According to the latest report by IMARC Group, titled “Wearable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, “The global wearable medical devices market reached a value of US$ 18.96 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 60.55 Billion by 2027, exhibiting at a CAGR of 22.2% during 2022-2027.
Wearable medical devices represent autonomous instruments that are non-invasively attached to the body to provide medical monitoring or support. They include various diagnostic devices, such as those that monitor glucose levels, vital signs, sleep, fetal well-being, the nervous system, etc., and numerous therapeutic devices for rehabilitation pain management, and respiratory therapy. Wearable medical devices consist of biosensors, controllers, and software systems for data acquisition, interpretation, transfer, and storage. They incorporate noninvasive physiological sensors, wireless data transmission capabilities, medical feedback, data processing modules, etc. Wearable medical devices also provide supporting hardware to cater to point-of-care treatments. They are extensively utilized by consumers across the globe.
Global Wearable Medical Devices Market Trends:
The expanding geriatric population, who are more susceptible to chronic diseases, is among the primary factors driving the wearable medical devices market. Apart from this, the escalating product demand across healthcare centers, on account of the sudden outbreak of the COVID-19 pandemic, is further catalyzing the market growth. Additionally, the increasing adoption of these devices for monitoring, providing feedback, rehabilitation, disease management, suggesting adequate treatments, etc., is acting as another significant growth-inducing factor.
Besides this, the inflating product utilization in monitoring physiological information, such as photoplethysmography (PPG), biopotential, blood pressure (BP), etc., is also augmenting the global market. Furthermore, the development of patches, smartwatches, and smart clothing that are integrated with the Internet of Things (IoT) to assist in monitoring various fitness parameters, including footstep count, calories burned, distance walked, etc., is anticipated to fuel the wearable medical devices market over the forecasted period.
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Global Wearable Medical Devices Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Abbott Laboratories
- Apple Inc.
- Dexcom Inc.
- Fitbit Inc. (Google LLC)
- Garmin Ltd.
- Honeywell International Inc.
- Koninklijke Philips N.V.
- Medtronic Plc
- Omron Corporation and Vital Connect Inc.
The report has segmented the market on the basis on region, device type, product, application and distribution channel.
Breakup by Device Type:
- Diagnostic Devices
- Vital Sign Monitoring
- Sleep Monitoring
- Electrocardiographs and Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Insulin Delivery Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
Breakup by Product:
- Activity Monitors
- Smartwatches
- Patches
- Smart Clothing
- Hearing Aids
- Others
Breakup by Application:
- Sports and Fitness
- Remote Patient Monitoring
- Home Healthcare
Breakup by Distribution Channel:
- Offline
- Online
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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