The global wearable medical devices market is experiencing robust growth due to the widespread adoption of wearable medical technology. These devices offer user-friendly interfaces and adaptability, making them an ideal choice for individuals seeking convenient health monitoring. The rising prevalence of chronic diseases such as cardiovascular disorders and diabetes has driven the demand for wearable medical devices that provide continuous health tracking and management. This market's expansion is fueled by the need for personalized healthcare solutions and the empowerment of patients to take proactive measures for their well-being.
According to Data Bridge Market Research, the Global Wearable Medical Devices Market was valued at USD 27,907.13 million in 2021 and is expected to reach USD 120,797.85 million by 2029, registering a CAGR of 20.10% during the forecast period of 2022-2029.
“Rapid increase in the geriatric population to facilitate market growth”
The geriatric population serves as a prominent driver of the global wearable medical devices market. As the aging demographic increases, there is a growing demand for continuous health monitoring and management. Wearable devices offer convenient and non-intrusive solutions for tracking vital signs, detecting medical conditions, and providing real-time health insights to elderly individuals. These devices empower seniors to proactively manage their well-being, enhance their quality of life, and enable healthcare professionals to deliver personalized care remotely, fostering the expansion of the wearable medical devices market.
What restraints the growth of the global wearable medical devices market?
“Concerns about limited battery life”
Concerns about limited battery life pose a significant restraint on the global wearable medical devices market. As these devices are designed for continuous health monitoring and data collection, short battery lifespan can disrupt their functionality and user experience. Users may encounter interruptions for recharging or changing batteries, affecting their willingness to adopt and rely on wearable medical devices. The need for longer-lasting power sources or efficient battery management solutions becomes crucial to address this limitation and promote widespread adoption.
Segmentation: Global Wearable Medical Devices Market
The wearable medical devices market is segmented on the basis of type, site, device, and application
- On the basis of type, the wearable medical devices market is segmented into diagnostic devices and therapeutic devices.
- On the basis of site, the wearable medical devices market is segmented into headband, handheld, arm and wrist, clip, shoe sensor, and others.
- On the basis of device, the wearable medical devices market is segmented into wristwatch/wristband, Smart Clothing, smartwatch, ear wear, and others.
- On the basis of application, the wearable medical devices market is segmented into cardiac health, obesity control, diabetes care, fitness monitoring, and sleep tracking.
Regional Insights: North America dominates the Global Wearable Medical Devices Market
North America's wearable medical devices market dominance is propelled by widespread internet usage and a thriving landscape of tech-innovative companies. The region's tech-savvy population fosters greater adoption of wearable medical devices, driving market growth.
In Asia-Pacific (APAC), rising purchasing power is set to catalyze substantial growth in the wearable medical devices market. The region's expanding middle class, coupled with increasing healthcare awareness, drives demand for innovative healthcare solutions, thus propelling market expansion.
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Recent Developments in Global Wearable Medical Devices Market
- In September 2020, Apple Inc. unveiled the Apple Watch Series 6 and Apple Watch SE, along with iPad models, introducing a pioneering fitness experience. A key advancement is the ability to measure blood oxygen saturation, enhancing the device's health capabilities. This feature enables users to monitor an important health metric and adds to the watch’s comprehensive wellness features.
The Prominent Key Players Operating in the Global Wearable Medical Devices Market Include:
- SAMSUNG (South Korea)
- Garmin Ltd. (U.S.)
- Huawei Technologies Co., Ltd. (China)
- Apple Inc. (U.S.)
- Sony Corporation (Japan)
- HTC Corporation (Taiwan)
- Fitbit, Inc. (U.S.)
- Xiaomi Global Community (China)
- ADIDAS AG (Germany)
- Nike, Inc. (U.S.)
- LG Electronics. (South Korea)
- Motorola Solutions, Inc. (U.S.)
- Fossil Group, Inc. (U.S.)
- Google LLC (U.S.)
- Polar Electro (Finland)
- Withings (France)
- Michael Kors (U.S.)
- CASIO AMERICA, INC. (U.S.)
- TomTom International BV (Netherlands)
- ASUSTeK Computer Inc. (Taiwan)
Above are the key players covered in the report, to know about more and exhaustive list of global wearable medical devices market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Wearable Medical Devices Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
