The global wearable medical devices market size is expected to grow from $18.41 billion in 2021 to $22.44 billion in 2022 at a compound annual growth rate (CAGR) of 21.9%. The global wearable medical devices market size is expected to grow to $49.60 billion in 2026 at a CAGR of 21.9%.
What is the Global Wearable Medical Devices Market?
The wearable medical devices market consists of sales of wearable medical equipment and related services that include diagnostic devices and therapeutic devices like vital signs, sleep, neuromonitoring devices, electrocardiographs, pain management, and respiratory therapeutic devices among others.
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What drives the Global Wearable Medical Devices Market?
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 world health organization (WHO), 2020, Non-communicable diseases (NCDs) will estimate 80% of the global disease burden. Seven out of every ten deaths in developing countries are caused by NCDs, and around half of these deaths are in people younger than 70 years. Moreover, the global NCD burden will rise by 17% in the next decade, and in Africa., it will grow by 27%. The rise in the number of chronic diseases coupled with growing awareness among the people is pushing them towards continuous monitoring which boosted the market growth.
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Global Wearable Medical Devices Market Segments
The global wearable medical devices market is segmented:
By Device Type: Diagnostic Devices, Therapeutic Devices
By Product Type: Watch, Wristband, Clothing, Ear Wear, Others
By Distribution Channel: Pharmacies, Online Channel, Hypermarkets
By Application: Sports and Fitness, Remote Patient Monitoring, Home Healthcare, Ear Wear
By Geography: The regions covered in the wearable medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Wearable Medical Devices Global Market Report 2022provides market size and growth forecasts for the global wearable medical devices market, global wearable medical devices market share, wearable medical devices market segments and geographies, wearable medical devices market competitive landscape including leading competitors’ revenues, profiles and market shares. The wearable medical devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Wearable Medical Devices Industry Playersinclude Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., LifeWatch AG (BioTelemetry Inc.), Xiaomi Inc., VitalConnect, Jawbone Inc., General Electric Co., and Medtronic PLC. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
