IMARC Group, a leading market research company, has recently releases report titled “Wearable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” The study provides a detailed analysis of the industry, including the global wearable medical devices market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the wearable medical devices market?
The global wearable medical devices market 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.
What are wearable medical devices?
Wearable medical devices represent autonomous instruments that are non-invasively attached to the body to provide medical monitoring or support. They include various diagnostic devices, such as those that monitor glucose levels, vital signs, sleep, fetal well-being, the nervous system, etc., and numerous therapeutic devices for rehabilitation pain management, and respiratory therapy. Wearable medical devices consist of biosensors, controllers, and software systems for data acquisition, interpretation, transfer, and storage. They incorporate noninvasive physiological sensors, wireless data transmission capabilities, medical feedback, data processing modules, etc. Wearable medical devices also provide supporting hardware to cater to point-of-care treatments. They are extensively utilized by consumers across the globe.
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What are the growth prospects and trends in the wearable medical devices industry?
The expanding geriatric population, who are more susceptible to chronic diseases, is among the primary factors driving the wearable medical devices market. Apart from this, the escalating product demand across healthcare centers, on account of the sudden outbreak of the COVID-19 pandemic, is further catalyzing the market growth. Additionally, the increasing adoption of these devices for monitoring, providing feedback, rehabilitation, disease management, suggesting adequate treatments, etc., is acting as another significant growth-inducing factor.
Besides this, the inflating product utilization in monitoring physiological information, such as photoplethysmography (PPG), biopotential, blood pressure (BP), etc., is also augmenting the global market. Furthermore, the development of patches, smartwatches, and smart clothing that are integrated with the Internet of Things (IoT) to assist in monitoring various fitness parameters, including footstep count, calories burned, distance walked, etc., is anticipated to fuel the wearable medical devices market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Device Type:
- Diagnostic DevicesVital Sign Monitoring
Sleep Monitoring
Electrocardiographs and Obstetric Devices
Neuromonitoring Devices - Therapeutic DevicesPain Management Devices
Insulin Delivery Devices
Rehabilitation Devices
Respiratory Therapy Devices
Breakup by Product:
- Activity Monitors
- Smartwatches
- Patches
- Smart Clothing
- Hearing Aids
- Others
Breakup by Application:
- Sports and Fitness
- Remote Patient Monitoring
- Home Healthcare
Breakup by Distribution Channel:
- Offline
- Online
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
Who are the key players operating in the industry?
The report covers the major market players including:
- Abbott Laboratories
- Becton Dickinson and Company
- bioMérieux SA
- Bio-Rad Laboratories
- Danaher Corporation
- Hoffman-La Roche Ltd. (Roche Holding AG)
- Luminex Corporation
- PerkinElmer Inc.
- Quest Diagnostics Incorporated
- Robert Bosch GmbH
- Seegene Inc.
- Siemens Aktiengesellschaft
- Thermo Fisher Scientific Inc.
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