Wearable Medical Device Market Research Report
Market Overview
The global Wearable Medical Device Market is expected to grow at a CAGR of 13.2 percent, from USD 16.2 billion in 2022 to USD 30.1 billion in 2030 Growing investments, funding, and grants, as well as a growing preference for wireless connectivity among healthcare providers, are driving market expansion.
Wearable technology provides a convenient way to track physiological symptoms while also providing a variety of medical options. By combining essential vital signals with clinical symptomology, wearable gadgets serve a critical role in predicting certain illnesses. Due to expanding technological breakthroughs and advancements, the wearable medical devices market is growing quicker, as they can improve the overall population's and patient population's lifestyles.
Market Segmentation
Smart Watches Will Take the Lead
Smartwatches, patches, activity monitors, and smart clothes are examples of wearable medical technologies. Smartwatches are being used to track a variety of fitness metrics, including step count, distance travelled, and calories burned. Therefore, with the mounting number of people focusing on fitness and well-being, the demand for smartwatches is also growing significantly in the global wearable medical devices market.
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During the evaluation period, therapeutic devices will be used to keep the lead
Therapeutic gadgets, as well as diagnostic and monitoring equipment, are covered. Given the increasing intake of therapeutic devices globally, the therapeutic device category will increase significantly in the coming years. Wearable medical devices market expansion will be aided by a strong pipeline of sophisticated therapeutic devices such as intelligent asthma management devices or wearable asthma monitoring devices, insulin management devices, plus wearable pain reliever devices.
The leading application area will be remote patient monitoring
Remote patient monitoring, home healthcare, sports academies, and fitness are the main application sectors for wearable medical devices. Wearable medical device market research firms are increasingly delivering tailored treatment, such as remote patient monitoring gadgets that may be worn all day without disrupting the user's routine.
As consumers become more tech-savvy, online channels are gaining traction
The online channel, hypermarkets, plus pharmacies are the major distribution channels in the wearable medical device market. Given the growing use of electronic devices such as smartphones and tablets and the growing number of tech-savvy consumers around the world, online channels are gaining traction.
Regional Classification
The largest regional market for wearable healthcare devices in North America. North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa are the 5 major areas in which wearable healthcare devices are sold. North America held the highest share of the global market for wearable healthcare equipment in 2020. The rise of the North American wearable healthcare devices market can be ascribed to rising smartphone penetration and the number of smartphone-based healthcare devices and raising funds, investments, and grants.
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Industry News
Remote patient monitoring, which measures crucial risk factors, including blood pressure and glucose, may improve the management of chronic illnesses. Remote patient monitoring is the procedure by which patients can utilize a mobile medical device to perform a routine test and report the results to healthcare providers in real-time (RPM). RPM has various benefits for hospitals and end-users, including shorter hospital stays, lower healthcare costs, and fewer doctor appointments. This may also assist in reducing the costs associated with chronic disease treatment.
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