DUBLIN--(BUSINESS WIRE)--The "Wearable Medical Device Market Size, Share & Trends Analysis Report By Product (Diagnostic, Therapeutic Devices), By Site (Handheld, Headband, Strap, Shoe Sensors), By Application, By Region And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
According to this report, the global wearable medical device market is projected to reach USD 168.2 billion by 2030, with a remarkable compound annual growth rate (CAGR) of 25.7% during the forecast period. The increasing demand for advanced and high-tech products along with the growing interest in continuous health monitoring is propelling the market growth.
Market Dynamics:
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Rising Demand for Hi-Tech Products and Continuous Health Monitoring: The increasing preference for advanced technologies and the need for continuous health monitoring have contributed significantly to the growth of the wearable medical device market. Consumers are looking for smart bands and smartwatches that can monitor various fitness parameters, such as calories burned, footstep count, heart rate, and distance covered. Additionally, the availability of guidance from certified dieticians or nutrition experts through these wearable devices is driving the demand for ancillary products and services.
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Increased Awareness About Physical Fitness and Obesity Rate: The rising awareness about physical fitness and the surge in obesity rates have led people to adopt various fitness-related activities and workouts. Wearable devices like smart bands and smartwatches play a crucial role in monitoring fitness parameters and encouraging users to maintain a healthy lifestyle.
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Key Companies Driving Innovation: Companies like Google, Fitbit, Apple, and Nike are actively involved in developing and launching innovative wearable medical devices. The continuous efforts to introduce new products are expected to fuel market growth, with a specific focus on smartwatches and wristbands.
Companies Mentioned:
Several companies are at the forefront of driving innovation and growth in the wearable medical device market. Some of the prominent players include:
- Fitbit Inc.
- Apple
- Nike
- Philips Electronics
- Basis Science
- Garmin
- Covidien
- Omron Corp.
- Withings
- Vital Connect
- Polar Electro
- Intelesens
- Everist Genomics
- Sotera Wireless
Market Highlights:
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Product Segment: The diagnostic devices segment dominated the market in 2022, attributed to increasing disposable income, higher awareness, and rising healthcare spending. Straps, clips, bracelets, and watches are the largest and fastest-growing segment of wearable medical devices.
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Site Segment: Handheld devices and headbands are prominent segments in the wearable medical device market. They offer convenient monitoring options and comfortable usage, which contributes to their popularity.
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Application Segment: Home healthcare held a significant share of 54.0% in 2022 due to the growing geriatric population, triggering higher incidence rates of target diseases. Remote patient monitoring and sports and fitness applications are also driving the market.
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Regional Analysis: North America is projected to command a significant share in 2022 due to the increasing adoption of home care and remote patient monitoring for regular, continuous, and long-term patient monitoring. Asia-Pacific is expected to witness the fastest growth over the forecast period, driven by growing awareness, increasing disposable income, a large population base, and rising incidence rates of chronic conditions.
The global wearable medical device market is set to experience substantial growth in the coming years, with an estimated value of USD 168.2 billion by 2030. The market dynamics, including the demand for advanced products, the rising awareness of physical fitness, and the efforts of key companies to innovate, are the driving forces behind this growth. The diagnostic devices segment, handheld and headband sites, and home healthcare and remote patient monitoring applications are key areas contributing to the market expansion. As North America holds a significant share of the market, the Asia-Pacific region is expected to witness the fastest growth during the forecast period. Notable players such as Google, Fitbit, Apple, and Nike, along with others, are actively participating in the market's development and expansion with their cutting-edge wearable medical devices.
For more information about this report visit https://www.researchandmarkets.com/r/pmazip
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