Wearable Medical Device Industry Overview
The global wearable medical device market size is expected to reach USD 196.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 28.1% from 2022 to 2030. Rising demand for hi-tech products and continuous health monitoring is fueling the market growth.
Wearable Medical Devices Market Segmentation
Grand View Research has segmented the global wearable medical devices market based on product, site, application, and region:
Based on the Product Insights, the market is segmented into Diagnostic Devices and Therapeutic Devices.
- The diagnostic devices segment dominated the market and accounted for the largest revenue share of 62.2% in 2021. Among diagnostic, the neuromonitoring devices segment was the largest in 2021. The growing prevalence of neurological disorders is the prime factor affecting segment growth.
- The therapeutic device segment is anticipated to witness the fastest CAGR throughout the forecast period owing to the increasing influx of therapeutic devices. Moreover, a strong pipeline of therapeutic devices such as intelligent asthma management products, wearable pain reliever devices, and insulin management devices is anticipated to assist market growth.
Based on the Site Insights, the market is segmented into Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors, and Others.
- The strap/clip/bracelet segment dominated the wearable medical devices market and accounted for the largest revenue share of 51.0% in 2021 and is likely to remain dominant throughout the forecast period. Products like smartwatches allow monitoring of several parameters such as mobility, respiratory rate, and pulse rate coupled with Bluetooth and cloud connectivity are anticipated to propel the segment growth.
Based on the Application Insights, the market is segmented into Sports And Fitness, Remote Patient Monitoring and Home Healthcare.
- The home healthcare segment dominated the market for wearable medical devices and accounted for the largest revenue share of 54.5% in 2021 due to the increasing geriatric population triggering prevalence rates of target diseases and the growing need to curb healthcare expenditure as an economically viable initiative are some of the factors responsible for market growth.
- The remote patient monitoring segment is anticipated to witness the fastest CAGR over the forecast period. Globally rising geriatric population base and rising incidences of chronic conditions are expected to be high impact rendering drivers for the growth of remote patient monitoring instruments over the forecast period.
Wearable Medical Device Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Key Companies Profile & Market Share Insights
The key players operating in the market for wearable medical devices are focusing on adopting various growth strategies, such as partnership, mergers & acquisitions, and expansion of product portfolios to retain their market position.
Some prominent players in the global wearable medical device market include
- Philips Electronics
- Basis Science
- Omron Corp.
- Vital Connect
- Polar Electro
- Everist Genomics
- Sotera Wireless
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