The size of the worldwide medical wearables market was estimated at USD 8.56 billion in 2022 and is anticipated to grow at a CAGR of 20.5% from 2022 to 2032 to reach USD 20.57 billion. The term “medical wearables market” describes a group of wearable technologies created to measure and monitor numerous aspects of health and wellness, including heart rate, blood pressure, and activity levels. These gadgets, which are often worn on the body, can give patients and healthcare professionals real-time data, enabling more individualised and proactive healthcare management.
The increasing prevalence of chronic diseases worldwide would drive the global Medical Wearables Market Size throughout the forecast period. According to the World Health Organisation (WHO), the prevalence of chronic diseases, particularly cardiovascular ailments and diabetes, would increase by 57% by 2020. Furthermore, the World Economic Forum (WEF) reports that nearly one-third of adults worldwide suffer from multiple chronic conditions, which can double medical costs and have a devastating economic impact. As a result, such diseases, particularly diabetes, cardiovascular ailments, and lung conditions, require regular monitoring, which wearable medical devices can supply.
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Market Segmentation:
Type of wearable device: The medical wearables market can be segmented based on the type of wearable device, such as smartwatches, fitness trackers, patches, and smart clothing.
Application: The medical wearables market can be segmented based on its application, such as monitoring and diagnostic devices, rehabilitation devices, and therapeutic devices.
End-user: The medical wearables market can be segmented based on the end-user, such as patients, healthcare providers, and research organizations.
Distribution channel: The medical wearables market can be segmented based on the distribution channel, such as online stores, retail stores, and hospitals.
Geography: The medical wearables market can be segmented based on geographic regions, such as North America, Europe, Asia-Pacific, and the Rest of the World.
Sensor technology: The medical wearables market can be segmented based on the type of sensor technology used in the wearable device, such as temperature sensors, electrocardiogram (ECG) sensors, and blood glucose sensors.
Overall, the medical wearables market is rapidly growing, and new segments may emerge as technology and healthcare practices continue to evolve.
Key Players:
- Apple Inc.
• Fitbit Inc.
• Samsung Electronics Co., Ltd.
• Garmin Ltd.
• Fossil Group, Inc.
• Xiaomi Corporation
• Huawei Technologies Co., Ltd.
• Alphabet Inc. (Google)
• Philips Healthcare
• Omron Healthcare, Inc.
• BioTelemetry, Inc.
• iRhythm Technologies, Inc.
• Dexcom, Inc.
• Medtronic plc
• Abbott Laboratories
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Regional Analysis:
North America: North America is the largest market for medical wearables, owing to the presence of a large number of healthcare providers and high healthcare spending. The region has a well-established healthcare infrastructure and strong regulatory framework, which promotes the adoption of medical wearables.
Europe: Europe is another significant market for medical wearables, with a large population of elderly people and a high incidence of chronic diseases. The region also has well-established healthcare infrastructure and supportive government policies.
Asia-Pacific: The Asia-Pacific region is expected to be the fastest-growing market for medical wearables, owing to the growing demand for remote patient monitoring and telehealth services. The region has a large population base, rapid urbanization, and rising healthcare spending.
Middle East and Africa: The Middle East and Africa are emerging markets for medical wearables, with increasing healthcare spending and growing adoption of healthcare technology.
Latin America: Latin America is a developing market for medical wearables, with increasing awareness about healthcare technology and growing investment in healthcare infrastructure.
Overall, the global medical wearables market is expected to experience significant growth in the coming years, driven by the increasing prevalence of chronic diseases, rising healthcare spending, and growing demand for remote patient monitoring and telehealth services.
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