Wearable Medical Device Market Scope
Wearable medical device market is anticipated to reach USD 174.48 Billion by 2030 at 27.1% CAGR during the forecast period (2022-2030)
Growth Drivers and Challenges
The CDC National Diabetes Statistics Report says that in 2020, around 28.6 million US citizens of all ages were diagnosed with diabetes and 90 million more were at risk of developing Type 2 diabetes. But the use of wearable medical devices for early detection as well as monitoring of the condition can considerably affect patient outcomes. 89% of 500 patients in a study, who used wearable medical devices believed that it helped enhance their health, life quality, and allowed doctors to offer high-quality care.
Medical caregivers depend on wearable medical devices to combine cutting-edge technology, innovative adhesives, and high-quality materials for efficient patient monitoring. On the other hand, patients desire an easy-to-use, minimally obtrusive, and comfortable medical device that never interferes with their daily lives. The wearable medical device market has been experiencing steady expansion, mainly owing to the rise in obesity cases worldwide. The adoption of wearable patient monitoring devices for the elderly population has risen as well since these devices help detect and treat conditions related to this group.
The rising complexity of the massive data sets in the healthcare sector has prompted many studies, focusing on creating viable solutions for integrating Artificial Intelligence (AI) in wearable medical devices. The widespread use of mobile platforms, surging popularity of 5G, and the mounting awareness about remote monitoring at home will foster the demand for AI and similar technologies.
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Wearable Medical Device Market Segmentation
Wearable medical devices come in various types, such as activity monitors, smart watches, smart clothing, and patches. Smartwatches enjoy massive demand since they constantly monitor a number of fitness parameters like footstep count, calories burned, and distance walked. As a result, with the escalating number of individuals now more focused on fitness as well as well-being, smart watches are growing in popularity and will, therefore, be the top segment in the global wearable medical device market.
Devices types discussed are therapeutic devices along with diagnostic & monitoring devices. The therapeutic device segment should thrive the most in the coming years, thanks to the surging influx of these devices and their extensive use worldwide. A strong pipeline consisting of innovative therapeutic devices such as intelligent asthma management devices, wearable pain reliever devices and insulin management devices will also warrant significant market growth.
Wearable medical devices have applications in home healthcare, sports academies, fitness and remote patient monitoring.
The top distribution channels where wearable medical devices are available include online channels, pharmacies, and hypermarkets.
Wearable Medical Device Market Regional Analysis
America is the top gainer in the worldwide market, owing to the huge patient base that makes use of a variety of wearable medical devices. Obesity and diabetes are the major conditions affecting a large population in the region. The US and Canada will be the most successful markets in the region, on account of the huge market for Fitbit. Highly reputed manufacturers present in the region develop and offer highly innovative wearable medical sensors that are a massive hit among tech-savvy consumers. The significant burden of cancer as well as cardiovascular disorders, which need to be routinely monitored will also benefit the regional wearable medical device market.
Asia Pacific will be progressing at a rapid pace in the years to come, as the demand for wearable medical devices has been escalating among the large patient base. The colossal population, unmet medical requirements and the surging occurrence of various lifestyle diseases like cardiac disorders will also favor the APAC wearable medical device market.
Leading Firms
Apple Inc., Philips, Qualcomm Inc., Omron Corporation, Sony Corporation, Honeywell International Inc., Boston Scientific Corporation, Medtronic PLC, Motorola Solutions Inc., LG Electronics Inc., Fitbit Inc., NIKE INC., Honeywell International Inc. are the biggest manufacturers of wearable medical devices in the market.
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Latest Developments
April 2022
PolarSeal introduces innovative in-house converting capabilities for medical grade materials to develop wearable medical devices across the US, while delivering advanced stick-to-skin solutions. The company ensures product materials and adhesives are absorbent, skin-friendly, sterile and repositionable. Non-breathable or breathable properties ensure that the products are comfortable and functional.
Mary 2022
Medical Manufacturing Technologies, a renowned portfolio firm of Arcline Investment Management and a developer of medical devices expands its range of catheter manufacturing solutions by acquiring Medical Production Technology Europe (MPT).
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