Wearable Medical Device Market is likely to acquire a robust revenue of over USD 27.20 billion by 2028, suggests MRFR.
Market Dynamics
According to industry experts, the global market would increase as a result of factors such as the rise in lifestyle diseases and the rising incidence of inactive or sedentary lifestyles. The potential for combining IT and telemedicine to revolutionize the healthcare sector and enhance healthcare quality while lowering costs is well recognized. Wearable medical devices offer a wide range of uses in the medical care industry, but they are predicted to dramatically enhance diabetes and other chronic illness monitoring and treatment. The use of linked healthcare solutions is intended to save money by reducing the number of visits to a medical expert. Wearable medical gadgets also offer real-time data, easy, user-friendly interfaces, and lower transportation costs. Wearable medical gadgets allow patients to receive medical care in the privacy of their own homes, regardless of their age, socioeconomic status, or country of origin. The global adoption of smartphones has aided the growth of the wearable medical device market significantly.
During the projection period, however, the market for wearable medical devices will encounter hurdles and restrictions as a result of worrying increases in cybercrime and worries about patient data theft.
Segmental Analysis
Applications, kinds, device types, and distribution methods have all been divided in the wearable medical devices market.
The market is divided into three segments based on applications: home healthcare, remote patient monitoring, and sports academies and fitness. The sports and fitness area accounts for the largest portion of the overall market.
The global Wearable Medical Device Market is divided into activity monitors, patches, smart clothes, and smart watches depending on type. Due to its widespread usage in monitoring lifestyle disorders such as diabetes, activity monitors have the greatest percentage of the whole market.
Furthermore, the market is divided into diagnostic and monitoring devices and therapeutic devices based on device types. Because of the expanding use of such devices and the rising prevalence of lifestyle diseases, the diagnostic and monitoring devices sector has the greatest proportion of the global market.
The market is divided into three categories based on distribution methods: hypermarkets, online channels, and pharmacies. Pharmacies are the market’s largest section. However, during the projected period, the internet distribution channel is expected to increase fast, with a CAGR of 23.7 percent.
Regional Overview
Given the rising rates of obesity and diabetes in the United States, the Wearable Technology in Healthcare in this country generates the most income. In accordance with the constant growth in the fitbit market share, the United States and Canada are the region’s best-performing markets. The region’s world-renowned manufacturers are known for creating innovative wearable medical sensors, which adds to their attractiveness among tech-savvy customers. The high frequency of cancer and cardiovascular problems that necessitate regular monitoring, as well as the presence of a well-developed healthcare industry, all contribute to the significant growth of the wearable medical devices market.
Asia Pacific is growing at a rapid rate and has emerged as one of the most potential markets for wearable medical devices. The Asia Pacific market’s key growth inducers include the massive population, substantial growth possibilities due to unmet medical demands, and the increased prevalence of lifestyle diseases such as cardiac problems. The medical devices industry is being bolstered by rapidly developing manufacturing facilities in India and China, which is adding to the market’s strength. Government measures to promote wearable medical devices such as smart watches and fitbits, as well as the growing geriatric population and increased healthcare spending, are all driving demand for wearable medical devices in the region.
Competitive Dynamics
The notable players of the market are Sony Corporation, Boston Scientific Corporation, Apple Inc., Honeywell International Inc., Qualcomm Inc., Omron Corporation, Fitbit Inc., Honeywell International Inc., Medtronic PLC, NIKE INC., Motorola Solutions Inc., LG Electronics Inc., Philips.
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