According to the latest report by IMARC Group “Wearable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global wearable medical devices market size reached a value of US$ 18.96 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 60.55 Billion by 2027, exhibiting at a CAGR of 22.2% during 2022-2027.
Wearable medical devices represent several instruments that are non-invasively attached to the body for monitoring the health of the patient. They include numerous diagnostic devices, including those that monitor vital signs, glucose levels, sleep, fetal signs, obstetric signs, nerve functioning, etc., and various therapeutic devices for pain management, rehabilitation, respiratory therapy, etc. Wearable medical devices consist of biosensors, controllers, power sources, software systems, etc., for data acquisition, interpretation, transfer, storage, etc. They can be worn as an accessory, incorporated in clothing, or utilized as an implant. Wearable medical devices are used regularly for accurate measurement of the vital statistics of the patient and for predicting epileptic seizures and heart problems, which can help enhance comfort and offer patients timely clinical interventions.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The escalating growth in the healthcare infrastructures and the increasing prevalence of chronic medical ailments are among the key factors augmenting the wearable medical devices market. Furthermore, owing to the sudden outbreak of coronavirus disease (COVID-19) across the globe, there has been a significant rise in the demand for wearable medical devices in healthcare centers, which is also bolstering the market growth. Moreover, the elevating product usage for monitoring, providing feedback, rehabilitation, disease management, and suggesting adequate treatment is further catalyzing the global market. Besides this, the expanding requirement for these devices in aiding individuals to regularly check their health concerns and address them in a timely manner is also driving the product demand. Apart from this, several technological advancements, including the development of the internet of things (IoT)-integrated smartwatches, patches, and smart clothing, are further fueling the market growth. Additionally, the expanding geriatric population and the increasing expenditure capacities of consumers on health management technologies are expected to positively influence the wearable medical devices market in the coming years.
Market Breakup by Device Type:
- Diagnostic Devices
- Vital Sign Monitoring
- Sleep Monitoring
- Electrocardiographs and Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Insulin Delivery Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
Market Breakup by Product:
- Activity Monitors
- Smart Clothing
- Hearing Aids
Market Breakup by Application:
- Sports and Fitness
- Remote Patient Monitoring
- Home Healthcare
Market Breakup by Distribution Channel:
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Competitive Landscape with Key Player:
- Abbott Laboratories (ABT)
- Apple Inc. (AAPL).,
- Dexcom Inc., Fitbit Inc. (Google LLC),
- Garmin Ltd.,
- Honeywell International Inc.,
- Koninklijke Philips N.V.,
- Medtronic Plc,
- Omron Corporation
- Vital Connect Inc.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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