoffmann
La-Roche (Switzerland), DexCom, Inc. (U.S.), and Withings (France).
Increasing Geriatric Population to Drive the Growth of this
Wearable Medical Devices Market
Wearable medical devices are playing an increasingly
important role in healthcare, and they have specific benefits for the geriatric
population. These devices are designed to be worn on the body and collect
health-related data, providing valuable insights into an individual's
well-being. Some of the devices included in this market are smartwatches and
patches/stick-ons. The use of these devices is increasing rapidly due to their
popularity in tracking heart rate, blood pressure, and other vital signs. Due to
their rising popularity, these devices are now being used by many older people
and are becoming quite useful for them as it reduces their risk of infection
due to traveling to a hospital or clinic for treatment or consultation and
saves time and money.
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According to the United Nations, the population of age 65 or
above in the world is expected to increase from 703 million people in 2019 to
1.5 billion in 2050. Also, according to the American Hospital Association, the
number of people in the U.S. with a chronic medical condition is projected to
rise from 149 million in 2015 to 171 million in 2030. Wearable devices allow
healthcare providers to remotely monitor the health of geriatric patients, even
when they are at home or in assisted living facilities. These devices can track
vital signs such as heart rate, blood pressure, and oxygen levels, providing
real-time data to healthcare professionals. Remote monitoring reduces the need
for frequent hospital visits and enables early detection of potential health issues.
Thus, the rise in the geriatric population would indirectly lead to the
increase in the factors mentioned above, leading to the market's growth.
Wearable devices can help older adults manage their medication schedules more
effectively. They can send reminders to take medications at the right time and
track adherence. Some devices can even dispense medication automatically or
provide visual and auditory cues to assist with medication management.
The wearable medical devices market is segmented by Type
(Activity Monitors, Smartwatches, Patches/Stick-Ons, and Other Types),
Application [Diagnostic and Monitoring {Vital Signs Monitoring, Glucose
Monitoring, Blood Pressure Monitoring, Sleep Monitoring, Respiratory
Monitoring, Other Diagnostic and Monitoring Applications}, Therapeutics {Pain
Management, Rehabilitation, Insulin Delivery, and Other Therapeutic
Applications}], Distribution Channel (Hospitals & Pharmacies, E-commerce,
and Retail Channels), Grade (Consumer and Medical Grade), and Geography. The
study also evaluates industry competitors and analyzes the regional and
country-level markets.
Based on type, in 2023, the smartwatches segment is expected
to account for the largest share of the market. Factors such as a rising
consumer base using smartwatches for health monitoring, an increasing number of
product launches, and increased health awareness for chronic disease management
and prevention drive the growth of this segment. Smartwatches equipped with
optical heart rate sensors can continuously monitor the wearer's heart rate
throughout the day. This feature is particularly valuable for older adults who
may need to keep track of their heart health or detect irregularities in their
heart rhythm. Some smartwatches can even alert users to abnormal heart rates or
arrhythmias.
Based on application, the diagnostic and monitoring segment
is expected to account for the largest share of the market. Diagnostic and
monitoring devices monitor vitals and have data storage and transmission
capabilities. Continuous glucose monitoring, blood pressure monitoring and
heart rate monitoring are some of the vitals that can be monitored using these
devices. Apart from this, the geriatric population is increasing rapidly
worldwide, and in some cases, would need round-the-clock guidance for diagnosing,
managing, and treating disorders like diabetes. This could be provided by
diagnostic and monitoring devices paired with easier and more accurate patient
health and data management, increasing patient population and self-awareness of
patients leading to a large share of this segment in the market.
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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
platforms often offer competitive pricing due to reduced overhead costs
compared to traditional brick-and-mortar stores. Additionally, there are
frequent sales, discounts, and promotional offers available online, allowing
customers to save money when purchasing wearable medical devices. This can be
advantageous for the geriatric population, especially those on fixed incomes or
with limited financial resources. There has been an increased demand for
wearable medical devices since the pandemic. Companies provide these wearables
on their website or other commercial websites. The benefits of E-commerce as a
distribution channel, such as high convenience, ease of access, attractive
discounts, and increased internet penetration, are factors driving this
segment's growth.
Based on grade, in 2023, the consumer grade segment is
expected to account for the largest share of the market. Companies such as
Apple, Inc. (U.S.) and Fitbit, Inc. (U.S.) are now turning to develop medical
devices that are easy to handle or carry and can monitor vital signs or other
health-related data remotely. This is mainly due to the increasing
understanding of people for maintaining a healthy lifestyle and tracking their
fitness goals to avoid health issues or disorders in the near future. Alongside
this, the increasing customer pool for consumer-grade devices due to new
technologies and features in the devices and new consumer product launches
drive the growth of the segment.
Based on geography, the market in North America is expected
to account for the largest share of the market. The growth of this regional
market is primarily driven by increased R&D expenditure and high
technological innovation in smart devices, high disposable income in this
region, and the increased trend of adopting smart devices for health &
fitness monitoring. Additionally, the increasing geriatric population and the
high prevalence of chronic diseases contribute to the growth of this market.
However, Asia-Pacific is expected to witness rapid growth during the forecast
period. The growth in this region is primarily driven by the high number of
manufacturers in the region and the increased consumer pool due to the increase
in population, along with the increasing geriatric population in countries like
China and Japan, increasing prevalence of chronic diseases in developing
countries, and increasing adoption of home healthcare as an alternative to
hospitals in the region.
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