Wearable Medical Devices Market Overview
As per the reports by MRFR, the global wearable medical devices market is likely to attain a market size of over USD 27,200 Mn during the forecast period. The market is projected to record substantial growth during the review timeframe.
The global wearable medical devices market has seen rapid development in recent years. The primarily aspect causing an upsurge in the market’s growth includes the increasing occurrence of inactive or sedentary lifestyles and the consequent growth in lifestyle disorders. Furthermore, the factors such as growth and complications of data in the healthcare industry, focus on developing viable solutions to integrate AI, preference for remote monitoring, surging uptake of mobile platforms, and rising popularity of 5G are also projected to catalyze the market’s growth over the review timeframe. However, the high rate of cyber-attacks and threats and the surging use of smartphones and the latest software can restrict the global market for wearable medical devices.
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Wearable Medical Devices Market Segmentation
The wearable medical devices market has been fragmented into several segments based on application, type, distribution channel, device type, and region.
Based on type, the global market for wearable medical devices is split into smartwatches, patches, activity monitors, smart clothing, and others.
The global market for wearable medical devices is bifurcated by device type into therapeutic devices and diagnostic & monitoring devices.
Based on application, the wearable medical devices market is segregated into remote patient monitoring, home healthcare, sports academies and fitness.
The global market for wearable medical devices is split into hypermarkets, online channels, and pharmacies based on the distribution channel.
Wearable Medical Devices Market Regional Outlook
The global market for wearable medical devices is studied across five major regions: Europe, North America, the Middle East & Africa, South America, Asia-Pacific, and.
According to the research report by MRFR, the North American region is projected to acquire the largest share in the wearable medical devices market over the review timeframe. The escalating cases of diabetes and obesity are the primary aspect boosting the regional market’s growth. The US is the major market globally, given the constant growth in the Fitbit market share. Furthermore, factors such as the presence of renowned manufacturers, highly developed healthcare industry, and high prevalence of cancer and cardiovascular disorders across the region are also likely to catalyze the regional wearable medical devices market’s growth.
The wearable medical devices market for the Asia-Pacific region is projected to register the highest growth rate over the assessment era. The regional market’s growth is being driven by the increasing occurrence of lifestyle diseases such as cardiac disorders, huge growth opportunities given unmet medical requirements, and immense population. Furthermore, fast-improving manufacturing facilities and supportive government initiatives, the surge in healthcare spending, and the expanding geriatric pool are also likely to accelerate the growth of the regional market.
Wearable Medical Devices Market Competitive Analysis
The global wearable medical devices market has an intensely competitive landscape. The global players are focusing on the development of advanced and innovative technologies and products to strengthen their global market footprint. The list of prominent players in the global market for wearable medical devices includes Philips, Motorola Solutions Inc., Medtronic PLC, Fitbit Inc., Qualcomm Inc., Apple Inc., Sony Corporation, LG Electronics Inc., NIKE INC., Honeywell International Inc., Omron Corporation, Honeywell International Inc., Boston Scientific Corporation, and several others.
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a prominent player in intelligent, secure wireless technology for a more connected world, Silicon Labs announced the MG24 and BG24 families of 2.4 GHz wireless SoCs for Multiple-protocol operations and Bluetooth, respectively, the latest software toolkit. The latest co-optimized software and hardware will help bring wireless high-performance and platform AI/ML applications to battery-powered edge devices.
A prominent player in photonics-based communications solutions and health monitoring, Rockley Photonics Holdings Limited, announced that the firm has profitably finished the first stage of its human studies analysing blood pressure measurement using Rockley’s biomarker sensing platform.
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