Wearable Medical Device Market Growth & Trends
The global wearable medical device market is expected to reach USD 168.2 billion by 2030, according to a new report by Grand View Research, Inc., progressing at a CAGR of 25.7% during the forecast period. Rising demand for hi-tech products and continuous health monitoring is fueling the market growth.
Increasing obesity rate coupled with rising awareness about physical fitness is encouraging people to go for workouts and adopt other fitness-related activities. Wearable devices such as smart bands and smartwatches help in monitoring fitness parameters consisting of calories burned, footstep count, heart rate and distance covered. Moreover, these wearable devices companies offer guidance from experts who are certified dietician or nutrition, and hence, this business model is also generating hefty demand for these ancillary products and services.
Companies such as Google, Fitbit, Apple, and Nike are working towards the launch of new innovative products that are anticipated to boost the market growth over the forecast period thus portraying a high growth rate. Smart watches and wristbands are the current focal point of product development and innovation, leading to abundant availability of such devices. For instance, HealthPatch, a product of Vital Connect, was launched in March 2014. The product is an adhesive patch that can be placed anywhere on the chest and is used to regulate biometrics such as heart rate, skin temperature, body posture, and activities like steps walked.
The COVID-19 pandemic somehow has a positive impact on wearable medical device market owing to increasing demand for telemedicine. As per WHO guidelines people should follow social distancing and avoid public gathering. Hence due to this reason various physicians prefers telemedicine route so that they can treat patients from distance without spreading the virus. Growth of telemedicine and expansion of applications to integrate artificial intelligence (AI) in its systems has led to wearable medical device market growth.
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Wearable Medical Device Market Report Highlights
The diagnostic devices segment dominated the market in 2022 owing to the increasing disposable income and awareness, and higher healthcare spending
Straps, clip, bracelets & watches are the largest and fastest growing segment for wearable medical devices
Home healthcare held a significant share of 54.0% in 2022 owing to the growing base of geriatric population triggering incidence rates of target diseases.
North America is projected to command for a cumulative share in 2022 due to the increasing application of home care and remote patient monitoring for the purpose of regular, continuous, and long-term monitoring of patients
Asia-Pacific region is expected to witness the fastest growth over the forecast period. this can be attributed to the growing awareness level, increasing disposable income, presence of a large population base and rising incidence rate of chronic conditions.
Some of the companies present in the market are Philips Electronics, Fitbit, Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, Intelesens, Everist Genomics, Intelesens and Sotera Wireless
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