Published Date : 12 Oct 2023
The global wearable medical devices market size is anticipated to reach around USD 169.58 billion by 2030 up from USD 28.15 billion in 2022 with a CAGR of 25.6% between 2022 and 2030.
A wearable medical device is an autonomous, non-invasive gadget that performs a particular medical task, such as long-term monitoring or support. The market offers specifically designed devices for improving health and medical conditions. These devices are typically worn on the body, often as accessories or clothing and are equipped with sensors and connectivity features to collect and transmit health-related data to users or healthcare professionals.
The demand for continuous monitoring systems has increased as chronic diseases, including diabetes, cardiovascular diseases, and respiratory problems, have become more prevalent. Wearable technology makes real-time health monitoring possible, which also helps medical professionals make better choices. The use of remote monitoring solutions has been sparked by the move toward value-based care and the focus on lowering hospital readmissions.
Due to wearable technology, healthcare professionals can keep an eye on patients outside of conventional clinical settings. Preventive treatment and early intervention are being stressed more due to the rising costs of traditional healthcare delivery paradigms. Wearable technology allows for continuous monitoring, which can help find and treat health problems early on and possibly lower overall healthcare expenditures.
According to the World Health Organization, nearly 422 million people worldwide have diabetes, the mass living in low-and middle-income countries, and 1.5 million deaths are directly accredited to diabetes yearly. Both the number of cases and the frequency of diabetes have been steadily rising over the past few decades.
North America is expected to be the dominant in the wearable medical device market during the forecast period. In North America, chronic illnesses, including diabetes, cardiovascular problems, and obesity, are prevalent. The management of these illnesses depends heavily on wearable technology that tracks vital signs, physical activity, and other health indicators. Fitness and well-being are firmly ingrained in North American culture. These trends suit wearable technology that tracks physical activity, monitors sleep, and offers individualized health insights. The area is a center for artificial intelligence and data analytics. This knowledge extracts valuable insights from the enormous volumes of data that wearable technology gathers.
United States, Canada, and Mexico are the top countries in North America dealing with wearable medical devices. For instance, In June 2023, A 24/7 in-ear wearable usual wellness solution that analyzes blood flow to the head to more fully comprehend bodily issues that occur when US-based digital health company STAT Health has introduced standing.
In September 2023, the release of the Fitbit Charge 6 represents the most recent development in Google's expanding wearables business. This cutting-edge gadget enhances ability to manage your health while bringing you closer to the Google ecosystem by seamlessly connecting with services including Google Maps, Google Pay, and YouTube Music.
Wearable Medical Devices Market Report Scope:
|Market Revenue in 2023||USD 35.19 Billion|
|Projected Forecast Revenue by 2030||USD 169.58 Billion|
|Growth Rate from 2022 to 2030||CAGR of 25.6%|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Globally, the prevalence of lifestyle-related diseases, including diabetes, hypertension, and obesity, is increasing. These conditions frequently need ongoing supervision and control. Wearable technology makes monitoring vital signs, blood sugar levels, physical activity, and other factors simple and painless, enabling real-time gathering of information and analysis. Modern wearable technology aims to be comfortable, visually beautiful, and user-friendly. They easily fit into everyday activities, making it simpler for people to keep track of their health without becoming overwhelmed or out of place. These devices are widely used since they are accessible and simple to operate.
For instance, based on data from preventive health check-ups and analyzed using Artificial Intelligence (AI), the report states that the risk for obesity rose by 50% and increased by 18% for cholesterol irregularities, according to the Health of the Nation 2023 report by Apollo Hospitals. India has experienced a massive rise in diseases that are associated with lifestyle, including a rise in the prevalence of early risk factors, such as cholesterol irregularities and obesity, in 2022.
Millions of people worldwide suffer from the health problem of chronic pain. Numerous ailments are becoming more commonplace, including migraines, back discomfort, neuropathy, and rheumatoid arthritis. Consequently, there is a rising demand for efficient and non-invasive pain management techniques. Real-time monitoring capabilities of wearable technology enable patients and healthcare professionals to monitor pain levels and react to interventions. This instant feedback loop allows people to modify their pain management tactics swiftly.
Intimate health information, such as heart rate, blood pressure, and sleep patterns, is gathered through wearable medical equipment. This information needs strong protection to avoid unwanted access or breaches. Proper authentication procedures are necessary to confirm the identity of users. This lessens the likelihood that the wearable gadget and its data may be accessed improperly.
The primary purpose of wearable medical equipment is to monitor and control medical issues. However, the rise in sports and fitness enthusiasts fuels a market for gadgets that track performance and optimize training. This takes focus and resources from the medical-grade wearables in the market. The cost of manufacturing, R&D, and profit margins all impact how much a wearable gadget will cost. Medical-grade wearables may become less commercially viable for manufacturers due to pricing strategies brought on by the competitive pressure of the sports and fitness industry.
The prevalence of chronic diseases and disorders, which call for ongoing monitoring and therapy, is rising as the world's population ages. A practical and efficient way to monitor vital signs, medication compliance, and general health status at home is through wearable medical devices. By delivering continuous monitoring, lowering the requirement for frequent hospital visits, and providing prompt interventions in crises, wearable medical devices can improve the quality of life for people with chronic diseases or impairments. Wearable technology allows users to manage their health by giving them real-time data and insights. As a result, patients are more involved in managing their healthcare, which could lead to improved outcomes.
Vital indications, including heart rate, oxygen levels and blood pressure, may be continuously and instantly monitored thanks to sophisticated sensors and algorithms. Large volumes of patient data are produced by wearable technology. Sophisticated analytics and machine learning algorithms can process these data to offer patients and healthcare professionals useful information. Using wearable technology and sophisticated software, chronic illnesses like diabetes may be tracked and managed, enabling more precise medication modifications and early intervention. For instance, with recent advancement of Bluetooth and various communication modules, wearable medical devices are primarily for data display and transmission.
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