The global wearable medical devices market size is expected to reach a market valuation of US$ 27.29 Billion by 2022, accelerating with a moderate CAGR of 28.1% by 2022 to 2032. The wearable medical devices market is anticipated to be valued at about US$ 73.48 Billion by 2032.
A patient’s most likely diagnosis and treatments can be identified using 5G and AI. AI can also help healthcare providers predict which patients are anticipated to have complications after surgery to perform preventative actions. Learning in real-time with large amounts of data typically necessitates networks with high availability and throughput.
With the advent of 5G networks, healthcare providers can use AI applications to provide immediate, high-quality care to patients worldwide. Therefore, cutting-edge advancements such as artificial intelligence and fifth-generation wireless networks are expected to impact wearable medical devices significantly.
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The wearable medical devices market is expanding. Individuals who typically purchase such items are open to new experiences and ideas. The increasing number of early adopters and innovators in developed and developing nations is anticipated to boost sales of wearable medical devices.
The increasing demand for novel health monitoring techniques among athletes and fitness buffs is anticipated to propel the worldwide wearable medical devices market. An appreciable fraction of persons in the US and Canada are early adopters. So, the demand for wearable medical devices in North America is anticipated to expand.
Therapeutics, monitoring and diagnostics, fetal and obstetric monitoring, cardiovascular monitoring, and glucose monitoring are just a few of the many uses for wearable medical devices. Therapeutic medical gadgets patients can wear are expected to dominate in this category. The FMI analysis predicts that by 2025, the market share of therapeutic medical devices that can be worn will exceed 50%. Among the many lifestyle-related conditions, lung problems, diabetes, and hearing loss contribute to this. During the evaluation phase, we don’t expect this tendency to reverse.
Improvements in both design and technology have boosted sales of wearable medical devices in recent years. However, adoption rates in the business continue to be challenged by several variables. The initial investment and ongoing upkeep of wearable technology might be costly for many people. Among other components, sensors, batteries, and chips failure often necessitates frequent maintenance and repair and slows consumer acceptance.
Additionally, several nations do not supply enough medical wearable reimbursement options for their citizens. Because of this, sales of wearable medical devices are expected to stagnate in developed and developing nations.
Key Takeaways
- The wearable medical devices market is anticipated to reach a valuation of US$ 73.48 billion by 2032.
- North America contributed 38.1% of global revenue in 2020 because to rising rates of cardiovascular disease, diabetes, and cancer.
- Market growth is anticipated due to the increased use of wearable devices for health management during COVID-19.
- Rising prevalence of target diseases due to an ageing population and the need to minimise healthcare spending are driving the wearable medical device market.
“Wearable medical, portable, and smart devices offer continuous monitoring and tracking of vital health metrics, empowering individuals to take charge of their well-being and transforming the way healthcare is delivered and managed,” says an analyst at Future Market Insights.
Competitive Landscape
Although the wearable medical devices market is somewhat concentrated, a handful of industry giants control most sales. These businesses invest heavily in researching and developing new items, followed by careful timing in releasing such products to the market.
Companies that now dominate the wearable medical devices market focus on diversifying their growth strategies, such as forging strategic partnerships, merging with other businesses, and expanding their product lines.
Global Wearable Medical Devices Market Key Players
- Medtronic plc
- Siemens AG
- Fitbit Inc.
- Bayer AG
- Panasonic Corporation
- Animas Corporation – Johnson and Johnson
- Smiths Medical – A Smiths Group Company
- Koninklijke Philips N.V.
- Owlet Baby Care
- OMRON Corporation
- Hoffmann-La Roche Ltd and Rest Devices Inc.
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Key Developments
- In April 2021, Alvalux Medical, a Belgian MedTech wearables manufacturer, announced that it had been granted a second patent by the United States Patent and Trademark Office for its new ocular insert device, which is intended to allow patients to treat retinal disorders at home through photo-biomodulation (PBM) therapy.
- As an additional comfort measure, 3M has announced the creation of a novel silicone adhesive material with conformable and breathable properties that is expected to be used in wearable medical devices to reduce the amount of skin that must be removed.
- In March of 2021, EOFlow, a provider of wearable drug delivery solutions, announced the release of a new smartphone application designed to be used in tandem with wearable insulin delivery devices.
Wearable Medical Devices Market by Segmentation
By Product
- Wearable Monitoring and Diagnostic Devices
- Fetal and Obstetric Devices
- Wearable Fetal Monitors
- Infant Motion Sensing Monitors
- Continuous Glucose Monitoring Devices
- Cardiac Monitoring Devices
- Wearable Heart Rate Monitors
- Wearable Pulse Oximeters
- Wearable Blood Pressure Monitors
- Wearable Therapeutic Medical Device
- Hearing Aid
- Insulin Pump
- Respiratory Therapy Devices
- Sleep Apnea Devices
- Non-invasive Ventilation
- Health and Fitness Devices
By Application
- Patient Monitoring
- Home Healthcare
- Health and Fitness
By Distribution Channel
- Hospital Pharmacies
- Clinics
- Online Channels
- Hypermarkets
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About the Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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