Global Wearable Medical Devices Market Is Estimated To Record a CAGR of Around 14.06% During The Forecast Period
Evolve Business Intelligence has published a research report on the Global Wearable Medical Devices Market, 2023–2033. The global Wearable Medical Devices market is projected to exhibit a CAGR of around 14.06%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Wearable Medical Devices Market: Philips Electronics, Fitbit, Basis Science, Garmin, Covidien, Omron Corp, Withings, Vital Connect, Polar Electro, OnePlus, and Zepp Health.
Market Highlights
The global Wearable Medical Devices market is projected to be valued at USD 51.32Billion by 2033, recording a CAGR of around 14.06% during the forecast period.Wearable medical devices refer to electronic gadgets that are specifically designed to be worn on the human body, typically on the wrist or chest, to monitor and record various health parameters such as heart rate, blood pressure, temperature, activity levels, and sleep patterns. These devices are integrated with sensors that capture health data and transmit it wirelessly to a smartphone, tablet, or other compatible devices for analysis and monitoring. Additionally, they can send alerts and notifications to both the wearer and their healthcare provider, allowing for real-time tracking of vital signs and other health metrics. The use of wearable medical devices has the potential to enhance patient outcomes, facilitate remote monitoring, and provide valuable insights into the wearer’s overall health status.
The COVID-19 pandemic had a positive impact on the wearable medical devices market. With the outbreak of the pandemic, there has been a surge in demand for remote patient monitoring, which has led to increased adoption of wearable medical devices. These devices have enabled healthcare providers to remotely monitor patients’ vital signs, reducing the need for in-person consultations and minimizing the risk of exposure to the virus. Additionally, the pandemic has accelerated the development of wearable medical devices with features that can help monitor COVID-19 symptoms, such as body temperature, cough, and shortness of breath. This has further contributed to the growth of the wearable medical devices market. The trend towards remote patient monitoring is expected to continue even after the pandemic, as it is a convenient and effective way to manage patient care, and as such, the demand for wearable medical devices is to remain high.
Segmental Analysis
The global Wearable Medical Devicesmarket has been segmented based on Product Type, Application, and region.
Based on the Product Type, the Wearable Medical Devices market is segmented based on Diagnostic Devices {Vital Sign Monitoring Devices, Sleep Monitoring Devices, Electrocardiographs Fetal And Obstetric Devices, Neuromonitoring Devices}, Therapeutic Devices {Pain Management Devices, Insulin/Glucose Monitoring Devices, Rehabilitation Devices, Respiratory Therapy Devices}. Diagnostic Devicesproducts typeare expected to have the largest market share throughout the forecast period, while therapeutic devices productsare expected to grow at thefastest rate.
Based on Application, the global Wearable Medical Devices market has been divided into Sports And Fitness, Remote Patient Monitoring, Home Healthcare, and Others. TheHome Healthcaresegments are anticipated to dominate the market. This is mainly due to the increasing demand for remote patient monitoring and the trend toward home-based healthcare services. Wearable medical devices provide a convenient and cost-effective way to monitor patient health remotely, reducing the need for hospital visits and improving patient outcomes.
Regional Analysis
The Wearable Medical Devices market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America and Europe represent the largest markets for wearable medical devices, primarily due to a high level of technological innovation, increasing healthcare expenditure, and supportive government policies. The Asia-Pacific region is expected to witness the fastest growth rate due to several factors such as a large population base, increasing prevalence of chronic diseases, and growing awareness and adoption of wearable medical devices.Latin America and the Middle East are also emerging markets for wearable medical devices, driven by a growing demand for remote patient monitoring and advancements in healthcare infrastructure. Finally, the African region is also expected to experience significant growth in the coming years owing to increasing healthcare investments and a growing focus on improving healthcare outcomes.