Report Scope & Overview:
The Wearable Medical Devices Market is expected to reach USD 195.08 billion by 2030, and its Size was valued at USD 27.24 billion in 2022, it grow at a CAGR of 27.9% over the forecast period 2023-2030.
Wearable medical device allude to different instruments that are painlessly connected to the body for observing the patient's wellbeing. It incorporates different analytic gadgets, like crucial signs, glucose, rest, fetal, obstetric and neuromonitoring gadgets, alongside various helpful gadgets for torment the executives, recovery and respiratory treatment. These devices comprise of biosensors, regulators, power source and programming frameworks for information securing, translation, move and capacity. They can be worn as an adornment, integrated in dress or utilized as an embed. They are utilized consistently for precise estimation of the patient's indispensable details and foreseeing epileptic seizures and heart issues, which can additionally support improving solace and giving convenient clinical intercessions to the patient.
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Market Dynamics
Drivers
Expanding predominance of chronic illnesses
The accessibility of advanced medical devices
Improvement in Lifestyle Diseases to Induce Growth
Restraints
The disturbing rise in cybercrime, and robbery of patient information
The advanced world is famous for the high pace of cyber attacks and stolen data.
Challenges
Lack of awareness
Low admittance to smartphones and other innovative technologies.
Opportunities
Increment and complexity of data
Adoption of Artificial intelligence
improved mindfulness as well as inclination for remote observing
Impact of COVID
The pandemic has prompted a huge expansion in the interest for remote checking and patient commitment arrangements. Most medical clinics/medical care offices are presently growing patient observing to home consideration settings or other transitory arrangements to give ideal consideration. Coronavirus has prompted a huge flood sought for patient observing frameworks, and makers are progressively zeroing in on extending creation to meet the rising requirement for respiratory checking gadgets, multi-boundary monitoring gadgets, Blood Glucose Monitoring Device, cardiovascular observing gadgets, temperature observing gadgets, hemodynamic/pressure observing gadgets, and fetal/neonatal observing gadgets.
During the main quarter of 2020, the market saw an expansion popular for specific items like respiratory screens, multi-boundary observing arrangements, and point-of-care heart checking items like heartbeat oximeters and BP screens. Nonetheless, there was likewise an observed reduction popular and delays in the acquisition in different items and administrations that are not basic to COVID-19 reaction endeavors.
Wearables assume a fundamental part in battling against COVID-19 and other future pandemics. For instance, the information from the wearable devices can be utilized to alarm clients when changes in their measurements coordinate those related with COVID-19 or different illnesses. Wearable medical device can likewise communicate well being information, give abilities to following and contact following, guarantee social separating, and give mental medical care by following a singular's discernment and temperament progressively, subsequently empowering customized mediation. These and other comparative applications support the interest for wearables.
Coronavirus has likewise expanded the consciousness of wellness among individuals, prompting an expanded interest for wearable medical services devices. Coronavirus humble affects the market.
Market Segmentation:
By Application
Sports & Fitness
Home Healthcare
By Type
Activity Monitors
Smartwatches
Smart Clothing
Others
By Distribution Channel
Pharmacies
Online Channel
Hypermarkets
By Device Type
Diagnostics & Monitoring Devices
Therapeutic Devices
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By Product the wearable medical services gadgets market is divided into smartwatches, trackers, fixes, and brilliant apparel.
By Test Type the wearable medical device market is fragmented into analytic and observing device (important bodily function checking device (multiparameter tracker, ECG\heart rate screens, circulatory strain screens, beat oximeter), glucose checking device, rest observing device (wrist actigraphs, polysomnography device), fetal observing device, neuromonitoring device and other symptomatic and observing devices).
By Distribution, The wearable medical care gadgets market has been fragmented into drug stores, online channels, and hypermarkets. The drug stores section represented the biggest portion of the wearable medical care device market. The developing geriatric populace and ensuing expansion in the frequency of constant diseases is driving the development of this fragment.
By application, The wearable medical care gadgets market has been sectioned into fitness and health, distant patient checking and home medical services. the overall fitness and health represented the biggest portion of the wearable medical services gadgets market. Hearty entrance of 3G and 4G organizations for continuous medical care administrations is driving the development of this section.
Regional Analysis
North America represented the biggest income portion of, inferable from the developing predominance of cardiovascular problems, diabetes, and malignant growth inside this region. A increase in number of chronic illnesses that need routine checking and the presence of refined medical services framework are further prone to drive market development.
In the Asia Pacific, the market is supposed to observe outstanding development over the forecast period. Central point helping market development are positive government drives for utilization of such wearable medical devices, expanding geriatric populace base, and expanding medical care use around here.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Key Players:
The Major players are Apple Inc, Garmin Ltd., Fitbit, Inc, Kokinkliji Philips N.V., GE Healthcare, Medtronic plcBiotelemetry Inc., Dexcom Inc., Abbott Laboratories, OMRON Corporation and Other Players
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 27.24 Billion |
| Market Size by 2030 | US$ 195.08 Billion |
| CAGR | CAGR of 27.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Application (Sports & Fitness, Remote Patient Monitoring, Home Healthcare) • By Type (Activity Monitors, Smartwatches, Smart Clothing) • By Distribution Channel (Pharmacies, Online Channel, Hypermarkets) • By Device Type ( Diagnostics & Monitoring Devices, Therapeutic Devices) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Apple Inc, Garmin Ltd., Fitbit, Inc, Kokinkliji Philips N.V., GEHealthcare, Medtronic plcBiotelemetry Inc., Dexcom Inc., Abbott Laboratories, OMRON Corporation. |
| DRIVERS | • Expanding predominance of chronic illnesses • The accessibility of advanced medical devices • Improvement in Lifestyle Diseases to Induce Growth |
| RESTRAINTS | • The disturbing rise in cybercrime, and robbery of patient information • The advanced world is famous for the high pace of cyber attacks and stolen data. |
Ans: The Wearable Medical Devices Market size is expected to reach USD 195.08 billion by 2030.
Ans: The Wearable Medical Devices Market is to grow at a CAGR of 27.9% over the forecast period 2023-2030.
North America represented the biggest income portion of, inferable from the developing predominance of cardiovascular problems, diabetes, and malignant growth inside this region.
The market is divided into four segments and the segments are By Application, By Type, By Distribution Channel, and By Device Type.
The challenges faced by Wearable Medical Devices Market are Lack of awareness and Low admittance to smartphones and other innovative technologies.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Wearable Medical Devices Market Segmentation, by Application
8.1 Sports & Fitness
8.2 Remote Patient Monitoring
8.3 Home Healthcare
9. Global Wearable Medical Devices Market Segmentation, by Type
9.1 Activity Monitors
9.2 Smartwatches
9.3 Smart Clothing
9.4 Others
10. Global Wearable Medical Devices Market Segmentation, By Distribution Channel
10.1 Pharmacies
10.2 Online Channel
10.3 Hypermarkets
11. Global Wearable Medical Devices Market Segmentation, By Device Type
11.1 Diagnostics & Monitoring Devices
11.2 Therapeutic Devices
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Apple Inc
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Garmin Ltd.
13.3 Fitbit, Inc
13.4 Kokinkliji Philips N.V.
13.5 GEHealthcare
13.6 Medtronic plcBiotelemetry Inc.
13.7 Dexcom Inc.
13.8 Abbott Laboratories
13.7 OMRON Corporation.
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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