According to the latest report by IMARC Group, titled “Wearable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global wearable medical devices market size reached US$ 18.96 Billion in 2021. Wearable medical devices are autonomous instruments that provide medical monitoring or support over a prolonged period. These devices are either embedded into clothing or worn as an accessory. They incorporate noninvasive physiological sensors, wireless data transmission capabilities, medical feedback and data processing modules. In recent years, wearable medical devices have gained immense popularity as they provide supporting hardware to cope with the evolving medical trend of offering point-of-care treatment. They also ensure unregulated medical supervision and assistance in the remote management of medical conditions for rehabilitating the chronically ill and disabled patients.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Wearable Medical Devices Market Trends:
According to the World Health Organization (WHO), chronic diseases, such as ischemic heart disease (IHD), stroke and diabetes, are becoming the world’s leading causes of death and disability. This has increased the use of wearable technology among individuals to collect data and monitor their health. Besides this, the recent outbreak of the coronavirus disease (COVID-19) has led to innovations in wearable medical devices for telehealthcare, thereby enhancing the usability, efficiency and popularity of home-based telemedicine. These devices allow the monitoring of physiologic information, such as biopotential, photoplethysmogram (PPG), heart rate (HR), blood pressure (BP), blood oxygen saturation (SaO2), and respiration. Furthermore, the growing awareness among consumers about fitness has led to the development of wearable devices, such as smart bands and smartwatches, by leveraging advanced technologies such as artificial intelligence (AI), cloud, machine learning, and big data analytics. These devices help them monitor fitness parameters, including footstep count, calories burned, and distance walked. Moreover, factors such as a rise in the geriatric population, significant improvements in the healthcare infrastructure, and various advancements in wearable technology are bolstering the market growth. Looking forward, the market is anticipated to grow at a CAGR of 22.2% during 2022-2027.
- Based on the device type, the market has been segmented into diagnostic (vital sign monitoring, sleep monitoring, electrocardiographs and obstetric, and neuromonitoring devices) and therapeutic (pain management devices, insulin delivery devices, rehabilitation devices and respiratory therapy devices) devices.
- On the basis of the product, the market has been categorized into activity monitors, smartwatches, patches, smart clothing, hearing aids and others.
- The market has been segregated based on the application into sports and fitness, remote patient monitoring and home healthcare.
- On the basis of the distribution channel, the market has been classified into offline and online channels.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Indonesia, Australia and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Abbott Laboratories, Apple Inc., Dexcom Inc., Fitbit Inc. (Google LLC), Garmin Ltd., Honeywell International Inc., Koninklijke Philips N.V., Medtronic plc, Omron Corporation and Vital Connect Inc.
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