New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wearable Medical Devices Global Market Report 2023" - https://www.reportlinker.com/p06277174/?utm_source=GNW
, and Medtronic PLC.
The global wearable medical devices market will grow from $22.44 billion in 2022 to $27.37 billion in 2023 at a compound annual growth rate (CAGR) of 21.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The wearable medical devices market is expected to grow to $60.48 billion in 2027 at a CAGR of 21.9%.
The wearable medical devices market consists of sales of wearble ECG monitors, wearable fitness tracker, biosensors and others that are wearable and are used for monitoring medical conditions.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Wearable medical devices are autonomous medical devices that can be worn by a person and perform functions such as medical monitoring and support.
North America was the largest region in the wearable medical devices market in 2022.Asia Pacific was the second-largest region in the wearable medical devices market.
The regions covered in the wearable medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of wearable medical devices are diagnostic devices and therapeutic devices.The diagnostic devices are used for diagnosing patient outcomes.
The various product types include watches, wristbands, clothing, earwear, and other devices.These are used in sports and fitness, remote patient monitoring, home healthcare, and ear wear.
The various distribution channels are pharmacies, online channels, and hypermarkets.
The wearable medical devices market covered in this report is segmented by device type into diagnostic devices, therapeutic devices. It is also segmented by product type into watch, wristband, clothing, ear wear, other devices, by distribution channel into pharmacies, online channel, hypermarkets and by application into sports and fitness, remote patient monitoring, home healthcare, ear wear.
The rise in mortality rate due to non-communicable diseases with an increasing prevalence of chronic diseases and lifestyle-associated diseases like hypertension and diabetes contributed to the growth of wearable medical devices.The Healthcare industry is coming up with newer technologies to overcome this with necessary measures like continuous and remote patient monitoring facilities through wearables which can be worn over the body all-day long for continuous monitoring of the required parameters like vital signs, glucose levels, and more.
According to the world health organization (WHO), 2020, Non-communicable diseases (NCDs) will estimate 80% of the global disease burden.Seven out of every ten deaths in developing countries are caused by NCDs, and around half of these deaths are in people younger than 70 years.
Moreover, the global NCD burden will rise by 17% in the next decade, and in Africa., it will grow by 27%. According to the International Diabetes Federation, an international organization working for spreading awareness regarding diabetes, in 2021, 537 million adults were living with diabetes. This number is expected to increase to 643 million by 2030 and 783 million by 2045. The rise in the number of chronic diseases coupled with growing awareness among the people is pushing them towards continuous monitoring which boosted the market growth.
Wearable device manufacturers collect and store data to sell them to the customer itself by charging a certain amount on monthly basis or periodically as per the requirement or to third parties at places where this information is not considered as Protected Health Information.There is a higher exposure of sensitive data as the amount of data handled by Medical Internet of Things devices is growing exponentially.
The major data privacy concerns arise during the transmission of data to a cloud and during its storage.In July 2022, according to a survey released by American Medical Association (AMA), a US-based healthcare association, 92% of the respondents were in favour of maintaining their privacy and agreed that the medical data should not be sold to companies.
There are risks of the access and security of the personal information collected by the third-party healthcare service providers which are expected to hamper the growth of the market during the forecast period.
Integrating artificial intelligence into wearable medical devices is gaining traction.The data collected by wearable medical devices lack value without the integration of artificial intelligence (AI) that better utilizes the data collected.
AI doctor which is a standalone network with a deep learning algorithm performs well than trained medical practitioners in conditions like skin lesions, electrocardiograms, medical imaging, and pathology. In 2020, Apple acquired Xnor.ai that develops technology like artificial intelligence to gain access to low-power AI tools for image recognition in wearables and others. A survey published in 2022 showed that 88% of the respondents were aware about AI. 46% of the respondents believed that the benefits of AI in healthcare outweighed the risk while only 2% agreed the opposite. The wearable device app developers are increasingly focused on integrating AI into the apps to analyze the remotely collected data for better interpreting the ailment by an AI doctor.
The countries covered in the wearable medical devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The wearable medical devices market research report is one of a series of new reports that provides wearable medical devices market statistics, including wearable medical devices industry global market size, regional shares, competitors with a wearable medical devices market share, detailed wearable medical devices market segments, market trends and opportunities, and any further data you may need to thrive in the wearable medical devices industry. This wearable medical devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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