Wearable Medical Devices Market size was valued at US$ 23.84 Billion in 2022 and the total Wearable Medical Devices revenue is expected to grow at 20.2% through 2022 to 2029, reaching nearly US$ 86.41 Billion.Wearable Medical Devices Market Overview:
There is no universally agreed-upon definition of wearable technology-based devices. Wearable devices are categorized according to their purpose, appearance, closeness to the human body, and other factors. The Center for Entrepreneurship and Technology at the University of California, Berkeley, classifies wearable devices into smartwatches, smart glasses, smart clothing, fitness trackers, body sensors, wearable cameras, and others. A wearable healthcare device is an electronic device with or without physical or software components that are worn by an individual to gather data about that individual's health condition and wellness habits in an active or passive manner. The device's data is frequently sent to a software platform for analysis by an individual or organization in order to track health and encourage healthy behavior.To know about the Research Methodology :- Request Free Sample Report In this report, the wearable medical devices market's growth reasons, as well as the market's many segments (Product, Device Type, Grade Type, Application and, Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the wearable medical devices market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global wearable medical devices market situation.
Wearable Medical Devices Market Dynamics:
A major driver of the wearable medical devices market is the increasing awareness of fitness and healthcare among consumers. The healthcare market has grown significantly in recent years, owing to the growing geriatric population, the rising incidences of chronic diseases, and the application of modern medical devices i.e wearable medical devices that enable the delivery of high-quality care outside of hospitals. A major restraint of the market are the unfavorable standards and regulations present in the healthcare sector. For example, In deciding compensation for mobile healthcare, national agencies play a significant role. National regulations in several European countries define medical treatment in terms of the patient and doctor's physical presence, which has an impact on payments for mobile and remote healthcare solutions. Wearables adoption in the healthcare sector is slowed by such regulations. The key opportunity in the wearable medical devices market is the increasing endorsement of Artificial Intelligence and other technologies. Artificial intelligence can be utilized in 5G to predict a patient's potential diagnosis and treatments. Moreover, AI can assist medical systems in predicting which patients are likely to experience postoperative difficulties, allowing for early intervention. In general, real-time learning with a large amount of data necessitates reliable and high-bandwidth networks. Healthcare businesses may leverage AI technologies to give the finest treatment possible in real-time, wherever they are, thanks to 5G networks. As a result, the utilization of new tools and technologies is predicted to give high-growth prospects in the wearable medical devices market. The main challenge in the wearable medical devices market is the patent protections need for the devices. Clinical device makers in the United States and Europe confront significant hurdles from patent reform and patent trolls. Patent trolls are firms that buy patents in order to collect royalties from businesses that purportedly infringe on trademarks held by patent claim entities or non-practicing organizations. Patent trolls made their debut in the medical technology business in the last decade, when they filed a slew of violation cases against medical device manufacturers. Companies may secure the financial and legal rewards of properly filed patents and reduce possible losses caused by patent trolls by taking precautious efforts to safeguard mobile medical technology developments through patents. The key to success in the fast-developing clinical-grade wearables business is to protect patents.Wearable Medical Devices Market Segment Analysis:
By Device Type, the Diagnostic and Monitoring devices segment dominated the wearable medical devices market in 2022. This segment is also projected to witness the highest CAGR of 10.3% in the forecast period (2023-29). The increasing frequency of neurological and nephrological illnesses is the primary factor influencing the segment's growth. According to the 2022 survey, migraine was the most common neurological illness in the United States. In the United States, 92.5% of individuals suffer from migraines. Neuromodulation devices are the most commonly used to diagnose and treat migraine in this scenario. In addition, the wearable monitoring device segment is likely to grow as people become more aware of the capacity of neurological wearables to continually measure people's cognitive capacities while they go about their daily lives. Because of the rising intake of traditional diagnostic devices, the of traditional diagnostic device sector is expected to grow at the quickest rate throughout the projected period. Furthermore, market growth is expected to be aided by a robust portfolio of medical devices such as intelligent asthma action products, smart pain reliever gadgets, and insulin management devices. Pain control devices, glucose monitoring devices, recovery devices, and respiratory therapy devices make up the monitoring device segment. Due to the large population suffering from diabetes, insulin monitoring device sub-segment was dominant in 2022 and is expected to remain dominant over the forecast period (2023-29).
Wearable Medical Devices Market Regional Insights:
The wearable medical devices market was led by North America, with the United States emerging as the leading contributor in 2022. Due to the high incidence of heart and lifestyle-related disorders, rising acceptance of wearable medical advances, and high per capita medical spending, the United States has the greatest share of the wearable medical device market. The North American market for wearable medical devices is forecast to grow at a modest rate of 12.3% over the forecast period, because of the growing illness prevalence in the region. The COVID-19 has influenced group and individual behavior, affecting both the workplace and healthcare. Devices are available in the form of technology to meet these new problems. Wearables have an essential part in the full continuum of care, as well as in the professional and leisure life, when it comes to health, work, and economy during COVID-19. In the United States, Philips launched another whole wearable biosensor for early health deterioration detection in 2022, including clinical surveillance for COVID-19. The objective of the report is to present a comprehensive analysis of the Wearable Medical Devices market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Wearable Medical Devices market dynamics, structure by analyzing the market segments and project the Wearable Medical Devices market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Wearable Medical Devices market make the report investor’s guide.Wearable Medical Devices Market Scope: Inquiry Before Buying
Global Wearable Medical Devices Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 123.84 Bn. Forecast Period 2023 to 2029 CAGR: 20.2 % Market Size in 2029: US $ 86.41 Bn. Segments Covered: by Product Trackers Smartwatches Patches Smart Clothing by Device Type Diagnostic and Monitoring Devices Multiparameter Tracker ECG\Heart Rate Monitors Pulse Oximeters by Grade Type Traditional Diagnostic Devices Consumer-Grade Wearable Healthcare Devices Clinical-Grade Wearable Healthcare Devices by Application General Health and Fitness Remote Patient Monitoring Home Healthcare Wearable Medical Devices Market, by Region
North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)Wearable Medical Devices Market Key Players
1. Omron Healthcare Co., Ltd 2. Medibiosense Ltd. 3. Minttihealth 4. Preventice Solutions, Inc 5. Contec Medical Systems Co. Ltd 6. Bio-Beat 7. Ihealth Lab, Inc. 8. Cyrcadia Health, Inc. 9. Biotricity Inc. 10.Ten3t Healthcare 11.Verily Life Sciences. 12.Garmin Ltd. 13.Koninklijke Philips N.V. 14.Medtronic Plc 15.Ge Healthcare 16.Biotelemetry, Inc. 17.Dexcom, Inc. FAQs: 1. Which is the potential market for Wearable Medical Devices in terms of the region? Ans. The wearable medical devices market was led by North America, with the United States emerging as the leading contributor in 2022. 2. What are the drivers for new market entrants? Ans. A major driver of the wearable medical devices market is the increasing awareness of fitness and healthcare among consumers. 3. What is expected to drive the growth of the Wearable Medical Devices Market in the forecast period? Ans. The healthcare market has grown significantly in recent years, owing to the growing geriatric population 4. What is the projected market size & growth rate of the Wearable Medical Devices Market? Ans. Wearable Medical Devices Market size was valued at US$ 23.84 Billion in 2022 and the total Wearable Medical Devices revenue is expected to grow at 20.2% through 2022 to 2029, reaching nearly US$ 86.41 Billion. 5. What segments are covered in the Wearable Medical Devices Market report? Ans. The segments covered are Product, Device Type, Grade Type, Application and, Region.
1. Global Wearable Medical Devices Market: Research Methodology 2. Global Wearable Medical Devices Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Wearable Medical Devices Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Wearable Medical Devices Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Wearable Medical Devices Market Segmentation 4.1 Global Wearable Medical Devices Market, by Product (2022-2029) • Trackers • Smartwatches • Patches • Smart Clothing 4.2 Global Wearable Medical Devices Market, by Device Type (2022-2029) • Diagnostic and Monitoring Devices • Multiparameter Tracker • ECG\Heart Rate Monitors • Pulse Oximeters • Traditional Diagnostic Devices 4.3 Global Wearable Medical Devices Market, by Grade Type (2022-2029) • Consumer-Grade Wearable Healthcare Devices • Clinical-Grade Wearable Healthcare Devices 4.4 Global Wearable Medical Devices Market, by Application (2022-2029) • General Health and Fitness • Remote Patient Monitoring • Home Healthcare 5. North America Wearable Medical Devices Market(2022-2029) 5.1 Global Wearable Medical Devices Market, by Product (2022-2029) • Trackers • Smartwatches • Patches • Smart Clothing 5.2 Global Wearable Medical Devices Market, by Device Type (2022-2029) • Diagnostic and Monitoring Devices • Multiparameter Tracker • ECG\Heart Rate Monitors • Pulse Oximeters • Traditional Diagnostic Devices 5.3 Global Wearable Medical Devices Market, by Grade Type (2022-2029) • Consumer-Grade Wearable Healthcare Devices • Clinical-Grade Wearable Healthcare Devices 5.4 Global Wearable Medical Devices Market, by Application (2022-2029) • General Health and Fitness • Remote Patient Monitoring • Home Healthcare 5.5 North America Wearable Medical Devices Market, by Country (2022-2029) • United States • Canada • Mexico 6. Asia Pacific Wearable Medical Devices Market (2022-2029) 6.1. Asia Pacific Wearable Medical Devices Market, by Product (2022-2029) 6.2. Asia Pacific Wearable Medical Devices Market, by Device Type (2022-2029) 6.3. Asia Pacific Wearable Medical Devices Market, by Grade Type (2022-2029) 6.4. Asia Pacific Wearable Medical Devices Market, by Application (2022-2029) 6.5. Asia Pacific Wearable Medical Devices Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Wearable Medical Devices Market (2022-2029) 7.1 Middle East and Africa Wearable Medical Devices Market, by Product (2022-2029) 7.2. Middle East and Africa Wearable Medical Devices Market, by Device Type (2022-2029) 7.3. Middle East and Africa Wearable Medical Devices Market, by Grade Type (2022-2029) 7.4. Middle East and Africa Wearable Medical Devices Market, by Application (2022-2029) 7.5. Middle East and Africa Wearable Medical Devices Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Wearable Medical Devices Market (2022-2029) 8.1. Latin America Wearable Medical Devices Market, by Product (2022-2029) 8.2. Latin America Wearable Medical Devices Market, by Device Type (2022-2029) 8.3. Latin America Wearable Medical Devices Market, by Grade Type (2022-2029) 8.4. Latin America Wearable Medical Devices Market, by Application (2022-2029) 8.5. Latin America Wearable Medical Devices Market, by Country (2022-2029) • Brazil • Argentina • Rest Of Latin America 9. European Wearable Medical Devices Market (2022-2029) 9.1. European Wearable Medical Devices Market, by Product (2022-2029) 9.2. European Wearable Medical Devices Market, by Device Type (2022-2029) 9.3. European Wearable Medical Devices Market, by Grade Type (2022-2029) 9.4. European Wearable Medical Devices Market, by Application (2022-2029) 9.5. European Wearable Medical Devices Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1 Omron Healthcare Co., Ltd 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Medibiosense Ltd. 10.3 Minttihealth 10.4 Preventice Solutions, Inc 10.5 Contec Medical Systems Co. Ltd 10.6 Bio-Beat 10.7 Ihealth Lab, Inc. 10.8 Cyrcadia Health, Inc. 10.9 Biotricity Inc. 10.10 Ten3t Healthcare 10.11 Verily Life Sciences. 10.12 Garmin Ltd. 10.13 Koninklijke Philips N.V. 10.14 Medtronic Plc 10.15 Ge Healthcare 10.16 Biotelemetry, Inc. 10.17 Dexcom, Inc.