PUBLISHER: The Business Research Company | PRODUCT CODE: 1477085
PUBLISHER: The Business Research Company | PRODUCT CODE: 1477085
The wearable medical devices market consists of sales, by entities (organizations, sole traders or partnerships), of wearable medical devices that are utilized across various settings, from personal fitness and sports to comprehensive remote patient monitoring and home healthcare, offering continuous health data tracking, such as heart rate, blood pressure, glucose levels and more. They serve as a bridge between patients and healthcare providers, enabling early detection of potential health issues, enhancing patient care and supporting a proactive approach to health management.
The global wearable medical devices market was valued at $9,299.57 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 24.0%.
Increasing Prevalence Of Lifestyle-Related Disorders Such As Diabetes
The increasing prevalence of lifestyle-related disorders such as diabetes boosted the growth of the wearable medical devices market during this historic period. Diabetes and other lifestyle-related diseases require routine monitoring of vital signs of health like blood sugar, heart rate and physical activity. People can monitor these indicators in real time with wearable medical devices, like continuous glucose monitors and smartwatches with health-tracking capabilities. This gives them important information about their health and enables them to manage their problems more successfully. In October 2022, according to the National Diabetes Statistics Report for 2022 published by the Centers for Disease Control and Prevention (CDC), a US-based national public health agency, 11.3% of Americans or 37.3 million, were diabetics. There were an estimated 28.7 million diabetics in the USA. 8.6 million people worldwide suffer from diabetes but are not yet diagnosed. 48.8% of adults 65 years of age or older or 26.4 million people, have prediabetes. Additionally, according to the World Health Organization (WHO), approximately 77 million individuals aged 18 and above are afflicted with type 2 diabetes in India, while nearly 25 million are considered prediabetic, putting them at a heightened risk of developing diabetes in the near term. Alarmingly, over 50% of these individuals are unaware of their diabetic condition, which can lead to serious health complications if left undetected and untreated. Therefore, the increasing prevalence of lifestyle-related disorders such as diabetes drove the growth of the wearable medical devices market.
Introduction Of Artificial Intelligence (AI) In Wearable Medical Devices To Improve Accuracy
The introduction of artificial intelligence (AI) in wearable medical devices is a key trend gaining popularity in the market. Wearable medical devices companies are now focusing on integrating AI to enable more accurate and personalized health insights. For example, in September 2023, Google, a US-based technology company, launched Fitbit Charge 6, an advanced fitness tracker using artificial intelligence (AI) with new health capabilities. Using AI and machine learning, the Charge 6 provides heart rate readings that are up to 60% more accurate. The device comes with new features, including built-in YouTube Music controls, GPS (Global Positioning System) functionality, new workout modes and access to Google Wallet and Maps. Charge 6 allows users to pair Bluetooth with exercise equipment to stream real-time heart rate readings.
The global wearable medical devices market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up 9.53% of the total market in 2022.
Wearable Medical Devices Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global wearable medical devices market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for wearable medical devices? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The wearable medical devices market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider wearable medical devices market; and compares it with other markets.