NEW YORK, USA, May 4, 2023 (GLOBE NEWSWIRE) — Global wearable medical device market size According to a research report published by Spherical Insights & Consulting, it will grow from US$28.3 billion in 2021 to US$197.1 billion by 2030, at a compound annual growth rate (CAGR) of 29.5% during the forecast period.
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Customers can use medical devices such as activity trackers and smartwatches to keep up to date with their health status. These gadgets were created specifically for monitoring and collecting data on a person’s fitness and health. The market for wearable medical devices is expected to develop significantly in the coming years due to the increase in sedentary and inactive lifestyles and the rise in restaurants. These factors are also increasing lifestyle problems such as diabetes and hypertension. These situations require continuous monitoring and tracking of physiological variables such as blood pressure and blood sugar levels, motivating market participants to combine medical data and medical devices so that professionals can access information in real time. It is Leading companies are becoming increasingly concerned as a result of rising cybercrime and theft of patient data. The digital world is vulnerable to several cyber dangers and attacks that can compromise patient confidentiality. The proliferation of smartphones and modern software combined with the increasing sophistication of cybercriminals is limiting the expansion of the industry.
Impact of COVID-19
Since the beginning of the COVID 19 outbreak, the availability of medical equipment and related supplies has decreased significantly. The healthcare sector is on high alert with the novel coronavirus, with market expansion hampered by rising numbers of CARS-CoV-2 cases and ongoing lockdowns. Demand for remote monitoring health wearables has risen, helping to address travel restrictions and lockdowns. To create a wide variety of wearable gadgets, major market players are starting to focus on accelerating the manufacturing process. Companies are also fully committed to research and development projects.
Browse the report’s 200 pages of key industry insights, including 100 market data tables and charts and graphs. “Global wearable medical device market sizeSharing, and COVID-19 Impact Analysis By Product (Diagnostic, Therapeutic), By Site (Handhelds, Headbands, Straps, Shoe Sensors), By Application (Sports & Fitness, Remote Patient Monitoring, Home Healthcare), By Region (North America ), Europe, Asia Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030″. Get the detailed report description here:
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Product Insights: The diagnostic devices segment accounts for the largest market share over the forecast period.
Based on product, the global wearable medical device market is segmented into diagnostic and therapeutic devices. Among these, the diagnostic devices segment dominates the market with the largest market share over the forecast period. The main reason for the segment expansion was the increase in neurological diseases. In addition, the expansion of the segment is projected to be driven by growing people’s knowledge of how neurowearable devices can regularly assess their cognitive performance for their daily activities.
Site Insights: The Straps/Clips/Bracelets Segment Dominates The Market, Capturing The Largest Market Share During The Forecast Period
Based on site, the global wearable medical device market is segmented into handhelds, headbands, straps/clips/bracelets, shoe sensors, and others. Among these, the strap/clip/bracelet segment holds the largest market share and is expected to maintain its dominance over the forecast period. Smartwatches and other gadgets that use Bluetooth and cloud connectivity to monitor several factors such as pulse rate, breathing rate and movement are expected to boost the growth of this segment.
Application Insights: Home Healthcare Segment Dominates Market Over Forecast Period
Based on application, the global wearable medical device market is segmented into sports and fitness, remote patient monitoring, and home healthcare. Among these, the home healthcare segment dominates the market with the largest market share during the forecast period. The market is expected to expand due to an increase in the number of elderly people who are susceptible to certain diseases and a growing need to reduce medical expenses.
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North America dominates the market with the largest market share over the forecast period
North America dominates the market with the largest market share during the expected period, owing to the rising incidence of diabetes, cancer, and cardiovascular disease in the region. The strong presence of state-of-the-art medical infrastructure and the increasing incidence of chronic diseases that require regular monitoring will further contribute to the growth of the region.
Asia Pacific, on the other hand, is projected to experience the fastest market growth over the forecast period. This increase is related to government support measures for the use of wearable medical devices, rising healthcare costs, and an aging population in the Asia-Pacific region.
Competitor analysis:
This report mainly provides a proper analysis of the major organizations/companies involved in the global market along with comparative evaluation based on product offerings, business overview, geographical presence, company strategy, segment market share, and SWOT analysis. Offers. The report also provides an in-depth analysis focused on the company’s current news and developments, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and more. This allows for an assessment of the overall competition within the market.major vendors in the world Wearable medical device market Philips Electronics, Fitbit. Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, Intelesens Ltd., Evelist Genomics, Sotera Wireless.
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