Wearable Medical Devices Market to Garner Growth 25.6% by 2030

The global wearable medical device market is estimated to register a growth at a CAGR of 25.6% over the forecast period 2021 to 2030 and to reach over USD 169.58 billion by 2030.

The global wearable medical device market size was estimated at USD 22.53 billion in 2021, according to Precedence Research.

Growth Factors

The wearable medical devices market has grown due to increased smartphone and internet adoption, as well as rising smartphone applications that can be connected to wearable medical devices. All fashion wearable, electronic wearable and smart devices that are worn close to or over the skin are referred to as wearable devices. Consumers can use wearable technology to get vital health and fitness information. Wearable gadgets are made with microprocessors and can easily send, receive, and track data. These have sensors and Bluetooth to keep track of distance, blood pressure, pace, breathing, cholesterol, heart rate, calories, and altitude, among other things.

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The rising frequency of chronic diseases, as well as rising death rates, is a major source of concern for both individuals and government agencies. As a result, healthcare practitioners can provide tailored care that includes ongoing and remote patient monitoring. These can also be worn for up to 24 hours without interfering with daily activities. As a result of the numerous benefits it provides, demand for wearable medical devices is expected to increase over the forecast period.

Several physiological factors, such as blood sugar levels and blood pressure, must be continuously monitored in some of these disorders. This enables the integration of healthcare data with portable medical equipment, which may then be provided to clinicians for real-time data access and error reduction.Furthermore, the rising death rate from noncommunicable illnesses is a major source of concern, necessitating a greater focus on tailored monitoring and care. The demand for wearable medical devices is expected to rise as a result of this.

Report Scope

Report Highlights:

• Based on the product, the therapeutic device segment dominated the global wearable medical devices market in 2020 with highest market share. The segment growth is expected to be aided by a robust pipeline of therapeutic devices such as intelligent asthma management products, wearable pain reliever devices and insulin management devices.
• Based on the application, the home healthcare segment dominated the global wearable medical devices market in 2020 with highest market share. Some of the drivers driving the segment expansion include the growing senior population, which is driving prevalence rates of target diseases as well as the growing need to reduce healthcare spending as a financially visible effort.
• North America is the largest segment for wearable medical devices market in terms of region. This is due to rising prevalence of cardiovascular disorders, cancer, and diabetes. Furthermore, the rise in chronic diseases that require regular monitoring as well as the development of modern healthcare infrastructure are expected to fuel market expansion throughout the projection period.
• Asia-Pacific region is the fastest growing region in the wearable medical devices market. Favorable government measures for the usage of such wearable medical devices, an increasing senior population, and rising healthcare expenditure in this region are all driving the market expansion.

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Future of Wearable Medical Devices Market

Artificial intelligence can be utilized in 5G to determine a patient’s potential diagnosis and treatments. Furthermore, artificial intelligence can assist healthcare systems in predicting which patients are more likely to experience postoperative difficulties, allowing for early intervention. In general, real-time learning with a large amount of data necessitates reliable and high-bandwidth networks. Healthcare businesses may leverage artificial intelligence tools to give the finest care possible in real-time, wherever they are, owing to 5G networks. As a result, the utilization of new tools and technologies such as artificial intelligence and 5G is predicted to give high-growth prospects in the wearable medical devices market.

COVID-19 Impact Analysis:

• During the pandemic, the wearable medical devices market saw a moderately beneficial influence.
• With increased use of innovative technologies to meet expanding end user expectation, the industry is expected to experience unexpected growth.
• Wearable technologies have made it easier for patients and professionals to maintain their health in remote locations.
• Daily health tracking devices have seen growing demand in home settings as the focus on health management has intensified during the COVID-19.

Key Developments in the Marketplace:

• Fitbit Luxe was released in April 2021 by Fitbit, Inc.
• With a single-use, 48-hour, disposable electrode patch, Koninklijke Philips N.V. launched foetal and maternal pods and patches for continuous, non-invasive monitoring of maternal heart rate, foetal heart rate, and uterine activity in June 2020.
• Fitbit, Inc. teamed with FibriCheck in March 2020 to provide Fitbit smartwatch customers in Europe with a CE-marked Heart Health Detection App.
• Mobvoi and CardieX announced plans to offer a revolutionary smartwatch with proprietary cardiac-health benefits SphygmoCor technology in Australia and the U.S. in October 2021. The firm’s proprietary technology-based product will provide a competitive advantage as well as a customer base.

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