Wearable Medical Devices Market for wearable medical devices is predicted to be worth US$73.48 billion, growing at a 28.1% CAGR. The wearable medical device market is anticipated to rise as a result of a growing population and an increase in chronic illnesses. Due to regulatory initiatives, the growth of the healthcare industry, and an increase in the number of patients, businesses in the healthcare sector and product approvals have expanded quickly.
As more people who enjoy sports and fitness look for new ways to track their health, the global fitness and health industry is also predicted to expand quickly. Early adopters make up a sizable fraction of the populations in the United States and Canada, which is a major portion of the population.
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 that typically purchase such items are those who are open to new experiences and ideas. The increasing number of early adopters and innovators in both 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 at a higher rate.
Therapeutics, monitoring and diagnostics, foetal and obstetric monitoring, cardiovascular monitoring, and glucose monitoring are just a few of the many uses for wearable medical devices. In this category, therapeutic medical gadgets patients can wear are expected to dominate.
The FMI analysis predicts that by 2025, the market share of therapeutic medical devices that can be worn would 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, failure in sensors, batteries, and chips often necessitates frequent maintenance and repair, which slows consumer acceptance.
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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$ 324.65 Billion by 2032.
- North America contributed for 38.1% of global revenue in 2020 because to rising rates of cardiovascular disease, diabetes, and cancer.
- Market growth is anticipated as a result of 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.
Competitive Landscape
Although the wearable medical devices market is somewhat concentrated, a handful of industry giants control most sales. These businesses invest heavily in research and development of new items, followed by careful timing in releasing such products to the market.
Companies that now dominate the wearable medical devices market are focusing on diversifying their growth strategies, such as forging strategic partnerships, merging with other businesses, and expanding their product lines.
Recent 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 with the goal of reducing 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.
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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
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