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According to the estimates by IMARC Group, the global wearable medical devices market is expected to grow at a CAGR of 22.2% during 2022-2027.
The increasing adoption of remote health monitoring devices based on the high prevalence of numerous lifestyle disorders represents one of the key drivers for the global wearable medical devices market.
The rising integration of wearable medical devices with innovative technologies, such Internet-of-Things (IoT), AI, cloud-computing, etc., represents one of the key trends in the global wearable medical devices market.
Sudden outbreak of the COVID-19 pandemic had led to increasing adoption of home-based medical devices for monitoring, rehabilitation, disease management, etc., to mitigate the risk of coronavirus infection upon hospital or clinic visits.
On the basis of the device type, the market has been segmented into diagnostic devices and therapeutic devices. Amongst these, diagnostic devices hold the largest market share.
On the basis of the product, the market has been categorized into activity monitors, smartwatches, patches, smart clothing, hearing aids, and others. At present, smartwatches exhibit a clear dominance in the market.
On the basis of the application, the market has been classified into sports and fitness, remote patient monitoring, and home healthcare. Currently, home healthcare accounts for the majority of the total market share.
On the basis of the distribution channel, the market has been bifurcated into offline channel and online channel. Among these, offline channel holds the major market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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