Wearable Medical Devices Market Size Worth US$ 188.4 Billion By 2030, Registering a CAGR of 26.5% From 2022 to 2030 – Exclusive Report By Acumen Research And Consulting

NEW YORK, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The global wearable medical devices market size is expected to reach the market value of USD 188.4 Billion by 2030 from USD 23.6 Billion in 2021, growing at a CAGR of 26.5% during the forecast period from 2022 to 2030, as per the report by Acumen Research And Consulting.

The growing demand for home healthcare and remote monitoring devices for patient in recent decades is projected to have a beneficial impact on the wearable medical devices market growth. Furthermore, growing customer emphasis on fitness and the endeavor to maintain a nutritious diet is projected to be another major factor driving the wearable medical devices market.

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Wearable Medical Devices Market Report Coverage:

Wearable Medical Devices Industry Analysis

The wearable medical devices market is expanding at a rapid rate as a result of increased technical developments and advancements since they can improve both the general population's as well as the patient population's lifestyle. Wearable technologies provide a handy method for tracking physiological symptoms, as well as a wide range of medical treatments. A significant rise in medical infrastructure, combined with a rise in the frequency of chronic medical conditions, is one of the primary drivers driving the market growth. Additionally, as the corona virus illness (COVID-19) outbreak spreads around the world, there is a huge rise in the demand for wearable diagnostic instruments in healthcare facilities. These gadgets are extremely useful for monitoring, disease management, rehabilitation, providing feedback, and recommending appropriate treatment. As a result, people are better able to keep track of their health issues and manage them promptly. In addition, a number of technological developments, like the creation of the internet of things (IoT)-integrated wearables, wristbands, watches, and garments, are contributing to growth. These solutions provide precise patient data storage and analysis, both remotely and on-premises. Other reasons, such as the growing senior population and consumers' increased spending power on primary healthcare technologies, are expected to boost the market even further.

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Wearable Medical Devices Market Segmentation

The global wearable medical devices market has been segmented by Acumen Research and Consulting based on device, product type, application, and distribution channel. By device, the market is separated into diagnostic and monitoring devices (glucose monitoring devices, vital signs monitoring devices, neuromonitoring devices, fetal monitoring & obstetric devices, sleep monitoring devices), and therapeutic devices (insulin pumps, pain management devices, respiratory therapy devices rehabilitation devices,). By product type, the market is divided into smart watches, patches, activity monitors, and smart clothing. By application, the market is classified into home healthcare, sports & fitness, and remote patient monitoring. By distribution channel, the segment is categorized into pharmacies, online channels, and hypermarkets.

Wearable Medical Devices Market Regional Outlook

North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are the regional classification of the global wearable medical devices market. According to the wearable medical devices industry analysis, North America will account for the greatest market share in 2021 due to the region's rising incidences of cardiovascular illnesses, diabetes, as well as cancer. Furthermore, the large rise in chronic conditions that require regular and continuous health tracking, as well as the existence of a well-established medical infrastructure, is predicted to propel market expansion in the approaching years. Furthermore, the North American market's expansion may be ascribed to rising smartphone penetration and the expanding range of smartphone-based healthcare applications, as well as increasing investment, grants, and funding.

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Wearable Medical Devices Market Players

Some of the prominent wearable medical devices market companies are Xiaomi Technology Co., Ltd, Garmin Corporation, Samsung Electronics Co. Ltd., Fitbit, Inc., Apple Inc., Polar Electro, Huawei Technologies Co., Ltd, Activinsights Ltd., OMRON Corporation, and VitalConnect.

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The global neurorehabilitation devices market size is expected to grow at a CAGR of around 14.8% from 2020 to 2027 and expected to reach the market value of around USD 3,476.3 Million by 2027.

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