Categories: Healthcare

Wearable Medical Devices Market Commodities, High Growth Opportunities, Segmentation, Market Trends By 2024-2033|Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd.

The Wearable Medical Devices Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).

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According to The Business Research Company’s Wearable Medical Devices Global Market Report 2024, The wearable medical devices market size has grown exponentially in recent years. It will grow from $27.37 billion in 2023 to $33.37 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to health and fitness tracking, chronic disease management, aging population, remote patient monitoring.

The wearable medical devices market size is expected to see exponential growth in the next few years. It will grow to $71.28 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to preventive health and wellness, emerging markets growth, regulatory support and reimbursement, artificial intelligence (ai) and machine learning. Major trends in the forecast period include advanced vital sign monitoring, remote diagnosis and consultation, mental health monitoring, personalized health ecosystems.

The rise in mortality rate due to non-communicable diseases with an increasing prevalence of chronic diseases and lifestyle-associated diseases like hypertension and diabetes contributed to the growth of wearable medical devices. The Healthcare industry is coming up with newer technologies to overcome this with necessary measures like continuous and remote patient monitoring facilities through wearables which can be worn over the body all-day long for continuous monitoring of the required parameters like vital signs, glucose levels, and more. According to the International Diabetes Federation, an international organization working for spreading awareness regarding diabetes, in 2021, 537 million adults were living with diabetes. This number is expected to increase to 643 million by 2030 and 783 million by 2045. The rise in the number of chronic diseases coupled with growing awareness among the people is pushing them towards continuous monitoring which boosted the wearable medical devices market growth.

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The wearable medical devices market covered in this report is segmented –

1) By Device Type: Diagnostic Devices; Therapeutic Devices

2) By Product Type: Watch; Wristband; Clothing; Ear Wear; Other Devices

3) By Distribution Channel: Pharmacies; Online Channel; HyperMarkets

4) By Application: Sports And Fitness; Remote Patient Monitoring; Home Healthcare; Ear Wear

The wearable medical devices market report table of contents includes: