Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Global Wearable Medical Devices Market Analysis & Forecast to 2023-2033: Market By Product (Diagnostic Devices, Therapeutic Devices); By Site; By Application; and By Region" report has been added to ResearchAndMarkets.com's offering.
The global wearable medical devices market, which achieved a valuation of USD 27.38 billion in 2023, is set to experience remarkable growth, with an estimated CAGR of 26.34% during the forecast period from 2023 to 2033. The market is projected to reach a substantial value of USD 358.4 billion by 2033.
Several factors contribute to this anticipated surge, including an increasing emphasis on health and fitness, heightened awareness of personal health monitoring, rising prevalence of lifestyle-related disorders like diabetes, hypertension, and cardiovascular issues, a rise in non-communicable diseases-related mortality, and a growing demand for continuous and remote patient monitoring.
Key Growth Drivers
Several factors are driving the rapid expansion of the wearable medical devices market:
- Focus on Health and Fitness: The trend towards a healthier lifestyle and fitness-consciousness is pushing individuals towards wearable medical devices for monitoring health metrics.
- Personal Health Monitoring: Growing awareness about the benefits of continuous health tracking is propelling the adoption of wearable medical devices.
- Lifestyle-Associated Disorders: The rising prevalence of lifestyle-related disorders, such as diabetes and hypertension, is creating a demand for wearable devices that help in disease management.
- Technological Advancements: The increasing sophistication of wearable device technology and continuous advancements contribute to market growth.
- Remote Patient Monitoring: The demand for personalized care, including remote patient monitoring, is driving the growth of wearable medical devices.
- Launch of Advanced Devices: The introduction of technologically advanced wearable medical devices, such as smartwatches with health monitoring features, is boosting market expansion.
Notable Product Launches
The market is being further propelled by the launch of advanced medical wearable devices. For instance, Withings introduced the ScanWatch Horizon, a hybrid smartwatch capable of monitoring ECG, heart rate, blood oxygen levels, breathing patterns, physical activity, and sleep patterns. The waterproof smartwatch offers a battery life of up to 30 days, indicating the increasing capabilities of wearable medical devices.
Segmentation and Applications
The market segmentation includes product types, sites, applications, and regions:
- Product Types: Diagnostic devices, including neuromonitoring and vital sign monitoring, contribute significantly to the market's revenue. Therapeutic devices, such as insulin monitoring and neurostimulation devices, are projected to grow at a rapid pace.
- Sites: Wearable devices worn on the wrist, such as straps, clips, and bracelets, are the highest revenue contributors. Handheld devices are expected to exhibit rapid growth.
- Applications: Home healthcare and remote patient monitoring are the highest revenue segments. The latter is set to grow at the fastest CAGR.
- Regions: North America is expected to hold the highest revenue share, driven by a rising prevalence of chronic diseases and technological advancements. Asia Pacific is poised for rapid growth due to government initiatives and a growing need for home care devices.
Leading Players and Collaborations
Prominent companies in the market include:
- Intelesens Ltd.
- Garmin
- Withings
- Fitbit
- Sotera Wireless Basis Science
- Covidien
- Vital Connect
- Philips Electronics
- Polar Electro
- Omron Corp.
- verist Genomics
Collaborations and partnerships within the industry, such as that between Masimo and Royal Philips, are contributing to market growth.
For detailed insights and comprehensive analysis of trends, growth drivers, and future opportunities in the wearable medical devices market, refer to the complete report.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value (USD) in 2022 | $27.38 Billion |
| Forecasted Market Value (USD) by 2033 | $358.4 Billion |
| Compound Annual Growth Rate | 26.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/9thiuc
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