Booming Wearable Healthcare Devices Market is set to Generate Revenue of US$ 183.8 Bn by 2031: TMR Study

Wearable Medical Devices Market (Product Type: Smart Watches, Activity Monitors, Patches, and Smart Clothing; and Application: Cardiovascular Surgery, Dental Surgery, Ophthalmology, and Others)

Wilmington, Delaware, United States, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a study published by Transparency Market Research, the global wearable medical devices market is anticipated to grow at a CAGR of 19.1% during the forecast period between 2022 and 2031.

Awareness about fitness has increased among a large number of people in the last decade. This has led to rise in demand for different wearable medical devices such as smart watches, activity monitors, and patches. This in turn contributed to global industry growth.

Leading players are launching new products in order to gain a competitive edge over other players and to create new revenue streams. For example, In July 2021, OMRON Healthcare announced the launch of the first electrocardiogram and blood pressure monitor suitable for use by patients at home.

Prominent players are adopting growth strategies such as collaborative agreements with smaller players to expand market presence and increase revenue.

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Key Findings of Market Study

  • Increase in Demand for Activity Monitors Fueling Wearable Medical Devices Market: In terms of product, the activity monitors segment held major market share in 2021. Activity monitors are integrated with technologies, such as Wi-Fi and Bluetooth, which enable these gadgets to provide health information to smartphones or computers, thereby assisting doctors to examine data more quickly.

  • Rise in Demand for Diagnostic & Monitoring Devices Boosting Wearable Medical Devices Industry Growth: Based on device, the diagnostic & monitoring devices segment accounted for significant market share in 2021. Increase in prevalence of chronic diseases, such as hypertension and diabetes, is a key factor augmenting the segment

  • Increase in Customer Preference for Pharmacies Propelling Market: Based on distribution channel, the pharmacies segment accounted for large market share in 2021. This is ascribed to increase in consumer preference to purchase wearable medical devices from pharmacies after physically checking the product.

Wearable Medical Devices Market - Key Drivers

  • Increase in patient population suffering from chronic diseases such as diabetes is a key factor driving the global market
  • Rise in adoption of wearable medical devices in developing countries is projected to propel market size during the forecast period
  • Government initiatives and measures promoting the benefits of using wearable medical devices could also help boost market growth during the forecast timeline

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Wearable Medical Devices Market - Regional Insights

  • North America is projected to witness significant growth during the forecast period owing to increase in prevalence of diseases, such as diabetes and hypertension, in countries such as the U.S. and Canada
  • Asia Pacific is anticipated to witness strong growth during the forecast period due to rise in awareness about the benefits of using wearable medical devices and surge in the geriatric population and continuous expansion witnessed in the healthcare industry in developed and developing countries such as China and India.

Wearable Medical Devices Market - Key Players

The global wearable medical devices market is fragmented, with the presence of a large number of international and regional players. New players entering the market during the forecast period is likely to intensify the competition.

Well-established market players are investing in research and development undertakings to produce improved wearable medical devices that would meet customer requirements, globally.

Prominent players in the overall wearable medical devices market are Garmin Corporation. Xiaomi Technology, Inc., Samsung Electronics Company Limited, OMRON Corp., and Polar Electro.

The global wearable medical devices market is segmented as follows:

  • Product Type

    • Smart Watches
    • Activity Monitors
    • Patches
    • Smart Clothing
  • Device

    • Diagnostic & Monitoring Devices
    • Vital Signs Monitoring Devices
    • Glucose Monitoring Devices
    • Sleep Monitoring Devices
    • Fetal Monitoring & Obstetric Devices
    • Neuromonitoring Devices
  • Therapeutic Devices

    • Pain Management Devices
    • Rehabilitation Devices
    • Insulin Pumps

  • Application

    • Sports & Fitness
    • Home Health Care
    • Remote Patient Monitoring

  • Distribution Channel

    • Online Channels
    • Pharmacies
    • Hypermarkets

  • Regions Covered

    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East & Africa

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