New York, United States , May 04, 2023 (GLOBE NEWSWIRE) -- The Global Wearable Medical Device Market Size to grow from USD 28.3 Billion in 2021 to USD 197.10 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 29.5% during the forecast period, according to a research report published by Spherical Insights & Consulting.
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Customers can use medical devices like activity trackers and smartwatches to check on their health updates. These gadgets were created specifically to monitor and gather data on a person's fitness and health. The market for wearable medical devices is expected to develop significantly over the next few years as a result of the rising incidence of sedentary and inactive lifestyles, as well as the rise in restaurants. These factors have also increased the number of lifestyle problems like diabetes and hypertension. These conditions necessitate ongoing monitoring and tracking of physiological variables like blood pressure and blood sugar levels, which is motivating market participants to combine healthcare data with medical devices so that specialists may access your information in real time. Key companies are becoming increasingly concerned as a result of the rise in cybercrime and the theft of patient data. The digital world is vulnerable to several cyber dangers and attacks that can compromise patient confidentiality. The surge in the usage of smartphones and the newest software, combined with the increasing sophistication of cybercriminals, is limiting industry expansion.
COVID 19 Impact
The availability of medical devices and associated supplies has significantly decreased since the COVID 19 outbreak started. The healthcare sector is paying close attention to the novel coronavirus, and the market's expansion is being hampered by the rising number of CARS-CoV-2 cases and ongoing lockdown. In addition, the pandemic has increased demand for telehealth and remote monitoring health wearables, which has aided in coping with travel restrictions and lockdowns. In order to create a wide variety of wearable gadgets, the major market participants have begun to concentrate on accelerating the manufacturing process. The businesses are also working as hard as they can on their research and development projects.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Wearable Medical Device Market Size, Share, and COVID-19 Impact Analysis By Product (Diagnostic, Therapeutic), By Site (Handheld, Headband, Strap, Shoe Sensors), By Application (Sports and 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 Detailed Report Description Here:
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Product Insights: Diagnostic Devices segment accounted largest market share over the forecast period
On the basis of product, the global wearable medical device market is segmented into diagnostic devices and therapeutic devices. Among these, diagnostic devices segment dominates the market with the largest market share over the forecast period. The primary factor behind the segmental expansion is the rise in neurological illnesses. In addition, it is projected that the segmental expansion would be fueled by people's growing knowledge of how neurological wearable devices can regularly evaluate people's cognitive capacities for daily activities.
Site Insights: Strap/ clip/ bracelet segment dominates the market with the largest market share over the forecast period
On the basis of site, the global wearable medical device market is segmented into handheld, headband, stap/ clip/ bracelet, shoe sensors, others. Among these, the strap/ clip/ bracelet segment holds the largest market share is going to continue its dominance over the forecast period. Smartwatches and other gadgets that use Bluetooth and cloud connectivity to monitor several factors including pulse rate, respiration rate, and movement are expected to boost the segment's expansion.
Application Insights: Home healthcare segment is dominating the market over the forecast period
Based on the application, the global wearable medical device market is segmented into sports and fitness, remote patient monitoring, home healthcare. Among these, home healthcare segment is dominating the market with the largest market share over the forecast period. The market is predicted to expand as a result of an increase in geriatric people who are susceptible to specific diseases and rising demand to cut healthcare costs.
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North America is dominating the market with the largest market share over the forecast period
Due to the rising rates of diabetes, cancer, and cardiovascular disease in the region, North America is dominating the market with the greatest market share during the anticipated period. A strong presence of cutting-edge healthcare infrastructure and the rising incidence of chronic diseases that need regular monitoring will further contribute to the region's growth.
On the other hand, Asia Pacific is predicted to experience the quickest market growth throughout the forecast period. The increase is linked to the supportive government measures for the use of wearable medical devices, rising healthcare costs, and the Asia Pacific region's ageing population.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global wearable medical device market are Philips Electronics, Fitbit; Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, Intelesens Ltd., Everist Genomics, Sotera Wireless.
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